Barrick Gold Corp has announced an agreement to sell its Tongon gold mine and associated exploration permits in Côte d’Ivoire to the Atlantic Group for up to $305 million. Under the terms of the deal, Barrick will receive $192 million in cash, which includes the repayment of a $23 million shareholder loan, alongside up to $113 million in contingent payments linked to gold prices and the conversion of future resources. The transaction is subject to regulatory and government approvals and is expected to close within the year.
The Tongon mine, one of Côte d’Ivoire’s largest gold producers, recorded output of approximately 230,000 ounces in 2024. Since its commissioning in 2010, the mine has contributed more than $2 billion to the Ivorian economy, highlighting its strategic importance to the country’s mining sector. The sale is also notable within the region, representing one of the largest recent mining transactions in Francophone West Africa, as Côte d’Ivoire seeks to encourage greater domestic participation in its natural resource sector.
Barrick noted that the decision to divest Tongon is consistent with its strategy to concentrate on Tier-One assets and optimise its global portfolio. Analysts suggest that the sale allows the company to reallocate capital to higher-margin projects and streamline its operations, while providing the Atlantic Group with a significant entry point into West Africa’s gold mining industry.
Market observers also view the transaction as a reflection of Côte d’Ivoire’s evolving regulatory and investment environment, which has been increasingly supportive of private sector involvement and local partnerships in the mining industry. With Tongon under new ownership, attention will turn to how the Atlantic Group manages production, exploration, and community engagement to sustain the mine’s contribution to the national economy.
If completed as planned, the deal could influence broader M&A activity in the West African mining sector, signalling opportunities for investors seeking to participate in established gold operations with existing infrastructure and proven reserves. For Barrick, the sale reinforces its focus on high-quality, long-life mines while freeing resources for expansion in other key regions.
