Koné Dossongui, Chairman and Chief Executive Officer of Atlantic Group
(LVDE) – On September 6, Atlantic Group officially completed the acquisition of the Tongon gold mine, marking a historic milestone for Côte d’Ivoire’s mining sector with a $305 million investment by a locally owned company.
Côte d’Ivoire’s mining industry has entered a new era with the acquisition of the Tongon gold mine by Atlantic Group, an Ivorian conglomerate. Under the leadership of its Chairman and CEO, Koné Dossongui, this $305 million transaction represents a major breakthrough for the national economy. It is the first time a locally funded company has taken control of a large-scale gold mining operation in the country.
The transfer, finalized on September 6 by the mine’s previous owner, the Canadian group Barrick, opens a new chapter for Atlantic Group. Since its founding nearly fifty years ago, the conglomerate has diversified its operations across the financial, industrial, and agricultural sectors. Today, the acquisition of Tongon reflects its determination to strengthen its footprint in the mining industry, which Dossongui considers strategic for its long-term profitability and economic impact.
The $305 million transaction includes $192 million in cash and up to $113 million in contingent payments, depending on the mine’s future performance. These innovative financial arrangements, which incorporate results-based payments, illustrate Dossongui’s vision of optimizing profitability while ensuring prudent financial management.
Since its commissioning in 2010, the Tongon mine has generated over $2 billion for Côte d’Ivoire’s economy. This impressive figure includes tax revenues, salaries, and funding for local infrastructure projects, all of which have contributed to regional development. Barrick, the previous operator, had expressed its intention to divest the asset in order to redirect investments toward more strategic projects. Although the mine’s lifespan was extended thanks to discoveries in nearby satellite sites, the sale reflects Barrick’s decision to focus on higher-potential operations.
For Koné Dossongui, the acquisition of Tongon is far more than a financial investment — it is a strategic commitment to the future of Côte d’Ivoire’s mining sector and to the country’s growing influence within Africa’s extractive industry. By taking control of such an emblematic gold mine, Atlantic Group demonstrates its commitment to enhancing local resource value while delivering tangible benefits to Ivorian communities.
The future outlook for the Tongon mine appears promising. With local management in place, expectations are high for job creation and improved living conditions in surrounding communities. Atlantic Group’s pledge to invest in infrastructure and social initiatives could transform the region’s economic landscape.
This acquisition thus marks a turning point in Côte d’Ivoire’s mining history, reaffirming the capacity of local enterprises to play a leading role in the exploitation of natural resources. As the country continues to assert itself as a key economic player in Africa, Atlantic Group’s example could inspire other local investors to venture into the extractive sector — further driving the nation’s economic growth.
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