Allied Gold Sells 50% Stake to UAE’s Ambrosia in $500M Deal to Boost Operations
Canadian mining company Allied Gold has sold a 50% stake to UAE-based investment fund Ambrosia Investment Holding in a $500 million deal.
The transaction includes $250 million in upfront cash, providing Allied with the necessary capital to accelerate operations at the Sadiola Mine in Mali and the Kurmuk Mine in Ethiopia.
The partnership will create a joint venture focused on expanding Sadiola’s operations, including the deployment of solar PV and battery energy storage systems in collaboration with UAE-based ATGC by July 2026.
The first-phase expansion is set to increase gold production from 170,000 ounces in 2023 to between 200,000 and 230,000 ounces by Q4 2025, with a long-term target of 400,000 ounces by late 2028.
Meanwhile, at Kurmuk, Allied Gold aims to begin production in mid-2026, targeting an annual output of 290,000 ounces.
“This collaboration is the first of its kind, with a Canadian company partnering with Emirati entrepreneurs and businesspersons investing in Mali,” said Peter Marrone, Chairman and CEO of Allied Gold.
