Latest news with #PeterMarrone
TimesLIVE
10-06-2025
- Business
- TimesLIVE
Canada's Allied Gold could look at options for power supply deal at Mali mine
Canadian miner Allied Gold could look at alternative options for a power supply deal at its Sadiola mine in Mali following a surge in gold prices and the emergence of new opportunities, its CEO told Reuters in an interview on Monday. The gold miner signed an agreement in February with UAE-based Ambrosia Investment, giving Ambrosia a 50% stake in the mine in return for installing a new power supply system that would have improved the mine's costs. Allied Gold was also supposed to receive $500m (R8.86bn), with approximately $250m (R4.43bn) in upfront cash consideration from Ambrosia. The deal is yet to close. Allied Gold CEO Peter Marrone said the deal may close in June — but if it does not, it is because other options have become available to the company. "Our position in the country has changed dramatically along with gold prices," Marrone said. "The world has changed since we put the deal together." Gold prices have surged nearly 30% this year to date and hit a record $3,500.05 per ounce on April 22. Ambrosia Investment did not immediately respond to a request for comment.
Yahoo
10-06-2025
- Business
- Yahoo
Allied Gold explores new power supply options for Sadiola mine
Canadian miner Allied Gold is contemplating alternative options for a power supply deal at its Sadiola mine in Mali, CEO Peter Marrone stated in an interview with Reuters. This move follows a surge in gold prices and the emergence of new opportunities. Allied Gold signed an agreement in February with United Arab Emirates-based Ambrosia Investment, granting Ambrosia a 50% stake in the mine in exchange for installing a new power supply system aimed at reducing operational costs. The agreement, which includes a provision for Allied Gold to receive $500m (C$684.92m), with approximately $250m in upfront cash consideration from Ambrosia, has yet to close. Marrone indicated that while the deal may close in June, the company is open to exploring other options if they become available. 'Our position in the country has changed dramatically along with gold prices. The world has changed since we put the deal together,' Marrone said. Gold prices have surged nearly 30% this year to date, reaching a record $3,500.05/oz on 22 April. Ambrosia Investment did not immediately respond to a request for comment regarding the deal. Marrone noted that the landscape of power solutions for Allied Gold shifted significantly after the company signed a new mining convention with the Mali Government last year. Mali is Africa's third-largest gold producer and the military-led government is keen to increase revenue from the mining sector. The government has expressed concerns that current arrangements are unfair and has stated that foreign multinationals must comply with its demands to continue operations. The country is currently in dispute with another Canadian miner, Barrick Mining, the only gold miner that has not signed Mali's new mining code. Barrick is seeking World Bank arbitration over a possible government takeover of its Loulo-Gounkoto gold complex in the country. Allied Gold has adopted a pragmatic approach to settling with the government. 'We looked at how best we can deliver returns to our investors, and came to the conclusion that let's take an action based on cooperation and support,' Marrone said. "Allied Gold explores new power supply options for Sadiola mine" 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. Sign in to access your portfolio
Zawya
10-06-2025
- Business
- Zawya
Canada's Allied Gold could look at options for power supply deal at Sadiola mine
TORONTO - Canadian miner Allied Gold could look at alternative options for a power supply deal at its Sadiola mine in Mali following a surge in gold prices and the emergence of new opportunities, its CEO told Reuters in an interview on Monday. The gold miner signed an agreement in February with UAE-based Ambrosia Investment, giving Ambrosia a 50% stake in the mine in return for installing a new power supply system that would have improved the mine's costs. Allied Gold was also supposed to receive $500 million, with approximately $250 million in upfront cash consideration from Ambrosia. The deal is yet to close. Allied Gold CEO Peter Marrone said the deal may close in June, but if it does not, it is because other options have become available to the company. "Our position in the country has changed dramatically along with gold prices," Marrone said. "The world has changed since we put the deal together." Gold prices have surged nearly 30% this year to date and hit a record $3,500.05 per ounce on April 22. Ambrosia Investment did not immediately respond to a request for comment. Marrone said the universe of power solutions for the company changed dramatically after Allied Gold signed a new mining convention with the Mali government last year. Mali is Africa's third-largest gold producer and the military-led government wants to increase revenue from the mining sector. The government believes current arrangements are unfair and has said that foreign multinationals must comply with its demands if they want to continue operating. The country is in dispute with another Canadian miner, Barrick Mining, which is the only gold miner that has not signed Mali's new mining code. Allied Gold said it took a pragmatic approach to settling with the government. "We looked at how best we can deliver returns to our investors, and came to the conclusion that let's take an action based on cooperation and support," Marrone said. Allied Gold, already listed in Toronto Stock Exchange, began its dual listing on Monday on the New York Stock Exchange.
Reuters
09-06-2025
- Business
- Reuters
Canada's Allied Gold could look at options for power supply deal at Sadiola mine
TORONTO, June 9 (Reuters) - Canadian miner Allied Gold could look at alternative options for a power supply deal at its Sadiola mine in Mali following a surge in gold prices and the emergence of new opportunities, its CEO told Reuters in an interview on Monday. The gold miner signed an agreement in February with UAE-based Ambrosia Investment, giving Ambrosia a 50% stake in the mine in return for installing a new power supply system that would have improved the mine's costs. Allied Gold was also supposed to receive $500 million, with approximately $250 million in upfront cash consideration from Ambrosia. The deal is yet to close. Allied Gold CEO Peter Marrone said the deal may close in June, but if it does not, it is because other options have become available to the company. "Our position in the country has changed dramatically along with gold prices," Marrone said. "The world has changed since we put the deal together." Gold prices have surged nearly 30% this year to date and hit a record $3,500.05 per ounce on April 22. Ambrosia Investment did not immediately respond to a request for comment. Marrone said the universe of power solutions for the company changed dramatically after Allied Gold signed a new mining convention with the Mali government last year. Mali is Africa's third-largest gold producer and the military-led government wants to increase revenue from the mining sector. The government believes current arrangements are unfair and has said that foreign multinationals must comply with its demands if they want to continue operating. The country is in dispute with another Canadian miner, Barrick Mining, which is the only gold miner that has not signed Mali's new mining code. Allied Gold said it took a pragmatic approach to settling with the government. "We looked at how best we can deliver returns to our investors, and came to the conclusion that let's take an action based on cooperation and support," Marrone said. Allied Gold, already listed in Toronto Stock Exchange, began its dual listing on Monday on the New York Stock Exchange.
Yahoo
28-02-2025
- Business
- Yahoo
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.
