Barrick to sell Tongon for up to $305m
Global mining, exploration and development company Barrick Mining has reached an agreement to sell its interests in the Tongon gold mine and certain of its exploration properties in Côte d’lvoire to the Atlantic Group for up to $305-million.
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 two and a half years and resource conversions over five years.
Proceeds from the sale will be used to further strengthen Barrick’s balance sheet and support the company’s commitment to continue to deliver returns to shareholders, it says.
The transaction is expected to be completed late this year, subject to customary closing conditions being satisfied, including approval by the Côte d’lvoire government.
Founded 48 years ago and owned by an Ivorian entrepreneur, Atlantic is a privately-held multisectoral Pan-African group with diversified interests in financial services, agriculture and industry and a footprint across 15 countries in Africa.
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, the life of Tongon has continued to be extended through successful exploration by Barrick, the company states.
TD Securities and Treadstone Resource Partners are acting as financial advisors to Barrick.
Lawson Lundell is acting as legal counsel to Barrick.
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