Barrick Gold Corporation has announced plans to sell its Tongon gold mine in Côte d’Ivoire in a deal valued at up to $305 million. The mining giant said the agreement reflects its ongoing strategy to streamline operations and focus on high-value assets across its global portfolio.
According to the company, Barrick to sell Tongon mine in up to $305 million deal marks one of the largest divestments by the firm in recent years. The sale is expected to attract significant interest from investors in Africa’s growing gold sector. Barrick confirmed that the transaction will include both cash and performance-based components, ensuring long-term value for shareholders.
Located in the north of Côte d’Ivoire, the Tongon mine has been a key contributor to Barrick’s West African operations since it began production in 2010. The site has produced more than four million ounces of gold to date. However, rising operational costs and regional challenges have led Barrick to reassess its investment priorities.
The company emphasized that Barrick to sell Tongon mine in up to $305 million deal does not signal a withdrawal from Africa. Instead, Barrick plans to strengthen its focus on other key projects in Mali, the Democratic Republic of Congo, and Tanzania. CEO Mark Bristow noted that the decision aligns with Barrick’s goal of optimizing its asset base and ensuring sustainable, profitable growth.
Industry analysts say the Barrick to sell Tongon mine in up to $305 million deal could reshape the West African mining landscape, opening opportunities for local and regional operators. If completed, the sale will also boost Barrick’s cash flow and enhance its capacity for future exploration and development projects.
Barrick expects the transaction to close by mid-2026, pending regulatory approvals and completion of due diligence.
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