Barrick Mining said on Monday it will sell its interests in the Tongon gold mine and certain of its exploration properties in Côte d’Ivoire to the Atlantic Group for up to $305 million.
The Canadian miner has been shedding smaller, less profitable assets following its 2019 merger with Africa-focused Randgold Resources.
The deal includes a cash payment of $192 million, which covers a $23 million shareholder loan repayment to be made within six months of closing, with the proceeds helping Barrick strengthen its balance sheet, the company said.
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The transaction is expected to be completed in late 2025.