Barrick Mining has finalised the divestiture of its interests in the Tongon gold mine, along with selected exploration assets in Côte d’Ivoire, to Atlantic Group.
The transaction, first disclosed on 6 October 2025, carries a total consideration of up to $305m.
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As part of the agreed transaction, Barrick will receive a cash payment of $192m from Atlantic Group.
This sum includes a $23m repayment of a shareholder loan, which is scheduled to be paid within six months of the transaction’s closing.
In addition to the initial payment, Barrick is eligible for further contingent cash payments of up to $113m.
These additional amounts depend on the prevailing gold price over a two-and-a-half-year period and on the conversion of resources over a five-year time frame.
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By GlobalDataTD Securities and Treadstone Resource Partners acted as financial advisors to Barrick, with Lawson Lundell as legal counsel.
The mine entered production in 2010, with closure slated for 2020. However, Barrick extended the mine life through exploration activities around the mine.
Barrick aims to use the proceeds from the sale to bolster financial standing and enhance returns to its shareholders.
The company is involved in mining, exploration and development activities, with operations and projects spanning 18 countries and five continents.
Atlantic has diversified interests in agriculture, financial services and industry, with a footprint across 15 African countries.
With ownership now transferred to an Ivorian partner, Tongon begins a new phase of local management.
