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Shares of China’s Zijin Mining Group surged to record levels after the company announced plans to acquire Canada-listed Allied Gold Corp in a landmark deal valued at approximately C$5.5 billion ($4.0 billion). The acquisition marks a major expansion of Zijin Mining’s global gold portfolio at a time when gold prices are hovering near historic highs.
Zijin Mining said its Hong Kong-listed subsidiary, Zijin Gold International, has agreed to purchase all outstanding shares of Allied Gold for C$44 per share in cash. The offer represents a 5.4% premium to Allied Gold’s previous closing price, underlining Zijin’s confidence in the long-term value of the assets. Following the announcement, Hong Kong-listed Zijin shares climbed 4.3% to a fresh all-time high of HK$44, extending gains from the prior session when the stock had risen as much as 8%.
The transaction will give Zijin Mining control of several strategically important gold assets across Africa. These include producing gold mines in Mali and Côte d’Ivoire, as well as the Kurmuk gold project in Ethiopia, which is expected to begin production in the second half of 2026. With these additions, Zijin significantly strengthens its presence in key gold-producing regions and diversifies its international asset base.
According to the company, the Allied Gold acquisition will substantially increase Zijin’s gold reserves and future output. Allied Gold’s annual gold production is projected to rise to around 25 tonnes by 2029 as planned expansions are completed, supporting Zijin’s long-term growth strategy. The deal aligns with Zijin Mining’s broader push to secure high-quality resources globally while benefiting from strong gold market fundamentals.
The acquisition remains subject to shareholder approval and regulatory clearances across multiple jurisdictions. If completed, the deal would rank among the largest overseas gold acquisitions by a Chinese mining company, reinforcing Zijin Mining’s position as a leading global gold producer.
