Allied Gold partners with UAE investment fund to expand Mali projects

News Snapshot:

Toronto-based Allied Gold Corp. AAUC-T has sold half its stake in its mining operations in Mali to an investment fund based in the United Arab Emirates. Through a transaction announced Tuesday, the gold producer will sell half of its Seychelles-based subsidiary, Allied Gold ML Corp., for US$145-million in cash plus US$230-million to be paid incrementally over six years. The buyer is Ambrosia Investment Holding, a vehicle newly established by Ahmed Amer Al Amry, an Emirati businessman with interests in construction, real estate, energy and other sectors. Allied’s subsidiary, which owns the Sadiola mine in West Mali, will be operated thereafter...