UAE’s Ambrosia Investment Holding has made a big investment by acquiring a 50 percent stake in a gold mine located in Mali from Toronto-listed Allied Gold. The total investment amounts to approximately $500 million, which includes $375 million for the stake in the mine and an additional $110 million for a 12 percent share in Allied Gold’s parent company.

The Sadiola mine, owned by Allied Gold, currently produces up to 230 000 ounces of gold each year. Following an expansion expected to be completed by 2028, production levels are projected to reach 400 000 ounces annually. Peter Marrone, CEO of Allied Gold, highlighted that this partnership marks a unique collaboration between a Canadian company and Emirati entrepreneurs investing in Mali.

Ahmed Amer Al Amry, the chairman of Ambrosia Investment Holding and head of Abu Dhabi-based Al Amry Group, expressed optimism about the partnership. He noted that with support from both the UAE and Mali governments, they aim to “realise, maximise and expedite the inherent significant value in Sadiola.” Additionally, Ambrosia’s diverse portfolio includes Gulf Investment, Haya Insurance, and ATGC Group, which is set to provide solar and battery power to the Sadiola mines over a period of 12 years.