Barrick to Sell Tongon Mine in $305 Million Deal

Barrick Mining (ABX.TO) announced on Monday that it will sell its stake in the Tongon gold mine and certain assets in Ivory Coast to Atlantic Group for up to $305 million, as the Canadian mining giant looks to strengthen its balance sheet.

Shares of Barrick rose about 3% in early trading on the Toronto Stock Exchange following the announcement.

The deal with Abidjan-based Atlantic is part of Barrick’s ongoing strategy to monetize non-core assets in markets where operating costs have risen sharply—a plan it has pursued since its 2019 merger with Africa-focused Randgold Resources.

The company has increasingly shifted its focus toward high-margin, long-life assets, particularly in copper and strategic operations across Africa and the Middle East.

The sale comes at a time when gold prices are hovering around $3,900 per ounce, supported by safe-haven demand amid global economic uncertainty and expectations of further Federal Reserve rate cuts.

Barrick said the Tongon mine, which began production in 2010, has operated well beyond its originally planned closure in 2020, thanks to successful exploration programs.

The transaction includes a $192 million cash payment, which covers repayment of a $23 million shareholder loan within six months of closing. The proceeds are expected to help bolster Barrick’s balance sheet.

The deal is expected to be completed by the end of 2025.