Allied Gold has announced a partnership with a United Arab Emirates-based investment group, Ambrosia Investment Holding, to enhance its mining operations in Africa. The deal is expected to provide vital regional expertise and broader market support, as Ambrosia is positioned at the forefront of the UAE’s renewable energy sector.

As part of the agreement, Ambrosia will purchase 50% of Allied’s gold mining assets in Mali, which includes an 80% interest in the Sadiola mine, for a total of $375 million in cash. Allied will receive $145 million upon closing, with the remaining $230 million to be paid later. Following this transaction, the two parties will establish a 50/50 joint venture for the Malian assets. Additionally, Ambrosia will acquire a 12% equity stake in Allied Gold for approximately C$156.6 million, aimed at funding the ongoing phased expansion of the Sadiola mine.

The total value of this transaction is anticipated to be around $500 million, which Allied Gold believes will improve its financial flexibility as it pursues growth initiatives, including the expansion of Sadiola and the development of its Kurmuk project in Ethiopia.

Allied Gold’s chairman and CEO, Peter Marrone, emphasized the uniqueness of this transaction, highlighting the collaboration between a Canadian company and Emirati entrepreneurs investing in Mali. The partnership will also introduce a new photovoltaic power generation system at Sadiola, part of a 12-year supply agreement with UAE-based power solutions firm ATGC, aimed at enhancing operational costs and environmental sustainability.

Furthermore, Allied Gold is pursuing a listing on the New York Stock Exchange (NYSE) to complement its existing Canadian operations. CEO Marrone stated that the company meets the NYSE listing criteria and anticipates a decision on its application within the first half of the year, expressing a desire to be part of a more senior trading environment.