ZIJIN GOLD INTL spent 28 billion RMB to fully acquire United Gold

Zijin Mining (02899.HK) and ZIJIN GOLD INTL (02259.HK) jointly announced that ZIJIN GOLD INTL intends to acquire all equity of Allied Gold Corporation (AAUC.US) for a total cash consideration of CAD 5.5 billion (approximately RMB 28 billion), equivalent to a price of CAD 44 per share, representing a premium of 5.39% over the closing price of Allied Gold on the trading day (23rd). Upon completion, ZIJIN GOLD INTL's asset layout will expand to 12 large gold mines in 12 countries.

Allied Gold's core assets include an 80% stake in the producing Sadiola gold mine in Mali, the Côte d'Ivoire gold mining complex (including 89.89% of Bonikro gold mine and 85% of Agbaou gold mine), and the 100% stake in the Kurmuk gold mine in Ethiopia, which is expected to be completed and put into production in the second half of the year. Allied Gold expects to produce 11.7-12.4 tons of gold in 2025; relying on the expansion and reconstruction of the Sadiola project and the completion and production of the Kurmuk project, it is expected that gold production will increase to 25 tons by 2029