Shares of China-based Zijin Mining Group climbed to fresh highs after the company disclosed plans to acquire Canada-listed Allied Gold Corp in an all-cash transaction valued at roughly C$5.5 billion, or about $4.0 billion.
The offer comes through Zijin Gold International, Zijin's Hong Kong-listed subsidiary, which has agreed to purchase all outstanding Allied Gold shares at C$44 per share in cash. That price represents a 5.4% premium to Allied Gold's most recent closing price.
Under the proposed deal, Zijin would gain control of existing producing gold mines located in Mali and Côte d'Ivoire. The agreement also covers the Kurmuk project in Ethiopia, where output is targeted to begin in the second half of 2026.
Market reaction to the announcement was immediate: Hong Kong-listed shares of Zijin rose to a record HK$44, an intraday gain of about 4.3%. The stock had earlier reached gains as high as 8% in the prior session before settling around 4.5% up at the close.
Zijin highlighted that the transaction will expand its gold reserves and prospective production capacity at a time when gold prices are trading near record levels. The company noted Allied Gold's planned expansions could lift the acquired entity's annual production to approximately 25 tonnes by 2029.
The acquisition remains subject to both shareholder approvals and regulatory clearances across multiple jurisdictions. No further timetable or additional deal terms were provided in the announcement.
Deal specifics at a glance
- Acquirer: Zijin Gold International (Hong Kong-listed unit of Zijin Mining Group)
- Target: Allied Gold Corp
- Price: C$44 per share in cash (5.4% premium to last close)
- Deal value: About C$5.5 billion ($4.0 billion)
- Assets included: Producing mines in Mali and Côte d'Ivoire; Kurmuk project in Ethiopia (expected H2 2026)
The outcome of the transaction will depend on approvals from Allied Gold shareholders and regulators in the jurisdictions involved. Observers will likely watch subsequent filings and any timetable issued by the parties for voting and regulator review.