In a move that highlights the intensifying wave of consolidation in Africa’s mining sector, Allied Gold Corporation announced on today 26 January 2026, it has entered into a definitive agreement with Zijin Gold International, under which the latter will acquire the company for C$44 (Canadian Dollar) per share in cash.
The friendly acquisition values the
Toronto-based gold producer at approximately C$5.5 billion (US$4bn), representing a 27% premium over the company’s volume-weighted average price over the last 30 days.
This agreement marks the conclusion of strategic review launched by Allied Gold in 2024 to reduce geopolitical risks and maximize benefits for shareholders.
Peter Marrone, Chairman and CEO of Allied Gold, stated that the proposed acquisition was a “testament to the exceptional efforts” made by his team to develop 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,” Maron said in a statement.
The mining giant Zijin Gold, which is listed on the Hong Kong Stock Exchange with a market capitalization of approximately US$70 billion, will significantly strengthen its reach in Africa through this purchase.
The deal adds three major producing assets and development projects in Ethiopia, Mali, and Côte d’Ivoire to the company’s global portfolio.
Zijin Chairman Hongfu Lin described the Sadiola project in Mali and the Kurmuk project in Ethiopia as “generational assets” that will provide decades of production for the Chinese mining giant.
“This acquisition is in line with our strategy to acquire quality gold resources and will expand our presence in Africa,” Lin said.
This agreement comes at a time when mid-tier producers are under pressure to increase or integrate their capacity to control testing costs and the complexity of operating in emerging markets, while there is a high demand for Africa’s gold resources.
The deadline for the completion of this giant deal is expected to be until the end of April 2026, and Allied Gold has agreed to pay a contract termination fee of 220 million Canadian dollars if the agreement is terminated due to certain circumstances.
The company’s Board of Directors has recommended that shareholders vote in favor of the deal, with directors and senior officers representing 15.4% of the shares already pledging their support.
Upon completion of the merger, Allied Gold will be delisted from both the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE).
