Barrick Mining To Sell Tongon Gold Mine And Exploration Assets To Atlantic Group For Up To $305 Mln

(RTTNews) - Barrick Mining Corp. (B, ABX,TO) announced Monday that it has reached an agreement to sell its interests in the Tongon gold mine and certain of its exploration properties in Cote d'lvoire to the Atlantic Group for total consideration of up to $305 million.

The consideration is composed of a cash consideration of $192 million, inclusive of a $23 million shareholder loan repayment within six months of closing, and contingent cash payments totaling up to $113 million payable based on the price of gold over 2.5 years and resource conversions over 5 years.

The proceeds from the sale will be used to further strengthen Barrick's balance sheet and support our commitment to continue to deliver returns to our shareholders.

Originally scheduled for closure in 2020, the life of Tongon has continued to be extended through successful exploration by Barrick since pouring its first gold in 2010.

The transaction is expected to be completed in late 2025, subject to customary closing conditions being satisfied, including approval by the Government of Cote d'lvoire.