Ivorian conglomerate Atlantic Group has acquired control of the Tongon gold mine in Ivory Coast following an agreement with Canadian mining giant Barrick Gold.
The transaction, which also includes several exploration permits, could reach $305 million.
An initial payment of $192 million, including the repayment of a $23 million shareholder loan, has been made, while the remaining $113 million will depend on gold price performance and the conversion of newly identified resources over the next five years.
Before the sale, Barrick held 89.7% of the mine, the Ivorian government retained 10%, and local investors held roughly 0.3%. The deal remains subject to approval by Ivorian authorities and forms part of Barrick’s strategic reorganization.
For Atlantic Group, the acquisition represents a significant expansion in the West African gold sector, strengthening its diversification and positioning in the market.
“This is a major step in our growth strategy, allowing us to consolidate our presence in gold production while investing in long-term exploration,” said a company spokesperson.
For Barrick Gold, the sale reflects a broader shift towards assets perceived as more stable and profitable, particularly in North and Latin America. Operations in Africa have presented recurring challenges.
In Tanzania, protracted tax disputes strained operations, while in the Democratic Republic of Congo, increasing local content requirements and contractual tensions complicated management.
Mali illustrates the difficulties Barrick has faced on the continent. Its Loulo-Gounkoto complex, where Barrick holds an 80% stake, has been affected by the 2023 mining code reforms.
Tax changes, tighter government oversight, and enforcement measures culminated in the seizure of around three tons of gold in January 2025.
The complex was placed under provisional administration for six months, resulting in a 32% drop in Mali’s industrial gold production by August.
Barrick has initiated international arbitration proceedings, arguing the measures violate its investor rights.
The sale of the Tongon mine, combined with the tensions in Mali, signals Barrick’s strategic refocusing in Africa. Analysts suggest the Canadian company may continue to scale back its presence on the continent, prioritizing regions with predictable regulatory environments and more favourable operational conditions.
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