Barrick to Sell Tongon Mine in Ivory Coast for Up to $305 Million, Creating New Opportunities
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Canadian miner Barrick has agreed to sell its interests in the Tongon gold mine and certain related assets in Ivory Coast to Atlantic Group for up to $305 million, part of a strategy to monetise non-core assets and strengthen its balance sheet. Reuters reports that Barrick will receive a $192 million cash payment, which covers the repayment of a $23 million shareholder loan to be settled within six months of closing. The remaining value is drawn through structured payments tied to performance and contingent clauses. The deal is expected to close by late 2025.
Tongon, which began production in 2010, had its life extended beyond what was originally scheduled thanks to exploration success. The mine is now entering a new phase under Atlantic Group’s ownership. Barrick’s decision reflects broader global pressures on mining companies to streamline operations, divest assets with high operating costs, and double down on high-return projects.
For investors and infrastructure businesses, this transaction underscores multiple pathways to entry in the African mining sector. Acquiring or partnering around such divested assets can provide access to operational mines with existing infrastructure and workforce, reducing upfront risk and capital expenditure. Meanwhile, new owners can inject renewal capital, optimize operations, or reposition the mine toward higher efficiency, ESG standards, and local integration.
As global demand for gold, lithium, and critical minerals continues, such transactions open doors for service providers, project financiers, tech vendors, and downstream processors to step in. Companies that specialise in logistics, power optimization, digital mining tools, sustainable remediation, or community engagement can find meaningful roles around asset transitions. Importantly, investors must assess not just the resource potential but also the fiscal terms, local licensing regimes, environmental liabilities, and labor relations. A well-structured acquisition or partnership in a context like Tongon could yield long-term returns, improved operational margins, and strategic presence in Ivory Coast’s growing mining corridor.
