• Zijin Gold agrees C$5.5 billion acquisition of Canada’s Allied Gold
• Deal expands Zijin’s African footprint into Mali and Côte d’Ivoire
• Allied Gold assets could produce up to 800,000 ounces annually by 2029

Zijin Gold International, a subsidiary of China’s Zijin Mining, has agreed to acquire Canadian miner Allied Gold in a deal valued at about C$5.5 billion ($4 billion).

Announced on Monday, Jan. 26, the transaction will strengthen Zijin’s position in Africa’s gold sector. Until now, the group’s footprint on the continent has been limited to the Akyem mine in Ghana, but the acquisition would expand its exposure to Côte d’Ivoire and Mali.

Under the terms of the agreement, Zijin Gold International will buy 100% of Allied Gold for C$44 per share. The deal is subject to regulatory approvals, including a vote by Allied Gold shareholders at a special meeting. The companies expect to close the transaction by the end of April.

Aligned interests

Zijin Gold International was set up in 2025 to consolidate and manage Zijin Mining’s gold assets outside China. Its portfolio includes the Akyem mine as well as seven other projects across several continents, including South America. The proposed purchase of Allied Gold would be its first major Africa-focused acquisition.

If completed, the deal would give Zijin control of Allied Gold’s portfolio, including the Agbaou and Bonikro mines in Côte d’Ivoire, the Sadiola mine in Mali, and the Kurmuk project under development in Ethiopia.

“Allied Gold has successfully assembled and advanced a portfolio of large-scale, long-life gold assets with compelling expansion potential.  As the prospective new owners, we look forward to working with stakeholders in Ethiopia, Mali and Cote d’Ivoire to further advance these operations,” said Hongfu Lin, chairman of Zijin Gold. “The acquisition is consistent with our strategy of acquiring high-quality gold assets and expands our presence in Africa.”

Allied Gold forecasts the portfolio’s combined output could reach up to 800,000 ounces a year by 2029, supported by optimisation work at existing operations, including Sadiola, and the Kurmuk project coming online in 2026.

That would represent a sharp increase from current production, expected to be around 400,000 ounces in 2025. To support its growth plans, Allied Gold has said it was seeking a strategic partner able to help fund its expansion projects.

The transaction comes as gold continues a strong rally. Prices rose above $5,000 an ounce this week for the first time on record, helping to fuel fresh investment and deal activity in the sector, including Chengtun Mining’s bid for Loncor Gold, which is developing the Adumbi project in the Democratic Republic of Congo.

In the coming weeks, attention will turn to the progress of the Allied Gold deal and how Zijin plans to execute its expansion strategy in Africa. The acquisition will also be closely watched in host countries, particularly Mali, where the government has in recent years stepped up efforts to strengthen state oversight of the mining sector.

Aurel Sèdjro Houenou