Wedoany.com Report-Dec.5, Barrick Gold Corporation has completed the sale of its 89.7% interest in the Tongon gold mine and certain exploration properties in Côte d'Ivoire to Atlantic Group for total potential consideration of up to US$305 million.

Barrick extended the life of the Tongon gold mine through exploration activities.

The transaction, announced on 6 October 2025, closed with Barrick receiving an immediate cash payment of US$192 million. This amount includes US$23 million in repayment of an existing shareholder loan, due within six months of closing.

Barrick remains eligible for additional contingent payments of up to US$113 million linked to average gold prices over a 30-month period and to future resource conversion achievements over five years.

TD Securities and Treadstone Resource Partners served as financial advisors to Barrick, with Lawson Lundell acting as legal counsel.

Tongon commenced production in 2010. Originally scheduled to close in 2020, its operating life was successfully extended through continued exploration and resource development around the mine area.

Proceeds from the divestment will strengthen Barrick's balance sheet and support enhanced shareholder returns. The company maintains gold and copper mining, exploration, and development activities across 18 countries on five continents.

Atlantic Group, an Ivorian conglomerate with diversified operations in agriculture, financial services, and industry across 15 African countries, now assumes full ownership of Tongon. The transfer to local ownership marks the beginning of a new operational phase for the mine under Ivorian management.