BUSINESS

Zijin to Buy Canadian Miner for $4 Billion as Gold Prices Hit Records

Published: Jan. 27, 2026 5:22 p.m. GMT+8

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Under the agreement announced Monday, Zijin’s Hong Kong-listed subsidiary, Zijin Gold International, will acquire all issued common shares of Allied Gold. Photo: IC Photo

Zijin Mining Group Co. Ltd. (601899.SH), China’s largest gold producer, plans to acquire Canadian miner Allied Gold Corp. for C$5.5 billion ($4 billion), securing large-scale gold assets in Africa as bullion prices hit record highs.

Marking the largest acquisition in Zijin’s history, the deal underscores the company’s aggressive drive to expand its global reserve base and production capacity to capitalize on the precious metal’s historic rally, which saw prices breach $5,100 an ounce for the first time on Monday.

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Zijin Mining will acquire Allied Gold for C$5.5 billion ($4 billion), marking its largest deal and expanding gold assets in Africa amid record gold prices.
The acquisition boosts Zijin’s annual gold output toward 100+ tons before 2028, leveraging Allied Gold’s African mines and projects expected to produce 25 tons by 2029.
Allied Gold’s board supports the deal; Zijin funds the buyout with cash/liquidity, aiming for rapid returns and synergy with its existing African portfolio.

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Who’s Who

Zijin Mining Group Co. Ltd.: Zijin Mining Group Co. Ltd. (601899.SH) is China's largest gold producer. The company plans to acquire Canadian miner Allied Gold Corp. for C$5.5 billion ($4 billion), its largest acquisition ever, to expand its global reserve base and production capacity. This strategic move aims to leverage market conditions and contribute to Zijin's goal of producing over 100 tons of gold annually.

Allied Gold Corp.: Allied Gold Corp. is a Canadian mining company specializing in large-scale gold assets, primarily in Africa. Zijin Mining Group is acquiring it for C$5.5 billion ($4 billion), making it Zijin's largest acquisition. Allied Gold produced 11.1 tons of gold in 2024 and operates mines in Mali and Côte d'Ivoire, with a project in Ethiopia expected to begin production in late 2026. The acquisition aims to expand Zijin's global gold reserve and production capacity.

Zijin Gold International Co. Ltd.: Zijin Gold International Co. Ltd. is Zijin Mining Group Co. Ltd.'s Hong Kong-listed subsidiary. It is set to acquire Canadian miner Allied Gold Corp. for C$5.5 billion ($4 billion), marking a significant expansion of its gold assets in Africa. The subsidiary, which handles Zijin's overseas gold assets, listed in Hong Kong in September 2025.

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