Ivorian tycoon Kon Dossongui is expanding into mining as his pan-African conglomerate, Atlantic Group, agreed to acquire the Tongon gold mine from Canadian mining giant Barrick Gold Corporation for up to 305 million. The deal marks a major move by Dossongui into the countrys mineral sector as Barrick works to strengthen its balance sheet.
Barrick said in a statement that Atlantic Group has signed a definitive purchase agreement to buy the Tongon mine, located in northern Cte dIvoire, along with several nearby exploration permits. The deal includes an initial 192 million cash payment, which covers a 23 million shareholder loan repayment within six months of closing, and up to 113 million in contingent payments linked to gold prices and future resource conversions over the next five years.
Barrick to cut debt after Tongon mine sale