What is the story about?
What's Happening?
Barrick Mining has announced the sale of its interests in the Tongon gold mine in Côte d’Ivoire to Atlantic Group for up to $305 million. This move is part of Barrick's strategy to streamline operations and focus on high-margin, long-life projects. The sale includes a cash payment of $192 million and the repayment of a $23 million shareholder loan. Barrick's shares rose 3% following the announcement. The transaction is expected to close by the end of 2025, subject to regulatory approvals.
Why It's Important?
The sale of the Tongon mine reflects Barrick's ongoing efforts to optimize its portfolio by divesting non-core assets. This strategy allows the company to focus on more profitable operations, particularly in copper and key projects across Africa and the Middle East. The transaction strengthens Barrick's balance sheet, providing funds for growth initiatives. The sale occurs amid high gold prices, driven by investor demand for safe-haven assets due to global economic uncertainty, which could benefit Barrick's remaining operations.
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