09:23 AM EDT, 10/06/2025 (MT Newswires) -- Barrick Mining Corporation ( B ) was at last look up near 2% in US premarket trade as it announced Monday that it has reached an agreement to sell its interests in the Tongon gold mine and certain of its exploration properties in Cote d'lvoire to the Atlantic Group for total consideration of up to US$305 million.

Atlantic is privately held multisectoral Pan-African Group with diversified interests in financial services, agriculture, and industry, and a strong footprint across 15 countries in Africa.

Barrick's statement noted the consideration is composed of a cash consideration of $192 million, inclusive of a $23 million shareholder loan repayment within six months of closing, and contingent cash payments totalling up to $113 million payable based on the price of gold over 2.5 years and resource conversions over five years.

Barrick said proceeds from the sale will be used to further strengthen its balance sheet and support is commitment to continue to deliver returns to shareholders. It added the acquisition will be completed through the purchase of Barrick's interests in the two Ivorian subsidiaries that hold the mine and exploration permits.

Originally scheduled for closure in 2020, Monday's statement noted the life of Tongon has continued to be extended through successful exploration by Barrick. Since pouring its first gold in 2010, Tongon has generated over $2 billion to the Ivorian economy in the form of taxes, infrastructure development, salaries and payments to local suppliers.

The transaction is expected to be completed in late 2025, subject to customary closing conditions being satisfied, including approval by the Government of Cote d'lvoire.

This comes after Barrick last week appointed Mark Hill as group COO and Interim President and Chief Executive Officer, following the departure of Mark Bristow, while the company moved to try and ease any market concerns around this news by saying it continues to perform in line with its full year expectations as set out at Q2 results on August 11, 2025.