Barrick Mining Corporation has signed an agreement to divest its stake in the Tongon gold mine, along with some of its exploration properties in Côte d’Ivoire, to Atlantic Group for up to $305m (C$425.56m).
The consideration includes a cash payment of $192m, which encompasses a $23m shareholder loan repayment to be made within six months of closing.
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Additionally, there are contingent cash payments of up to $113m, payable based on gold prices over 2.5 years and resource conversions over five years.
The proceeds from the sale will be used to bolster Barrick’s financial standing and enhance returns to its shareholders.
The acquisition will be carried out by purchasing Barrick’s stakes in the two Ivorian subsidiaries that hold the mine and exploration permits.
TD Securities and Treadstone Resource Partners are acting as financial advisors to Barrick, with Lawson Lundell as legal counsel.
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By GlobalDataOriginally slated for closure in 2020, Tongon’s life has been extended through exploration by Barrick.
Since its first gold pour in 2010, Tongon has contributed more than $2bn to the Ivorian economy through taxes, infrastructure development, salaries and local supplier payments.
The transaction is due to close in late 2025 pending customary closing conditions and approval by the Government of Côte d’Ivoire.
Atlantic Group, founded 48 years ago by an Ivorian entrepreneur, is a privately held multisectoral pan-African group with interests across financial services, agriculture and industry in 15 African countries.
Last month, Barrick Mining signed an agreement to sell the Hemlo Gold Mine in Canada to Carcetti Capital Corporation for up to $1.09bn.
It recently announced a leadership transition, with the appointment of Mark Hill as group chief operating officer, interim president and CEO.
