Barrick Gold Corp. has finalized an agreement to sell its Tongon gold mine in Ivory Coast for up to $305 million. This transaction is part of a broader strategy by the Toronto-based mining company to divest assets and improve its financial standing amid rising gold prices.

The deal, announced on Monday, will provide Barrick with $192 million in immediate cash. This amount includes a repayment of $23 million related to a shareholder loan. Additionally, Barrick could receive up to $113 million in future payments, which are dependent on achieving certain gold price thresholds.

The sale of the Tongon mine follows a series of asset divestments by Barrick. Earlier this year, the company sold its last Canadian mine, Hemlo, and also exited its interest in the Donlin Gold project located in Alaska. Barrick began seeking a buyer for the Tongon mine last year.

This transaction marks the first major sale since the departure of former CEO Mark Bristow about a week ago. Financial advisors for the deal included Toronto-Dominion Bank and Treadstone Resource Partners.

Following the announcement, Barrick's shares rose approximately three percent in New York trading. The sale reflects the company's ongoing efforts to strengthen its balance sheet while navigating the fluctuating gold market.