Barrick Strengthens Global Portfolio with Strategic $305 Million Tongon Mine Deal
Barrick Mining takes a bold step toward reshaping its global portfolio with a $305 million deal to sell its Tongon gold mine to Atlantic Group—marking a win for both financial strength and sustainable growth in West Africa’s booming mining sector.
In a major step toward optimizing its global operations, Barrick Mining has announced the sale of its interests in the Tongon gold mine and associated assets in Ivory Coast to Atlantic Group for up to $305 million.
The transaction marks a positive milestone in Barrick’s long-term strategy to streamline its portfolio, enhance financial stability, and focus on higher-value projects across emerging markets.
The announcement immediately boosted investor confidence, with Barrick’s shares rising 3% on the Toronto Stock Exchange, reflecting optimism over the company’s forward-looking approach.
The sale aligns with Barrick’s ongoing commitment to value creation, disciplined growth, and maintaining a robust balance sheet in an evolving global commodities landscape.
Following its successful merger with Randgold Resources in 2019, Barrick has strategically shifted toward high-margin, long-life assets while steadily reducing exposure to non-core holdings.
Barrick Mining takes a bold step toward reshaping its global portfolio with a $305 million deal to sell its Tongon gold mine to Atlantic Group—marking a win for both financial strength and sustainable growth in West Africa’s booming mining sector.
This latest move builds on that vision—monetizing select assets to reinvest in projects with stronger growth potential and long-term sustainability, particularly in copper and other essential resources driving the global energy transition.
The deal with the Abidjan-based Atlantic Group not only underscores regional confidence in West Africa’s mining sector but also strengthens local industrial participation.
The transaction structure includes a cash payment of $192 million, which covers a $23 million shareholder loan repayment within six months of closing. The proceeds will directly contribute to enhancing Barrick’s financial resilience and funding future exploration opportunities in Africa and the Middle East.
Industry experts view this agreement as a testament to Barrick’s agility and adaptability in a dynamic gold market. With gold prices hovering near $3,900 per ounce, the environment remains favorable for strategic consolidation and reinvestment.
Analysts note that Barrick’s focus on efficiency, technology, and operational excellence positions it to capitalize on future market opportunities while delivering strong shareholder value.
The Tongon gold mine, which began production in 2010, has been one of Barrick’s key African assets for over a decade. Originally expected to close in 2020, Tongon’s lifespan was extended through successful exploration and innovation, reflecting Barrick’s commitment to responsible resource management and maximizing asset value.
This sale marks a natural transition—transferring an established mine to a strong regional player while freeing Barrick to prioritize expansion in other growth corridors.
The transaction, expected to close in late 2025, represents a win-win for both parties: Barrick continues its journey toward a leaner, more strategic global footprint, while Atlantic Group expands its presence in the West African mining sector, contributing to local economic growth and industrial development.
Barrick’s CEO emphasized that the decision supports the company’s broader mission—to maintain financial discipline, invest in next-generation mining technology, and foster sustainable partnerships across continents.
This aligns seamlessly with Barrick’s global vision of balancing profitability with environmental and social responsibility.
As Barrick advances into a new era of strategic transformation, the Tongon sale reinforces the miner’s proactive approach in a changing global economy.
With a strengthened balance sheet, focused investments, and growing exposure to future-facing metals like copper, Barrick remains well-positioned to lead the mining industry into a more sustainable and value-driven future.
