In Côte d’Ivoire, Atlantic Group Finalizes the Acquisition of the Tongon Gold Mine

This operation marks the entry of the Ivorian conglomerate into gold mining and represents a major milestone in its growth strategy.

The Ivorian conglomerate has officially finalized the acquisition of mining giant Barrick’s shares in the Tongon gold mine, following the receipt of all required regulatory approvals.

On the regulatory front, the transaction obtained prior authorization from the Ministry of Mines, Petroleum and Energy of Côte d’Ivoire, as well as anti-trust approvals from the Competition Commission of South Africa (CCSA) and the ECOWAS Regional Competition Authority (ARCC). These validations ensure compliance with the established process and guarantee the continuity of operations within the defined framework.

To successfully complete the transaction, Atlantic Group secured a USD 150 million acquisition financing package from Appian Capital Advisory, an international investor specializing in the mining and metals sectors. The partnership extends beyond financing: Appian has committed to providing technical support to assist Atlantic Group in its exploration and mining projects.

Michael W. Scherb, founder and CEO of Appian, praised the potential of the mining site. According to him, the Tongon mine has a strong operational track record, additional exploration potential, and a significant contribution to the Ivorian economy—factors that make it a strategic asset in the fund’s global portfolio.

For his part, Koné Dossongui, founder and president of Atlantic Group, described Appian as a “strategic partner,” highlighting its reputation and expertise within the mining industry. He also mentioned the promising prospects for future collaboration between the two entities.