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Ivorian tycoon Koné Dossongui is expanding into mining as his pan-African conglomerate, Atlantic Group, agreed to acquire the Tongon gold mine from Canadian mining giant Barrick Gold Corporation for up to $305 million. The deal marks a major move by Dossongui into the country’s mineral sector as Barrick works to strengthen its balance sheet.
Barrick said in a statement that Atlantic Group has signed a definitive purchase agreement to buy the Tongon mine, located in northern Côte d’Ivoire, along with several nearby exploration permits. The deal includes an initial $192 million cash payment, which covers a $23 million shareholder loan repayment within six months of closing, and up to $113 million in contingent payments linked to gold prices and future resource conversions over the next five years.
Barrick to cut debt after Tongon mine sale
Headquartered in Toronto, Barrick is one of the world’s largest gold and copper producers, with operations across Africa, the Americas, and the Middle East. Its shares have gained about 2 percent since announcing the sale, as investors welcomed plans to use the proceeds to reduce debt and sustain shareholder returns.
The Tongon mine, which began production in 2010, was once scheduled to close in 2020 but has remained active thanks to continued exploration success. Since its first gold in 2010 it has contributed more than $2 billion to the Ivorian economy through taxes, infrastructure investment, salaries and payments to local suppliers. The transaction is expected to close by late 2025, pending government approval and customary closing conditions.
Inside Dossongui’s growing African business empire
For Dossongui, the acquisition adds another layer to a diversified business empire that spans banking, insurance, cement and agribusiness. A former public official, he served in Côte d’Ivoire’s government from 1979 to the late 1980s before turning to the private sector. He founded Atlantic Group in 2006, and over the years has expanded it into one of Africa’s leading privately held conglomerates, with operations in 15 countries.
The Barrick deal follows another major investment by Atlantic Group earlier this year. In July, its subsidiary Atlantic Cocoa began an $18 million upgrade of its cocoa processing plant in Kribi, Cameroon. The project, being executed with Swiss machinery maker Bühler, will boost the facility’s grinding capacity from 48,000 to 64,000 metric tons once completed.
