Barrick Mining Corporation today announced that it has reached an agreement to sell its interests in the Tongon gold mine (“Tongon”) and certain of its exploration properties (the “Exploration Permits”) in Côte d’lvoire to the Atlantic Group (“Atlantic”) for total consideration of up to $305 million.
The consideration is composed of a cash consideration of $192 million, inclusive of a $23 million shareholder loan repayment within six months of closing, and contingent cash payments totalling up to $113 million payable based on the price of gold over 2.5 years and resource conversions over 5 years.
Proceeds from the sale will be used to further strengthen Barrick’s balance sheet and support our commitment to continue to deliver returns to our shareholders.
Founded 48 years ago and owned by an Ivorian entrepreneur, Atlantic is a leading privately held multisectoral Pan-African Group with diversified interests in financial services, agriculture, and industry, and a strong footprint across 15 countries in Africa. The acquisition will be completed through the purchase of Barrick’s interests in the two Ivorian subsidiaries that hold the mine and exploration permits. By transitioning ownership to an Ivorian partner, Tongon enters a new chapter under local stewardship while preserving its track record of operational excellence and community benefits.
Originally scheduled for closure in 2020, the life of Tongon has continued to be extended through successful exploration by Barrick. Since pouring its first gold in 2010, Tongon has generated over $2 billion to the Ivorian economy in the form of taxes, infrastructure development, salaries and payments to local suppliers.
The transaction is expected to be completed in late 2025, subject to customary closing conditions being satisfied, including approval by the Government of Côte d’lvoire.
TD Securities Inc. and Treadstone Resource Partners are acting as financial advisors to Barrick. Lawson Lundell LLP is acting as legal counsel to Barrick.
About Atlantic Group
Founded 48 years ago by an Ivorian entrepreneur, Atlantic Group has grown into one of Africa’s leading multisectoral private groups. Based in Abidjan, Côte d’Ivoire, the Group drives growth across banking, insurance, agro-industry, and industry, with a diversified presence in 15 countries throughout West, Central, East Africa and Indian Ocean. Guided by a vision of African excellence and economic sovereignty, Atlantic Group plays a pivotal role in advancing the continent’s industrial transformation and financial inclusion. Through its diversified holdings — ranging from universal banking and life & non-life insurance to cement production, cocoa processing, logistics, and transport — the Group drives integrated value creation and sustainable development across its markets.
