Allied Gold Corporation (TSX/NYSE:AAUC) said it has received approval under Canada’s Investment Canada Act for the proposed acquisition of the company by Chinese peer Zijin Gold International (HKEX:2259), completing the Canadian regulatory review process for the takeover.
The transaction has also received merger clearance from two African blocs: the Regional Competition Authority of the Economic Community of West African States (ECOWAS) and the Competition and Consumer Commission of the Common Market for Eastern and Southern Africa (COMESA).
Allied Gold operates producing gold assets and development projects across Côte d’Ivoire, Mali and Ethiopia, positioning it as one of the larger Africa-focused gold producers listed in Canada.
Zijin Mining Group (SHA:601899; HKEX:2899), the parent company behind Zijin Gold International, is one of China’s largest mining groups with major gold and copper operations across Asia, Africa and Latin America.
The companies said additional regulatory approvals in African host countries have either already been obtained or are in advanced stages, although approvals from Chinese authorities remain outstanding.
To facilitate completion of the deal, Allied and Zijin agreed to extend the transaction’s “outside date” from May 29 to July 29.
Under the terms of the agreement, Zijin Gold International is offering CAD44 per share for Allied Gold, valuing the acquisition at approximately CAD5.5bn ($4bn).
The all-cash proposal represents one of the larger recent acquisitions involving African gold assets and reflects continued Chinese interest in expanding exposure to global precious metals production.
The acquisition would significantly expand Zijin’s African gold portfolio while giving it exposure to producing and development-stage assets across several strategically important mining jurisdictions.
The transaction also highlights continuing consolidation activity across the gold sector as elevated bullion prices near record highs encourage large producers and investors to pursue acquisitions and reserve growth opportunities.




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