Allied Gold said it would use the funds to develop Kurmuk, which is set to become Ethiopia’s first commercial gold mine. Production is expected to begin in mid-2026.
“The gold prepay is expected to be led by the lending syndicate for the company’s revolving credit facility with proceeds available to Allied following the completion of the stream financing,” Allied Gold chief executive, Peter Marrone, said in a statement.
The Kurmuk gold stream is forecast to yield an average of 16,000 ounces of gold annually during its first decade of operation.
The Kurmuk project, with an average life-of-mine production of 240,000 ounces of gold per year, includes the Dish Mountain and Ashashire deposits and spans a property of 1,450 km² with several exploration targets.
Development will follow a two-phase plan requiring a total capital investment of approximately $500 million. Phase 1, already underway, requires…
