Côte d’Ivoire’s Atlantic Group has reached an agreement to acquire the Tongon gold mine from Canadian miner Barrick Gold for $305 million, marking a major step toward full domestic ownership of one of the country’s largest gold assets.
Under the terms of the deal, Atlantic Group will make an upfront payment of $192 million, with up to $113 million in additional payments over the next five years. These contingent payments will depend on future gold prices and the conversion of additional mineral resources.
The Ivorian company will also take ownership of Barrick’s exploration permits in Côte d’Ivoire. The transaction is still subject to regulatory approval and is expected to be finalized by the end of 2025.
The Tongon mine, located in northern Côte d’Ivoire, began operations in 2010. Previously, Barrick held the majority stake, while the Ivorian government owned 10% and local investors held a small portion. Once the deal is complete, the mine will be entirely Ivorian-owned, marking Atlantic Group’s entry into the mining sector.
In 2024, Tongon produced around 165,000 ounces of gold, with production for 2025 projected between 123,000 and 156,000 ounces. Barrick had planned to place the mine under care and maintenance by 2027, but the sale may extend its operational lifespan under new ownership.
This acquisition underscores a broader shift across Africa, where local companies are increasingly seeking greater control over natural resources and a larger share of the economic benefits derived from extractive industries.
