28 Feb 2025
Allied Gold, Ambrosia Strike $500M Deal for African Mining Expansion
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Canadian mining company Allied Gold has announced the sale of a 50% stake to UAE-based investment fund Ambrosia Investment Holding in a $500 million deal. This transaction, which includes $250 million in upfront cash, will provide Allied with funding to accelerate operations at the Sadiola Mine in Mali and the Kurmuk Mine in Ethiopia.
The partnership will establish a joint venture aimed at fast-tracking expansion efforts at Sadiola, including the deployment of solar PV and battery energy storage systems in collaboration with UAE-based ATGC by July 2026. The first-phase expansion at Sadiola is expected to increase gold production from 170,000 ounces in 2023 to between 200,000 and 230,000 ounces by Q4 2025, with a target of reaching 400,000 ounces by late 2028.
At Kurmuk, Allied Gold aims to produce 290,000 ounces annually starting mid-2026.
“We believe this collaboration is the first of its kind, with a Canadian company partnering with Emirati entrepreneurs and business persons investing in Mali,” stated Peter Marrone, Allied's Chairman and CEO.