Côte d’Ivoire: Appian backs gold mine acquisition
Appian has completed a $150 million financing package for Atlantic Group to support its acquisition of the Tongon gold mine.
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Private equity firm Appian Capital Advisory has completed a $150 million financing package for Atlantic Group to back its acquisition of the Tongon gold mine in Côte d’Ivoire from Barrick Gold.
The deal values the mine at a total consideration of up to $305 million, including contingent payments. Tongon is forecast to produce up to 140,000 ounces of gold in 2025, with exploration programmes planned to further extend the mine’s life.
The financing package includes a commitment to a senior secured debt facility and a gold stream agreement. Atlantic Group will implement a downside gold price protection programme as part of this financing to de-risk Tongon’s cash flows.
Atlantic Group a private diversified holding company. Headquartered in Abidjan, Côte d’Ivoire, the group operates across banking, insurance, agro-industry, and industry, with a presence in more than 15 countries.
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