China’s Zijin Mining Group has agreed to acquire Canadian miner Allied Gold in a deal valued at about C$5.5 billion (US$4 billion), significantly expanding the Chinese group’s footprint in Africa’s gold sector.
Zijin Gold International, a subsidiary of Zijin Mining, said on Monday it would buy 100 percent of Allied Gold for C$44 per share, subject to regulatory approvals and a shareholder vote. The companies expect the transaction to close by the end of April.
The acquisition would mark Zijin’s largest Africa-focused gold deal to date and broaden its exposure beyond Ghana, where it currently operates the Akyem mine, into Mali and Côte d’Ivoire, two of West Africa’s most important gold-producing countries.
Zijin Gold International was established in 2025 to consolidate and manage Zijin Mining’s gold assets outside China. Its existing portfolio includes the Akyem mine in Ghana and seven other projects across multiple regions, including South America.
If completed, the transaction would give Zijin control of Allied Gold’s assets, which include the Agbaou and Bonikro mines in Côte d’Ivoire, the Sadiola mine in Mali, and the Kurmuk project in Ethiopia, which is currently under development.
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“Allied Gold has successfully assembled and advanced a portfolio of large-scale, long-life gold assets with compelling expansion potential,” Zijin Gold chairman Hongfu Lin said in a statement. “The acquisition is consistent with our strategy of acquiring high-quality gold assets and expands our presence in Africa.”
Allied Gold said the combined portfolio could produce up to 800,000 ounces of gold annually by 2029, driven by optimisation at existing operations, particularly Sadiola, and the planned start-up of Kurmuk, expected to come online in 2026.
That would represent a sharp increase from Allied Gold’s current production, which is forecast at around 400,000 ounces in 2025. The company has previously said it was seeking a strategic partner to help finance its expansion plans and accelerate development across its assets.
The deal comes amid renewed consolidation in the global gold sector, underpinned by a strong rally in bullion prices. Gold rose above US$5,000 an ounce this week for the first time on record, boosting cash flows for producers and encouraging mergers and acquisitions.
Recent deal activity includes Chengtun Mining’s bid for Loncor Gold, which is developing the Adumbi gold project in the Democratic Republic of Congo, highlighting growing Chinese interest in African mining assets.
Zijin is one of China’s largest mining companies, with operations spanning gold, copper, zinc and lithium. The group has steadily expanded overseas in recent years as it seeks to secure long-life resources and diversify production beyond China.
The Allied Gold acquisition is likely to attract close scrutiny in host countries, particularly Mali, where the government has in recent years increased state oversight of the mining sector and revised its mining code to secure a larger share of revenues.
Industry analysts say the deal underscores Africa’s continued appeal to global miners, despite rising regulatory and political risks in some jurisdictions, as companies chase scale and growth at a time of historically high gold prices.
Attention will now focus on regulatory approvals and shareholder support for the transaction, as well as Zijin’s plans for funding and executing Allied Gold’s expansion projects across West Africa and East Africa.
