Canadian mining firm Allied Gold has sold a 50% stake to UAE-based investment fund Ambrosia Investment Holding in a $500 million deal.
The deal includes $250 million in upfront cash, intended to provide Allied with funding to accelerate operations at the Sadiola Mine in Mali and the Kurmuk Mine in Ethiopia.
The collaboration will establish a joint venture to fast-trac the expansion at Sadiola mine, including the inauguration of solar PV and battery energy storage systems in collaboration with UAE- based ATGC by July 2026.
The initial expansion of Sadiola is expected to increase gold production from 170,000 ounces in 2023 to between 200,000 and 230,000 ounces by first quarter of 2025. It is projected to reach 400,000 ounces by late 2028.
At Kurmuk, Allied Gold hopes to produce 290,000 ounces annually starting mid-2026.
Allied’s Chairman, Peter Marrone explained that:
“We believe this collaboration is the first of its kind, with a Canadian company partnering with Emirati entrepreneurs and business persons investing in Mali.”
