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Barrick selling its stake in Tongon mine in deal worth up to US$305M
Barrick will receive $192 million upfront with up to $113 million in contingent payments while focusing on high-margin, long-life assets to strengthen its balance sheet.
- On Oct. 06, 2025, Barrick Mining Corporation announced it reached an agreement to sell its interests in the Tongon gold mine and exploration permits in Côte d'Ivoire to the Atlantic Group for up to $305 million.
- The deal forms part of Barrick's plan to monetize non-core assets in higher-cost markets since its 2019 Randgold Resources merger, with proceeds expected to strengthen its balance sheet and support shareholders.
- The agreement structures payments as $192 million cash, including a $23 million shareholder loan repayment within six months, plus up to $113 million contingent payments over 2.5 and five years via two Ivorian subsidiaries.
- By transitioning ownership to an Ivorian partner, Barrick, which holds an 89.7 per cent stake, framed Tongon gold mine as preserving operational excellence and community benefits after producing 56,000 ounces and generating over $2 billion for the Ivorian economy.
- The deal is expected to close later this year subject to Government of Côte d'Ivoire approval, shares of Barrick Mining Corporation rose 3 per cent amid CEO Mark Bristow's resignation and Mark Hill's interim leadership.
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Total News Sources25
Leaning Left10Leaning Right2Center4Last UpdatedBias Distribution63% Left
Bias Distribution
- 63% of the sources lean Left
63% Left
L 63%
C 25%
12%
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