Barrick Mining Company has signed an settlement to divest its stake within the Tongon gold mine, together with a few of its exploration properties in Côte d’Ivoire, to Atlantic Group for as much as $305m (C$425.56m).
The consideration features a money cost of $192m, which encompasses a $23m shareholder mortgage compensation to be made inside six months of closing.
Moreover, there are contingent money funds of as much as $113m, payable primarily based on gold costs over 2.5 years and useful resource conversions over 5 years.
The proceeds from the sale can be used to bolster Barrick’s monetary standing and improve returns to its shareholders.
The acquisition can be carried out by buying Barrick’s stakes within the two Ivorian subsidiaries that maintain the mine and exploration permits.
TD Securities and Treadstone Useful resource Companions are performing as monetary advisors to Barrick, with Lawson Lundell as authorized counsel.
Initially slated for closure in 2020, Tongon’s life has been prolonged by exploration by Barrick.
Since its first gold pour in 2010, Tongon has contributed greater than $2bn to the Ivorian economic system by taxes, infrastructure improvement, salaries and native provider funds.
The transaction is because of shut in late 2025 pending customary closing circumstances and approval by the Authorities of Côte d’Ivoire.
Atlantic Group, based 48 years in the past by an Ivorian entrepreneur, is a privately held multisectoral pan-African group with pursuits throughout monetary providers, agriculture and trade in 15 African nations.
Final month, Barrick Mining signed an settlement to promote the Hemlo Gold Mine in Canada to Carcetti Capital Company for as much as $1.09bn.
It not too long ago introduced a management transition, with the appointment of Mark Hill as group chief working officer, interim president and CEO.
“Barrick to divest stake in Tongon gold mine and exploration properties to Atlantic Group ” was initially created and printed by Mining Expertise, a GlobalData owned model.
The data on this web site has been included in good religion for basic informational functions solely. It isn’t meant to quantity to recommendation on which it is best to rely, and we give no illustration, guarantee or assure, whether or not specific or implied as to its accuracy or completeness. You will need to acquire skilled or specialist recommendation earlier than taking, or refraining from, any motion on the premise of the content material on our web site.
