Barrick (B) Sells Tongon Mine Stake for Up to $305M

Barrick Mining Corporation (NYSE:B) is one of the top stocks to buy as gold rallies. On October 6, the company agreed to sell its interest in the Tongon gold mine and associated exploration properties in Côte d’Ivoire to Atlantic Group for up to $305 million. Atlantic Group will make an initial cash payment of $192 million, which encompasses repayment of a $23 million shareholder loan due within six months after the deal closes. There will also be contingent payments of up to $113 million over the next five years, dependent on the price of gold and resource conversions at the mine. The transaction is expected to close by the end of 2025, pending regulatory approvals from the Ivorian government and other customary closing conditions.

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As a result of the deal, the Ivorian Atlantic Group will become the full owner of the mine for the first time since its opening in 2010. Barrick currently owns an 89.7% stake in Tongon. The government of Côte d’Ivoire holds a 10% stake, and local investors own about 0.3%.

Barrick Mining Corporation (NYSE:B) is a Canadian mining company; it was known as Barrick Gold Corporation until May 2025. It acquires, explores, develops, and operates gold and copper properties, primarily through its Nevada Gold Mines joint venture in the United States, the Pueblo Viejo mine in the Dominican Republic, and the Loulo-Gounkoto and Kibali mines in Africa. Its main products are gold bullion and copper concentrate, extracted from open-pit and underground mining operations.

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Disclosure: None. This article is originally published at Insider Monkey.