Allied Gold (TSX: AAUC) announced on Tuesday it has entered a strategic partnership with a United Arab Emirates-based investment group to help advance its mining operations based in Africa.
The transaction, says Allied, is expected to provide “key regional expertise and broader market support” through the partnership with Ambrosia Investment Holding, a newly formed investment fund at the forefront of the UAE renewable energy sector.
The company also notes that the UAE has emerged as Africa’s most prominent backer of new business, surpassing China. Between 2019 and 2023, it is estimated that Emirati companies have committed more than $110 billion to African projects.
To form the partnership, Ambrosia will buy half of Allied’s gold mining assets in Mali, which include an 80% interest in the Sadiola mine, for $375 million in cash. Of this amount, $145 million will be paid to Allied on…
