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Barrick Wraps Up Tongon Interests' Divestiture to Atlantic Group
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Key Takeaways
Barrick completes the $305M sale of Tongon mine interests and exploration properties to Atlantic Group.
The deal brings $192M cash and up to $113M in contingents tied to gold prices and resource conversions.
Barrick will use the proceeds to bolster its balance sheet and deliver returns following the delayed closing.
Barrick Mining Corporation (B - Free Report) announced the completion of the divestment of its interests in the Tongon gold mine, along with a few of its exploration properties in Côte d’Ivoire, to the Atlantic Group. The consideration totaled $305 million.
The total consideration consists of a cash consideration of $192 million, including $23 million shareholder loan repayment within six months of closing and contingent cash payments totaling up to $113 million payable based on the price of gold for 2.5 years and resource conversions over five years.
The Atlantic Group is a privately held multisectoral Pan-African Group with diversified interests in financial services, agriculture and industry, and a strong footprint across 15 countries in Africa. The acquisition marks a transition in Tongon’s ownership, as local stewardship and community benefits begin influencing it. Barrick successfully extended the life of Tongon through exploration, with the mine generating revenues of over $2 billion for the Ivorian economy over a span of 15 years.
Barrick plans to use the proceeds to strengthen its balance sheet and deliver returns to shareholders.
The company’s shares have gained 141.2% over the past year compared with the industry’s 121% growth.
Image Source: Zacks Investment Research
B’s Zacks Rank & Key Picks
Barrick currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space areKinross Gold Corporation (KGC - Free Report) , Fortuna Mining Corp. (FSM - Free Report) and Harmony Gold Mining Company Limited (HMY - Free Report) .
The Zacks Consensus Estimate for KGC’s current-year earnings is pegged at $1.63 per share, indicating a rise of 139.71%. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, with an average surprise of 17.37%. KGC’s shares have risen 178.7% in the past year.
The Zacks Consensus Estimate for FSM’s current fiscal-year earnings stands at 83 cents per share, indicating an 80.4% year-over-year increase.Its shares have surged 96.9% in the past year.
The Zacks Consensus Estimate for HMY’s 2026 earnings is pegged at $2.66 per share, indicating a rise of 112% from year-ago levels. HMY’s shares have gained 116.1% in the past year.
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Barrick Wraps Up Tongon Interests' Divestiture to Atlantic Group
Key Takeaways
Barrick Mining Corporation (B - Free Report) announced the completion of the divestment of its interests in the Tongon gold mine, along with a few of its exploration properties in Côte d’Ivoire, to the Atlantic Group. The consideration totaled $305 million.
The total consideration consists of a cash consideration of $192 million, including $23 million shareholder loan repayment within six months of closing and contingent cash payments totaling up to $113 million payable based on the price of gold for 2.5 years and resource conversions over five years.
The Atlantic Group is a privately held multisectoral Pan-African Group with diversified interests in financial services, agriculture and industry, and a strong footprint across 15 countries in Africa. The acquisition marks a transition in Tongon’s ownership, as local stewardship and community benefits begin influencing it. Barrick successfully extended the life of Tongon through exploration, with the mine generating revenues of over $2 billion for the Ivorian economy over a span of 15 years.
Barrick plans to use the proceeds to strengthen its balance sheet and deliver returns to shareholders.
The company’s shares have gained 141.2% over the past year compared with the industry’s 121% growth.
Image Source: Zacks Investment Research
B’s Zacks Rank & Key Picks
Barrick currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space areKinross Gold Corporation (KGC - Free Report) , Fortuna Mining Corp. (FSM - Free Report) and Harmony Gold Mining Company Limited (HMY - Free Report) .
At present, KGC sports a Zacks Rank #1 (Strong Buy), while FSM and HMY carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for KGC’s current-year earnings is pegged at $1.63 per share, indicating a rise of 139.71%. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, with an average surprise of 17.37%. KGC’s shares have risen 178.7% in the past year.
The Zacks Consensus Estimate for FSM’s current fiscal-year earnings stands at 83 cents per share, indicating an 80.4% year-over-year increase.Its shares have surged 96.9% in the past year.
The Zacks Consensus Estimate for HMY’s 2026 earnings is pegged at $2.66 per share, indicating a rise of 112% from year-ago levels. HMY’s shares have gained 116.1% in the past year.