Ivorian businessman Koné Dossongui's Atlantic gets $150 million financing for gold mine

Atlantic Group, the pan-African conglomerate led by Ivorian businessman Koné Dossongui, has secured a $150 million financing package to support its purchase of the Tongon gold mine in Côte d’Ivoire. The funding, arranged by private equity firm Appian Capital Advisory, marks one of the most significant mining transactions in the country this year.

The agreement places the mine’s total consideration at up to $305 million, including contingent payments linked to future production. Tongon is expected to produce as much as 140,000 ounces of gold in 2025, and new drilling programs are planned to extend its operating life.

Expansion into gold mining 

Dossongui disclosed in October that he would add gold mining to his business interests through the $305 million acquisition from Barrick Gold. The move marks a significant shift for the veteran businessman, who has built Atlantic Group into one of West Africa’s most influential privately held companies. 

The financing structure arranged by Appian includes a senior secured debt facility and a gold stream agreement, Atlantic Group will also put in place a price-protection program designed to shield cash flows if gold prices weaken, a feature that lenders often require for large resource deals. 

A conglomerate built over two decades 

Atlantic Group, based in Abidjan, operates in banking, insurance, agro-industry and manufacturing, with a footprint that stretches across more than 15 countries. Dossongui, once a senior government official, entered the private sector after leaving public service in the late 1980s. 

He founded Atlantic Group in 2006 and steadily expanded it by acquiring and consolidating assets in key sectors across West and Central Africa. Executives close to the company describe the Tongon purchase as a natural extension of its industrial portfolio and a bet on long-term demand for gold. 

Recent investments 

One of the group’s industrial arms, Atlantic Cocoa, recently invested $18 million to expand its factory in Kribi, Cameroon. The upgrade lifted processing capacity from 48,000 to 64,000 metric tons a year, reinforcing the company’s position in the regional cocoa supply chain. 

For Dossongui, the new push into mining underscores a broader effort to deepen the group’s presence in industries seen as strategic for the region’s growth. The Tongon transaction, once completed, will rank among the most prominent private-sector mining deals in Côte d’Ivoire in recent years.