Allied Gold Corporation has agreed to be acquired by Zijin Gold International for C$44 per share in cash. The deal values the company at C$5.5 billion, a 27% premium to its recent trading price. It includes key assets like Ethiopia's Kurmuk project and operations in Mali and Côte d’Ivoire.
In a sign of growing consolidation in Africa's mining sector, Allied Gold Corporation announced on January 26, 2026, that it has entered a definitive agreement to be acquired by Zijin Gold International for C$44 per share in cash.
The friendly deal values the Toronto-based gold producer at C$5.5 billion (US$4 billion), a 27% premium to its volume-weighted average price over the past 30 days. It concludes a strategic review launched in 2024 aimed at reducing geopolitical risks and maximizing shareholder value.
Peter Marrone, chairman and CEO of Allied Gold, called the acquisition a “testament to the exceptional efforts” of his team in building a world-class portfolio. “This transaction provides the company with an extremely attractive cash payout at a time when the company’s share price is high,” Marrone said in a statement.
Zijin Gold, listed on the Hong Kong Stock Exchange with a market capitalization of about US$70 billion, will bolster its African footprint through the purchase. The deal incorporates three major producing assets and development projects in Ethiopia, Mali, and Côte d’Ivoire.
Zijin Chairman Hongfu Lin described the Sadiola project in Mali and the Kurmuk project in Ethiopia as “generational assets” offering decades of production. “This acquisition is in line with our strategy to acquire quality gold resources and will expand our presence in Africa,” Lin said.
The agreement arrives amid high demand for Africa's gold amid pressures on mid-tier producers to scale up to manage costs and navigate emerging market complexities. The deal is slated to close by the end of April 2026, with Allied Gold agreeing to a C$220 million termination fee under certain conditions. The board recommends approval, and directors and senior officers holding 15.4% of shares have committed support. Upon closing, Allied Gold will delist from the Toronto Stock Exchange and New York Stock Exchange.
