Ethiopia Clears $4B Zijin-Allied Gold Acquisition

Mining News  |  2026-07-13 05:57:14   |   By

The project has already obtained clearances from regulators in Canada, the United States, several African countries, and the Common Market for Eastern and Southern Africa (COMESA).

Summary
  • Final approval secured: Ethiopia has cleared Zijin Gold International's US$4 billion acquisition of Allied Gold Corporation, with the transaction expected to close before July 29.
  • Major global expansion: The deal, Zijin Gold International's largest overseas acquisition, will expand its portfolio to 12 gold mines across 12 countries and strengthen its international presence.
  • Kurmuk mine nears production: Ownership of the Kurmuk Gold Mine in western Ethiopia will transfer to Zijin, with commercial production expected to begin within the next few weeks without disrupting existing operations.

SEATTLE (Scrap Monster): Ethiopia has approved Zijin Gold International’s proposed US$4 billion acquisition of Canadian gold producer Allied Gold Corporation. This clears the final major regulatory hurdle for the transaction, bringing it a step closer to commercial production. The deal was first announced in January this year.

The transaction is expected to close before July 29, following overwhelming shareholder approval and all required regulatory clearances.

The project has already obtained clearances from regulators in Canada, the United States, several African countries, and the Common Market for Eastern and Southern Africa (COMESA).

The acquisition represents the largest overseas deal completed by Zijin Gold International and will expand its portfolio to 12 gold mines across 12 countries. Furthermore, it will support the country’s ongoing efforts to attract additional foreign investment in mineral development.

Once completed, the agreement will transfer ownership of Allied Gold's international mining assets, including the Kurmuk Gold Mine in western Ethiopia, which is expected to begin commercial production within the next few weeks. Allied Gold has confirmed that the change in ownership will not affect existing operations, contracts, or regulatory commitments.