Present in Côte d’Ivoire and Mali, Zijin Gold Moves to Acquire Allied Gold for USD 4 Billion

Africa’s gold mining industry has just taken a major step forward. Chinese company Zijin Gold International has announced its plan to acquire Allied Gold Corporation, a Canadian mining company with significant operations in Côte d’Ivoire, Mali, and Ethiopia. The all-cash deal values Allied Gold at approximately CAD 5.5 billion, or nearly USD 4 billion.

The transaction is a friendly takeover, meaning both companies have agreed to the terms. Zijin will acquire all outstanding shares of Allied Gold at CAD 44 per share, representing a 27% premium over the company’s average trading price. The premium reflects the strategic value of Allied Gold’s mining assets. Zijin Gold will finance the acquisition entirely with its own cash, without external borrowing, underscoring the financial strength of the Chinese group, already among the world’s leading gold producers.

For Allied Gold, the sale marks the culmination of several years of development and consolidation in Africa. The company operates major assets such as the CDI Gold Complex in Côte d’Ivoire, the Sadiola mine in Mali, and the Kurmuk project in Ethiopia—all known for their long-life reserves and strong potential for future value creation.

Commenting on the announcement, Peter Marrone, CEO of Allied Gold, said the transaction highlights the value of what the company has built across Africa. He described the deal as highly attractive for shareholders, who receive immediate returns, and as the beginning of a new chapter with a partner that has deep expertise in large-scale mining operations.

Hongfu Lin, President of Zijin Gold, emphasized the strategic importance of the acquisition. According to him, Allied Gold has assembled a portfolio of high-quality gold assets that aligns perfectly with Zijin’s international growth strategy. The acquisition will further strengthen Zijin’s footprint in Africa, a region that has become increasingly central to global gold production.

Beyond its financial scale, the deal underscores Africa’s growing appeal to major global mining companies, particularly amid sustained demand for gold as a safe-haven asset. Côte d’Ivoire, in particular, is emerging as a key mining hub in West Africa, supported by clearer regulations, relative political stability, and the development of large-scale industrial projects.

The transaction is expected to close by the end of April 2026, subject to regulatory and governmental approvals. Following completion, Allied Gold will be delisted from the Toronto and New York stock exchanges.

With a market capitalization exceeding USD 70 billion, Zijin Gold continues to quietly build a global portfolio of top-tier gold assets. For West Africa, this acquisition signals a new phase of consolidation in the mining sector, as global giants establish long-term positions in projects that will shape the region’s mining economy for decades to come.