Barrick Mining announces sale of interest in Tongon for up to $305M

Barrick Mining (B) reached an agreement to sell its interests in the Tongon gold mine and certain of its exploration properties in Cote d’lvoire to the Atlantic Group for total consideration of up to $305M. The consideration is composed of a cash consideration of $192M, inclusive of a $23M shareholder loan repayment within six months of closing, and contingent cash payments totalling up to $113M 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. 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 $2B 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 Cote d’lvoire.