Empress Royalty seals $62 million deal for gold production from Côte d’Ivoire’s Tongon mine

Canadian precious metals company Empress Royalty has finalised a $62 million agreement to acquire rights to a share of future gold production from the Tongon mine in northern Côte d’Ivoire, strengthening investor exposure to the country’s gold sector.

The transaction, announced on October 19, 2026, gives Empress the right to receive a portion of the mine’s gold output over an estimated period of 29 years, under a royalty-style streaming agreement.

Tongon is owned and operated by Atlantic Group, which acquired the mine from Canadian mining company Barrick Mining in December 2025. The mine, which began commercial production in 2010, is one of Côte d’Ivoire’s established gold-producing operations.

Under the agreement, Empress will receive a percentage of gold production according to contractual thresholds. The rate is set at 3.58% for the first 400,000 ounces delivered, falls to 2.93% for the next 200,000 ounces and declines to 0.81% thereafter for the remaining term. Empress will also pay an amount equivalent to 0.5% of the market price for each ounce of refined gold delivered.

The arrangement allows Atlantic Group to secure financing linked to future production without selling ownership of the mine. For Empress, it provides exposure to future gold output without directly operating the mining facility.

Barrick completed the sale of its interest in Tongon to Atlantic Group on December 2, 2025. The transaction was valued at an initial $192 million, with additional contingent payments of up to $113 million, subject to agreed conditions.

The Empress agreement comes as Côte d’Ivoire seeks to expand its mining sector and attract international investment. Gold has become an increasingly important contributor to the country’s extractive industries, alongside other mineral resources.

The long-term value of the deal will depend on Tongon’s future production, operating performance and gold prices. While streaming agreements can provide mining companies with access to capital, the investor’s returns remain linked to the volume of gold produced and the terms of the contract.