Allied Gold inks deal with Ambrosia for Sadiola mine in Mali
Canadian miner Allied Gold has entered a strategic partnership with Ambrosia Investment Holding, a United Arab Emirates (UAE)-based investment fund, to unlock immediate value from its Sadiola gold mine in Mali and strengthen the company's financial position.
The partnership involves the sale of 50% of Allied Gold's interest in Allied Gold ML (Allied Holding), which operates the company's assets in Mali, to Ambrosia.
Allied Holding owns 80% of Societe d'Exploitation des Mines d'Or de Sadiola SA (SEMOS), which operates the Sadiola mine. The transaction values the 80% interest at $750m (C$1.08bn).
The deal includes a purchase price of $145m in cash at closing, along with deferred cash consideration valued at $230m.
A 50:50 joint venture will be formed between Allied Gold and Ambrosia to govern Allied Holding and SEMOS upon the closing of the transaction.
Allied Gold will continue as the operator of SEMOS, leading operational activities and ongoing value-creation initiatives at the Sadiola mine.
The collaboration will utilise Ambrosia's regional expertise in Africa, particularly through the UAE, to complement Allied's technical and operational capabilities.
The deal will fortify Allied's balance sheet, providing flexibility for its growth plans including the development of the Kurmuk project in Ethiopia and the expansion at Sadiola.
Allied chairman and CEO Peter Marrone said: 'This is an impressively unique transaction in that it brings together a Canadian company whose management has significant experience and engagement in the country and whose operational competence and experience is tier one, with individuals with comparable in-country experience and bringing a unique and very well-priced power solution to Sadiola, which will reduce costs and create a better, longer life operation.'
The Sadiola mine's phased expansion is projected to increase production from approximately 170,000oz in 2023 to between 200,000oz and 230,000oz annually.
A further expansion stage, to be completed by late 2028, aims to produce 400,000oz per annum of gold for the first four years and 300,000oz per annum of gold over a 19-year life of mine, based on 7.2 million ounces in mineral reserves.
The partnership also includes the implementation of a cutting-edge renewable power solution at Sadiola, expected to reduce costs and the environmental footprint.
Furthermore, Allied will issue approximately 12% of its shares to Ambrosia at a premium, raising C$156.55m to fund Sadiola's expansion.
Ambrosia has expressed its intention to increase its proforma ownership in Allied to 19% through the acquisition of private placement shares and market purchases.
The strategic partnership is subject to the finalisation of definitive agreements and regulatory approvals, with the private placement expected to close around 17 March 2025.
Ambrosia chairman Ahmed Amer Al Amry said: 'We have been looking for some time at establishing an alliance with a high-quality precious metals mining company. We have found that in Allied Gold with its impressive portfolio of assets and management team. We are excited to be a shareholder and will continue to support the efforts of the company.'
"Allied Gold inks deal with Ambrosia for Sadiola mine in Mali" was originally created and published by Mining Technology, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
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COMPETENT PERSON / QUALIFIED PERSON All technical and scientific information in this announcement has been reviewed and approved by Group Chief Geologist, Mr Juan Gutierrez BSc, Geology (Masters), Geostatistics (Postgraduate Diploma), who is a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Gutierrez is a Competent Person as defined in the JORC Code 2012 and a Qualified Person as defined in NI 43-101. FORWARD-LOOKING INFORMATION This announcement may contain certain forward-looking statements and projections, including statements regarding the Equity Raising, the SPP, and FireFly's plans, forecasts and projections with respect to its mineral properties and programs, including the use of proceeds of the Equity Raising and SPP and the completion and expected closings of the Equity Raising and SPP. Forward-looking statements may be identified by the use of words such as "may", "might", "could", "would", "will", "expect", "intend", "believe", "forecast", "milestone", "objective", "predict", "plan", "scheduled", "estimate", "anticipate", "continue", or other similar words and may include, without limitation, statements regarding plans, strategies and objectives. Although the forward-looking statements contained in this announcement reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, such forward-looking statements and projections are estimates only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors many of which are beyond the control of the Company, which may include changes in commodity prices, foreign exchange fluctuations, economic, social and political conditions, and changes to applicable regulation, and those risks outlined in the Company's public disclosures. The forward-looking statements and projections are inherently uncertain and may therefore differ materially from results ultimately achieved. For example, there can be no assurance that FireFly will be able to confirm the presence of Mineral Resources or Ore Reserves, that FireFly's plans for development of its mineral properties will proceed, that any mineralisation will prove to be economic, or that a mine will be successfully developed on any of FireFly's mineral properties. The performance of FireFly may be influenced by a number of factors which are outside of the control of the Company, its directors, officers, employees and contractors. The Company does not make any representations and provides no warranties concerning the accuracy of any forward-looking statements or projections, and disclaims any obligation to update or revise any forward-looking statements or projections based on new information, future events or circumstances or otherwise, except to the extent required by applicable laws. APPENDIX A Green Bay Copper-Gold Project Mineral Resources Ming Deposit Mineral Resource EstimateTONNES COPPER GOLD SILVER CuEq(Mt) Grade (%) Metal ('000 t) Grade (g/t) Metal ('000 oz) Grade (g/t) Metal ('000 oz) Grade (%) Measured 4.7 1.7 80 0.3 40 2.3 340 1.9 Indicated 16.8 1.6 270 0.3 150 2.4 1,300 1.8 TOTAL M&I 21.5 1.6 340 0.3 190 2.4 1,600 1.8 Inferred 28.4 1.7 480 0.4 340 3.3 3,000 2.0 Little Deer Mineral Resource EstimateTONNES COPPER GOLD SILVER CuEq(Mt) Grade (%) Metal ('000 t) Grade (g/t) Metal ('000 oz) Grade (g/t) Metal ('000 oz) Grade (%) Measured - - - - - - - - Indicated 2.9 2.1 62 0.1 9 3.4 320 2.3 TOTAL M&I 2.9 2.1 62 0.1 9 3.4 320 2.3 Inferred 6.2 1.8 110 0.1 10 2.2 430 1.8 GREEN BAY TOTAL MINERAL RESOURCE ESTIMATETONNES COPPER GOLD SILVER CuEq(Mt) Grade (%) Metal ('000 t) Grade (g/t) Metal ('000 oz) Grade (g/t) Metal ('000 oz) Grade (%) Measured 4.7 1.7 80 0.3 45 2.3 340 1.9 Indicated 19.7 1.7 330 0.2 154 2.6 1,600 1.9 TOTAL M&I 24.4 1.7 400 0.3 199 2.5 2,000 1.9 Inferred 34.6 1.7 600 0.3 348 3.1 3,400 2.0 1. 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