- Barrick offloads Tongon mine to Ivorian conglomerate
- $305 million deal marks one of Africa’s biggest mining transactions of 2025
Barrick Mining Corporation is selling its Tongon gold mine and exploration rights in Côte d’Ivoire to Ivorian-owned Atlantic Group for $305 million – one of Africa’s largest mining deals this year.
The consideration includes $192 million in cash, covering a $23 million shareholder loan repayment within six months, and up to $113 million in contingent payments based on gold prices and resource conversions over the next five years.
The sale, pending regulatory approvals, is expected to close in the fourth quarter of 2025. Barrick described the move as part of its strategy to simplify its global portfolio and “strengthen the company’s balance sheet while continuing to deliver returns to shareholders.”
Local ownership rising in Africa’s mining sector
The Atlantic Group, founded 48 years ago by an Ivorian entrepreneur, operates across 15 countries with interests in financial services, agriculture, and industry. Its acquisition of Tongon underscores a growing shift toward African ownership of major extractive assets – a policy many governments have long advocated to boost domestic value retention and control of natural resources.
Barrick said the transaction marked a “new chapter under local stewardship with continued record of operational excellence and community benefits.”
Originally scheduled to close in 2020, Tongon’s lifespan was extended after Barrick’s exploration campaigns discovered new resources. Since producing its first gold in 2010, the mine has injected over $2 billion into the Ivorian economy through taxes, infrastructure, salaries, and payments to local suppliers.
Barrick’s strategy and Africa’s new mining landscape
The divestment comes amid leadership changes at Barrick following CEO Mark Bristow’s resignation. Bristow, who spearheaded the company’s Africa-focused expansion, was known for his aggressive pursuit of high-yield gold and copper assets across the continent.
With Bristow’s exit, questions loom over Barrick’s future direction as it faces a high-cost global environment and volatile gold prices hovering around $2,400 per ounce.
For the wider market, the Tongon sale reflects two major shifts: the rise of capital-rich African acquirers like Atlantic Group, and the ongoing drive by multinational miners to streamline operations and focus on Tier One assets.
Analysts say the $305 million deal could redefine Africa’s mining landscape, with domestic investors playing a more decisive role in shaping the sector’s sustainability, competitiveness, and long-term value creation.
