Barrick Sells Côte d’Ivoire Gold Mine to Atlantic Group

Barrick Mining (TSX:ABX,NYSE:B) has agreed to sell its stake in the Tongon gold mine in Côte d’Ivoire to Atlantic Group for as much as US$305 million, marking another strategic divestment as gold prices barrel toward record highs.

In a statement released Monday (October 6), Barrick said the deal includes an upfront cash payment of US$192 million, which incorporates repayment of a US$23 million shareholder loan within six months of closing. The remainder of US$113 million will be paid in contingent installments tied to gold prices over 2.5 years and resource conversions over the next five.

Barrick said proceeds from the sale would “further strengthen [its] balance sheet and support [its] commitment to continue to deliver returns to shareholders.” The company did not disclose how it would specifically allocate the funds but has previously emphasized its focus on debt reduction and high-return projects.

Atlantic Group, the buyer, is a privately held conglomerate founded 48 years ago by an Ivorian entrepreneur. The company operates across 15 African countries with investments spanning agriculture, industry, and financial services.

Through the acquisition, it will take over Barrick’s interests in two Ivorian subsidiaries that own Tongon and nearby exploration permits.

Barrick described the deal as a transition to “local stewardship” that preserves Tongon’s record of community investment and operational excellence.

Located in northern Côte d’Ivoire, the Tongon gold mine began production in 2010 and has contributed more than US$2 billion to the national economy. Originally slated for closure in 2020, its life was extended after successful exploration campaigns.

The announcement comes at a time of extraordinary strength in gold markets. On the same day of the announcement, spot gold traded at around US$3,960 per troy ounce, up nearly 2 percent on the day and setting fresh all-time highs.

Prices have risen more than 50 percent since the start of the year, fueled by investor demand for safe havens amid persistent global uncertainty and growing expectations of additional US interest rate cuts.

According to futures data cited by market sources, traders now assign over a 90 percent probability that the Federal Reserve will cut rates again in its next meeting—a development that has historically supported gold by weakening the dollar and lowering bond yields.

Analysts also point to mounting concerns about sovereign debt sustainability worldwide as adding a “premium” to precious metals.

Gold’s rally has been swift. Less than seven months ago, prices crossed US$3,000 for the first time in history. Now, with US$4,000 in sight, some analysts suggest the momentum reflects both a weakening macroeconomic backdrop and a broader reallocation toward hard assets.

For Barrick, the timing of the Tongon sale may prove opportune. The company has spent recent years streamlining its portfolio, shedding non-core assets and focusing on larger, longer-life mines in its global pipeline.

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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.