Barrick Gold Corp (NYSE: GOLD; TSX: ABX) has agreed to sell its Tongon gold mine and related exploration permits in Côte d’Ivoire to the Atlantic Group for up to $305mn, the Canadian miner said in a release.

Atlantic Group is a privately held Pan-African conglomerate with interests spanning financial services, logistics, agriculture, and manufacturing in 15 countries across Africa.

Under the terms, Barrick will receive $192mn in cash, which includes repayment of a $23mn shareholder loan, and up to $113mn in contingent payments linked to gold prices and the conversion of resources over time.

The transaction is expected to close this year, pending regulatory and government approvals, including by Côte d’Ivoire’s Ministry of Mines, Petroleum and Energy, which has supported new domestic ownership structures in the sector.

If completed, the sale would rank among the larger mining transactions announced in Francophone West Africa in recent years. Comparable regional gold-sector deals include Fortuna Silver’s $180mn acquisition of Boungou and Endeavour Mining’s $700mn Lafigué project build.

Tongon, which produced about 230,000 oz of gold in 2024, is nearing the end of its mine life but retains exploration potential within its permit area, according to Barrick.

Barrick shares last traded near C$27 on the Toronto Stock Exchange on Monday afternoon (October 6), broadly unchanged following the announcement, according to Bloomberg data.

Toronto-headquartered Barrick is one of the world’s largest gold and copper producers, operating a diversified portfolio of Tier-One mines across North America, Africa, the Middle East, and Latin America.

Barrick’s flagship operations include Nevada Gold Mines (a joint venture with Newmont), Loulo-Gounkoto and Kibali in Africa, and major copper assets at Lumwana (Zambia) and Jabal Sayid (Saudi Arabia).

The company said the Tongon sale reflects its focus on optimising its portfolio and returning value to shareholders while maintaining optionality in West Africa. The Ivorian operation has produced more than 5mn oz of gold since commissioning in 2010, generating “over $2bn to the Ivorian economy in the form of taxes, infrastructure development, salaries and payments to local suppliers,” Barrick said.

The disposal follows Barrick’s recent portfolio rationalisation moves in Mali and Tanzania, part of what it said is a broader strategy to prioritise Tier-One assets capable of delivering sustained free cash flow.

As of 2025, Barrick reported annual production of about 4.1mn oz of gold and 420mn lb of copper, with consolidated revenue of roughly $12bn.