Côte d’Ivoire: Koné Dossongui Makes $305 Million Offer to Acquire Tongon Gold Mine

Côte d’Ivoire’s mining sector has reached a historic milestone. For the first time, a locally owned company is set to take control of a major gold operation. Koné Dossongui, head of Atlantic Group, has finalized the acquisition of the iconic Tongon Gold Mine for up to $305 million USD (approximately 170.4 billion CFA francs). The Canadian group Barrick Gold officially confirmed the sale on September 6.

The acquisition of Tongon—one of Côte d’Ivoire’s largest mines—marks a new step in Atlantic Group’s diversification strategy. Founded nearly five decades ago, the Ivorian conglomerate operates across finance, industry, and agriculture. With this move, Koné Dossongui aims to strengthen national ownership in the mining sector and position his group as a key player in Africa’s extractive industry.

The total transaction, which includes $192 million in cash and up to $113 million in conditional payments, is tied to the mine’s future performance—particularly gold prices and resource conversion. This structure demonstrates Dossongui’s vision for long-term profitability while ensuring sound and strategic capital management.

Since its launch in 2010, the Tongon mine has generated over $2 billion for Côte d’Ivoire’s economy through taxes, wages, and infrastructure investments. Barrick’s decision to sell aligns with its global strategy to focus on higher-priority assets, even though new discoveries have extended the mine’s life span.

By investing such a significant amount, Koné Dossongui is making a bold and strategic bet—not only on Côte d’Ivoire’s mining future but also on the country’s growing influence in Africa’s extractive sector.