{"id":101097,"date":"2025-02-26T00:00:00","date_gmt":"2025-02-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/ambrosia-acquires-50-of-allieds-mali-gold-mines\/"},"modified":"2025-02-26T00:00:00","modified_gmt":"2025-02-26T00:00:00","slug":"ambrosia-acquires-50-of-allieds-mali-gold-mines","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/02\/26\/ambrosia-acquires-50-of-allieds-mali-gold-mines\/","title":{"rendered":"Ambrosia acquires 50% of Allied\u2019s Mali gold mines"},"content":{"rendered":"

UAE-b<\/strong>ased investment fund <\/strong>Ambrosia Investments<\/a><\/strong> will acquire a 50% stake <\/strong>in Canadian gold <\/strong>mining firm <\/strong>Allied Gold Corporation<\/a><\/strong>\u2019s operations in Mali<\/strong>, it said in a press release (pdf)<\/a>. The agreement had an aggregate value of USD 500 mn, including a USD 250 mn upfront cash-consideration, and will go towards the expansion of Allied Gold\u2019s Sadiola mine in Mali and the development of the Kurmuk project in Ethiopia.<\/p>\n

The details:<\/strong> The partnership will see Allied issue Ambrosia 46 mn shares \u2014 approximately 12% of its issued and outstanding shares \u2014 on a private placement basis at CAD 3.40 (c. USD 2.40) apiece. The aggregate proceeds of CAD 156.6 mn (ca. USD 190.5 mn) will be used to fund Sadiola\u2019s expansion. Some USD 375 mn will go towards the acquisition of a stake in a joint venture with Allied to govern the mine, while USD 110 mn will go towards acquiring a 12% stake in the parent company. <\/p>\n

ALSO- Emirati firm <\/strong>ATGC<\/a><\/strong> will also provide energy to the Allied\u2019s Sadiola gold mine<\/strong> in Mali starting next summer and for the next 12 years.<\/p>\n

Allied\u2019s ambitions: <\/strong>The investment comes as Allied looks to expand extraction from the Sadiola mine to 400k ounces per year, and open the Kurmuk gold mine in Ethiopia which is set to be operational during the middle of next year and produce 290k ounces of gold per year during the first four years.<\/p>\n

Behind the partnership: <\/strong>The acquisition came on the back of \u201cthe commitment of the government of The United Arab Emirates in Africa at large,\u201d Allied CEO Peter Marrone said. The development is a vote of confidence for Mali mines after government policy caused difficulties for extracting companies in the country, the Financial Times<\/a> reports.<\/p>\n

Allied is eyei<\/strong>ng a listing on the New York Stock Exchange this year<\/strong>, and is expecting a decision on its application during 1H this year, Bloomberg<\/a> reports citing CEO Peter Marrone. The business information service noted a trend of gold equity players looking to the city on the back of big ticket agreements.<\/p>\n

Mining has drawn increasing Emirati interest recently<\/strong>, with the formation of the ADQ-Orion USD 1.2 bn JV last month<\/a> and Abu Dhabi\u2019s International Resources Holding upping production<\/a> by 32% at its Zambian mining site.<\/p>\n

ADVISORS- <\/strong>Stifel Nicolaus Canada and National Bank Financial were Allied\u2019s financial advisors, whilst Cassels Brock & Blackwell and Hogan Lovells International provided legal counsel. Ambrosia tapped SCP Resource Finance for financial advice and A&O Shearman and McCArthy T\u00e9trault for legal counsel.<\/p>\n","protected":false},"excerpt":{"rendered":"

The acquisition comes as Allied looks to increase its Malian production<\/p>\n","protected":false},"author":1,"featured_media":101098,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1557],"tags":[2270,7,25,1344,614],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-101097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-ambrosia-investments","tag-enterpriseam-uae","tag-investment-watch","tag-ma","tag-mining","wpautop","entry"],"acf":{"mongo_id":"70fa571d-f028-4012-afcf-dd55c8e4e318","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/2\/2493.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Ambrosia acquires 50% of Allied\u2019s Mali gold mines","related_issue":[101091],"teaser":"The acquisition comes as Allied looks to increase its Malian production","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/2\/.137c7598-efa0-4354-9953-2d75b2c2501a.mp3"},"yoast_head":"\nAmbrosia acquires 50% of Allied\u2019s Mali gold mines - 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