Appian funding for Atlantic’s Tongon mine buyout: cashflow and risk notes for planners
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
Appian Capital Advisory has provided a $150 million package, combining a senior secured debt facility and a gold stream agreement, to support Atlantic Group’s up to $305 million acquisition of Barrick’s Tongon gold mine in Côte d’Ivoire. Barrick has received $192 million in cash with up to $113 million contingent on gold price and resource milestones, while Atlantic will run a downside gold price protection programme to stabilise mine cash flows. Tongon, producing about 140,000 oz of gold in 2025, holds 620,000 oz proven and probable reserves plus 700,000 oz measured and indicated resources across a 2,136 km², five‑concession land package.
Technical Brief
- Contingent consideration of up to $113 million is explicitly linked to future gold price and resource additions.
- More than $2 billion injected into Côte d’Ivoire’s economy to date indicates substantial existing local supplier networks.
- Original closure targeted for 2020, with multiple mine‑life extensions already achieved through brownfield exploration success.
- Exploration campaign will cover five concessions over 2,136 km², implying significant greenfields and step‑out drilling potential.
- 2025 output of ~140,000 oz is planned to be broadly flat year‑on‑year, suggesting stable short‑term plant throughput.
Our Take
Appian’s fourth gold credit deal in 2025 signals that it is building a repeatable lending platform around producing or late-life gold assets, which could make it a go‑to financier for mid-tier operators looking to exit or restructure African mines like Tongon.
With Tongon having already passed its original 2020 closure date, Atlantic Group’s buyout backed from the UK points to a strategy of sweating remaining reserves and potential satellite resources in Côte d’Ivoire rather than greenfield build‑out, which may appeal to lenders seeking shorter payback profiles.
The article’s juxtaposition of gold in Côte d’Ivoire and cobalt in Congo reflects a pattern in our mining coverage where African precious‑metal cashflow (gold) is increasingly being used by investors as a stabilising counterweight to exposure in higher‑risk battery‑metal jurisdictions such as the DRC.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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