Zijin Gold International plans to acquire Canada-based giant Allied Gold Corporation for around CAD5.5 billion (USD4.03 billion), in a deal giving the Chinese company control of three core gold-mining assets in Africa. Canadian law firms Cassels Brock & Blackwell and Fasken, along with international firm Paul, Weiss, Rifkind, Wharton & Garrison, provided legal services.
In a joint 26 January statement, Zijin Mining and its subsidiary Zijin Gold International said they had struck an agreement with Allied Gold to acquire all issued and outstanding common shares for a cash consideration of CAD44 each. Allied Gold is listed on both the Toronto Stock Exchange and the NYSE.
Allied Gold’s three core assets in Africa are: the Sadiola open-pit gold mine in Mali, the C?te d’Ivoire Complex in West Africa – including the Bonikro and Agbaou open-pit mines – and the Kurmuk gold project in Ethiopia, which is expected to be constructed and start production in the second half of 2026.
Cassels Brock & Blackwell acted for Allied Gold on Canada laws, while Paul Weiss served as US counsel. Paul Weiss partners Adam Givertz and Christian Kurtz led the team, which included partner Christopher Cummings, antitrust partner Annie Herdman, as well as litigation partners Roberto Gonzalez and Nathan Mitchell.
Fasken advised Zijin Gold International on Canadian law matters.
Zijin Gold International listed on the HKEX in late September 2025. On the morning following the announcement of the acquisition, its share price rose by 10.63%, while H shares of its parent company, Zijin Mining, gained 4.08%.
The transaction came amid a wave of overseas gold-asset acquisitions by Chinese mining companies. On 25 January, CMOC Group announced the completion of its acquisition of three gold-mining projects in Brazil from Canada-based Equinox Gold. Towards the end of 2025, Jiangxi Copper, Lingbao Gold and Chengtun Mining also announced acquisitions of gold-mining assets in Ecuador, Papua New Guinea and the Democratic Republic of the Congo, respectively.
