TORONTO – Barrick Mining Corp. has signed a deal to sell its stake in the Tongon gold mine as well as certain exploration properties in Ivory Coast to the Atlantic Group in an agreement worth up to US$305 million.
The miner, which holds an 89.7 per cent stake in Tongon, says proceeds from the sale will be used to strengthen its balance sheet and support returns to its shareholders.
Under the deal, Barrick will receive US$192 million in cash, including a $23 million shareholder loan repayment within six months of closing.
The agreement also includes contingent cash payments totalling up to US$113 million payable based on the price of gold over 2.5 years and resource conversions over five years.
Tongon was originally scheduled for closure in 2020, but the life of the mine as been extended through a successful exploration program.
The deal is expected to be completed later this year, subject to closing conditions, including approval by the Ivory Coast government.
This report by The Canadian Press was first published Oct. 6, 2025.
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