Key Points
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Atlantic Group secures $150 million to fund its Tongon gold mine acquisition.
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Koné Dossongui moves into gold mining through a $305 million deal.
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Financing package includes secured debt, gold stream and price-protection program.
Atlantic Group has obtained a $150 million financing package to support its purchase of the Tongon gold mine in Côte d’Ivoire.
The funding, arranged by private equity firm Appian Capital Advisory, ranks among the country’s biggest mining deals this year.
The agreement values the mine at up to $305 million. That figure includes contingent payments tied to future output. Tongon is expected to produce about 140,000 ounces of gold in 2025. New drilling programs are planned to extend the mine’s lifespan.
Dossongui Expands Into Gold Mining
Koné Dossongui revealed in October that he would add gold mining to his business interests through the $305 million acquisition from Barrick Gold.
The shift marks a new direction for the longtime businessman, who has spent decades building Atlantic Group into one of West Africa’s most influential private companies.
The financing structure includes a senior secured debt facility and a gold stream agreement. Atlantic Group will also introduce a price-protection program that shields cash flow if gold prices fall. Lenders often request this feature in large resource transactions.
A Conglomerate Built Over Two Decades
Based in Abidjan, Atlantic Group operates in banking, insurance, agro-industry and manufacturing in more than 15 countries. Dossongui, a former senior government official, moved into the private sector in the late 1980s.
He founded Atlantic Group in 2006 and continued expanding by acquiring and consolidating assets across West and Central Africa.
Executives close to Atlantic describe the Tongon deal as a natural step in the company’s industrial growth plans and a long-term bet on gold.
Recent Investments Strengthen Regional Footprint
Atlantic Cocoa, one of the group’s industrial units, recently invested $18 million to upgrade its factory in Kribi, Cameroon.
The expansion increased annual processing capacity from 48,000 to 64,000 metric tons. This move bolstered the company’s position in the regional cocoa market.
For Dossongui, the shift into mining reflects a broader push to deepen Atlantic Group’s role in industries seen as strategic for regional development.
Once finalized, the Tongon transaction will stand out as one of Côte d’Ivoire’s most significant private-sector mining deals in recent years.
