Allied Gold nets nearly $500M from UAE Investment Group for Mali

Allied Gold is creating a joint venture in Mali with a United Arab Emirates-based investment group -Ambrosia,  which will also cover the expansion of the main mine Sadiola.

Ambrosia Investment Holdings, run by UAE businessman Ahmed Amer Al Amry with interests in construction, hotels and energy, is paying $375 million for the asset stake including 80% of Sadiola.

Of this amount, $145 million will be paid to Allied on closing with the remaining $230 million paid later.

Reportedly, Al Amry’s company is also taking a 12% stake in Allied for about $110 million that the miner plans to use on expanding Sadiola.

The deal comes as Allied finalizes plans to more than double output from Sadiola by late 2028 and amid attempts by the country’s plan to squeeze more out of Western