At a Glance
- Barrick Gold sells Côte d’Ivoire’s Tongon Mine to Atlantic Group for $305 million.
- The deal includes upfront cash and milestone payments tied to future gold prices.
- Move aligns with Barrick’s plan to streamline assets and boost shareholder value.
Barrick Gold Corp., one of the world’s largest gold producers, has agreed to sell its Tongon gold mine in Côte d’Ivoire to Atlantic Group in a deal valued at $305 million, marking one of West Africa’s biggest gold mining transactions this year.
Under the agreement, Atlantic Group, a privately held Pan-African conglomerate, will acquire Barrick’s stakes in the Tongon mine along with several nearby exploration licenses.
The deal includes $192 million in upfront cash—factoring in a $23 million shareholder loan repayment—and as much as $113 million in additional payments tied to gold prices and resource milestones over the next five years.
Gold Mine deal strengthens Barrick’s portfolio
The Tongon mine, located in northern Côte d’Ivoire near the border with Mali, has been an important part of Barrick’s West African portfolio. Once slated for closure in 2020, the mine stayed open after new exploration extended its life.
Since its commissioning, Tongon has produced hundreds of thousands of ounces of gold, providing jobs and local investment in a region increasingly dependent on mining revenue.
Barrick said proceeds from the sale will be used to strengthen its balance sheet and support its strategy of focusing on high-margin, long-life assets in politically stable regions.
The company added that the transaction reflects its continued effort to simplify operations and return value to shareholders.
Deal expected to close in 2025
The sale is expected to close by late 2025, pending approval from the Ivorian government. TD Securities and Treadstone Resource Partners advised Barrick on the transaction.
In a statement, Barrick reaffirmed its commitment to building what it called “the world’s most valued gold and copper business” by prioritizing assets that deliver consistent returns and by continuing to invest in local talent and communities.
Atlantic Group’s expanding African footprint
Founded nearly 5 decades ago, Atlantic Group has grown into one of Côte d’Ivoire’s leading industrial and financial conglomerates, with interests spanning banking, agriculture, logistics, and manufacturing in more than a dozen African countries.
Its move into gold mining marks a new chapter for the company—and for Côte d’Ivoire’s mining sector. The acquisition signals growing confidence among African investors in the continent’s natural resources industry, a space historically dominated by international players.
Barrick, listed on the New York and Toronto stock exchanges, will retain a strong presence across Africa, where it operates some of the region’s most profitable mines.
If finalized, the Tongon sale will not only close a major chapter in Barrick’s Ivorian operations but also highlight the broader trend of regional ownership shaping Africa’s next wave of resource development.
