• Barrick Gold agreed to sell its Tongon gold mine in northern Côte d’Ivoire to Atlantic Group for $305 million.
• The deal includes $192 million upfront and up to $113 million in contingent payments over five years.
• The acquisition marks Atlantic Group’s entry into the mining sector, making Tongon a 100% Ivorian-owned mine.

Barrick Gold Corp. agreed on Monday, October 6, to sell its Tongon gold mine in Côte d’Ivoire to Atlantic Group, the holding company of Ivorian businessman Koné Dossongui, for $305 million.

The transaction will make the mine fully Ivorian-owned for the first time since its opening in 2010. The agreement includes an initial payment of $192 million and contingent payments of up to $113 million over the next five years. The conditional payments depend on gold prices and the conversion of additional resources at the site.

Atlantic Group will also acquire Barrick’s exploration permits in Côte d’Ivoire. The deal is expected to close by the end of 2025, pending regulatory approval from Ivorian authorities. The Ivorian government currently holds a 10% stake in the mine, while local investors own 0.3%.

Opened in 2010, Tongon was initially expected to close in 2020, but additional resource discoveries extended its lifespan. Production is projected between 123,000 and 156,000 ounces in 2025, compared with 165,000 ounces in 2024.

Barrick had planned to place the mine under care and maintenance by 2027, but the entry of a new investor could alter its long-term outlook.

The acquisition underscores Atlantic Group’s ambition to diversify beyond finance into extractive industries. It also strengthens Côte d’Ivoire’s position as a regional mining hub at a time when African nations seek greater local ownership of natural resources.

Earlier this year, reports had linked China’s Zijin Mining Group to potential talks over Tongon, but Barrick’s deal with Atlantic marks a decisive turn toward domestic control.

Once finalized, the transaction will transform Tongon into a 100% Ivorian-owned gold mine, fifteen years after operations began. 

This article was initially published in French by Emiliano Tossou

Adapted in English by Ange Jason Quenum