Allied Gold (Canada)

Allied Gold Corporation is a Canadian headquartered company that owns and operates gold mines in Mali, the Ivory Coast, Ethiopia and Egypt.[1] Headquartered in Toronto, the company listed on the Toronto Stock Exchange in 2023. As of 2023, the company produces 375,000 ounces of gold per year.[2]

Allied Gold
TypePublic limited company
TSX: AAUC
IndustryMining
Founded2011 (2011)
HeadquartersToronto, Ontario, Canada
ProductsGold
Websitealliedgold.com

Company structure and listing

Allied Gold was founded in 2011, initially operating as a private company developing and acquiring gold assets in Africa.[3]

In 2023, Allied Merger Corporation, a company formed by former executives of Yamana Gold with the purpose of exploring mining opportunities in Africa, executed a business combination agreement with Allied Gold Corporation. The reverse takeover transaction included a US $267 million financing agreement ahead of shares in Allied Gold Corporation going live on Toronto Stock Exchange.[4]

On the 11th September 2023, Allied Gold Corporation officially listed on the Toronto Stock Exchange, becoming the largest mining initial public offering since 2010 with a market capitalisation of US $970 million on the first day.[5]

Allied Gold Corporation’s common shares trade in Canadian dollars under the symbol "AAUC" and the convertible debentures trading in U.S. dollars under the symbol "AAUC.DB.U.".[6]

Leadership

Allied Gold Corporation was founded by Justin Dibb. Dibb served as the company’s Chief Executive Officer for over 10 years until 2023.[3]

As part of the reverse takeover, Peter Marrone became Chairman and Chief Executive Officer. Marrone is the former founder, Executive Chairman, and CEO of Yamana Gold.

Daniel Racine is the company’s President and Jason LeBlanc is the Chief Financial Officer. Both were announced as part of the 2023 reverse take-over. Both formerly worked at Yamana Gold.[1]

Mining operations

Allied Gold Corporation operate four gold mining operations and exploration projects:

  • The Cote D’Ivoire complex, comprising the Bonikro and Agbaou gold projects. The complex features a number of open pit mines.
  • El Fawakheir development project in Egypt.[8]
  • Kurmuk development project in Ethiopia. In September 2023 it was announced the project would be the subject of a $500 million development plan.[9]

References
  1. Mcgee, Niall (15 September 2023). "Former Yamana Gold head Peter Marrone turns his eye to Africa". The Globe and Mail.
  2. Karim, Naimul (12 September 2023). "Former Yamana head Peter Marrone eyes emerging nations for next big venture in gold". Financial Post.
  3. "Africa's Fastest Growing Gold Miner Attracts Highly Experienced Former Yamana Principals to Drive Public Listing and Continue to Build the Next Generation Senior Gold Producer". Yahoo! Finance. 27 April 2023.
  4. "Allied Gold Corporation Announces Closing of Business Combination and Going Public Transaction". Bloomberg. 7 September 2023.
  5. Dempsey, Harry (12 September 2023). "Allied Gold bypasses London for North American listings". Financial Times.
  6. "Allied Gold Corporation Commences Trading on TSX, Announces Strategic Ownership Consolidation of the Kurmuk Development Project". Bloomberg. 11 September 2023.
  7. Ojoko, Israel (May 2023). "Allied Gold Acquires Sadiola Gold Mine in Mali, Plans IPO". BNN Breaking.
  8. "Homepage". Allied Gold.
  9. Webb, Mariaan (12 September 2023). "Newly listed Allied Gold board approves $500m Ethiopia project". Mining Weekly.

Official website

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