(Ecofin Agency) - • Allied Gold remains open to new partners for Sadiola mine expansion in Mali
• Ambrosia plans to invest $375 million for a 40% stake in the project
• Gold output target set at 300,000 ounces annually over 19 years

Allied Gold is considering additional partnership options for the expansion of its Sadiola gold mine in Mali, despite a February agreement with UAE-based investment fund Ambrosia. CEO Peter Marrone confirmed the company’s openness to new opportunities in a June 9 statement.

Ambrosia is set to invest $375 million in exchange for a 40% stake in the mine, reducing Allied Gold’s ownership from 80% to 40% and forming a 50/50 partnership. The Malian government retains the remaining 20%.

Although the deal was initially expected to close in March 2025, Marrone told Reuters it may now be finalized this month, unless alternative options are pursued. He cited improved market conditions and a stronger company position in Mali as factors influencing Allied Gold’s strategic outlook.

In April, the company had already signaled its intent to reassess its broader strategy for Sadiola. The mine is central to Allied Gold’s growth plan, which targets total output of 800,000 ounces of gold by 2029. Near-term goals include raising annual production to 200,000–230,000 ounces, up from 193,462 ounces in 2024, and ultimately reaching an average of 300,000 ounces per year over a projected 19-year life.

While no competing offers have been disclosed, the company’s latest statements suggest it is open to other investors. This flexibility comes amid a bullish gold market, with prices up about 24% since the beginning of the year, further fueling interest in the sector.

The outcome of the proposed Ambrosia partnership remains to be seen in the coming weeks.