Ethiopia Clears $4B Zijin-Allied Gold Acquisition
Mining News | 2026-07-13 06:44:36
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).
By Paul Ploumis
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.
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POLL
What is the most significant outcome of Zijin Gold International's acquisition of Allied Gold?
Frequently Asked Questions
- Why is Ethiopia's approval significant?
It removes the final major regulatory hurdle, allowing the US$4 billion acquisition of Allied Gold by Zijin Gold International to proceed toward completion.
- When is the acquisition expected to be completed?
The transaction is expected to close before July 29, following shareholder approval and all required regulatory clearances.
- How will the acquisition benefit Zijin Gold International?
The deal will become the company's largest overseas acquisition and expand its mining portfolio to 12 gold mines in 12 countries, strengthening its global gold production footprint.
