Zijin Gold International (HKEX:2899) and Allied Gold (TSX:AAUC) have entered into a definitive agreement for Zijin to acquire all issued and outstanding shares of Allied Gold for C$44 per share in cash, for a total deal valued at C5.5 billion ($5.8 billion).
The total equity value of the transaction is based on Allied Gold’s common shares outstanding, taking into account a significant, certain, and immediate value for Allied Gold shareholders and represents a 27% premium to Allied’s 30-day volume-weighted average price as of market closing on 23 January 2026.
Allied Chairman Peter Marrone says that the deal provides an attractive cash offer at a time when the company’s share price is at an all-time high. “The transaction is also a testament to the exceptional efforts of the entire Allied Gold team to identify, finance, optimise, grow, and develop what we have always known is a world-class portfolio of gold assets across Africa, and it is also an endorsement of these high-quality assets and the mining-friendly jurisdictions where they are located.”
Zijin Gold is one of the world’s largest gold mining companies. It raised a record HK$25 billion ($4.6 billion) in its initial public offering on the Hong Kong Stock Exchange in September 2025.
Zijin Chairman Hongfu Lin says that the acquisition of Allied Gold is due to its advanced portfolio of large-scale, long-life gold assets with expansion potential.
“As the prospective new owners, we look forward to working with stakeholders in Ethiopia, Mali, and Côte d’Ivoire to further advance these operations,” Lin says.
“Sadiola and Kurmuk are generational assets which we expect to provide multi-decade production, complemented by the meaningful production from the CDI Complex. This acquisition is consistent with our strategy of acquiring high-quality gold assets and expands our presence in Africa.”
The transaction is expected to be completed pursuant to a plan of arrangement under Ontario’s Business Corporations Act. Subject to approvals, the two parties expect the transaction to be completed in late April 2026, after which Allied Gold’s shares will be delisted from the TSX and the NYSE, and Allied Gold will cease to be a reporting issuer under Canadian and US securities laws.
Write to Amy Rotman at Mining.com.au
Images: Allied Gold
