Allied Gold (Canada)
| Company type | Public limited company |
|---|---|
| TSX: AAUC | |
| Industry | Mining |
| Founded | 2011 |
| Headquarters | Toronto, Ontario, Canada |
| Products | Gold |
| Website | alliedgold |
Allied Gold Corporation is a Canadian headquartered company that owns and operates gold mines in Mali, the Ivory Coast and Ethiopia.[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]
Company structure and listing
[edit]Allied Gold corp (formerly, Mondavi Ventures Ltd) was founded in 2011, initially operating as a private company developing and acquiring gold assets in Africa.[3][4]
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.[5]
On 11 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.[6]
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.".[7]
Leadership
[edit]As part of the 2023 agreement and after more than 10 years at the helm, co-founder and Chief Executive Officer (CEO) of Allied Gold, Justin Dibb transitioned to the role of Vice Chairman.[3]
The new management team is now be led by Peter Marrone, founder of Yamana Gold, as Chairman and CEO. Also announced as part of the 2023 reverse take-over Daniel Racine and Jason LeBlanc retain their former Yamana positions as President and Chief Financial Officer (CFO) respectfully.[3]
Mining operations
[edit]Allied Gold Corporation operate two gold mining operations and one exploration project in development:
- The Sadiola Gold Mine in Mali.[8]
- The Cote D’Ivoire complex, comprising the Bonikro and Agbaou gold projects that feature a number of open pit mines.
- The Kurmuk development project in Ethiopia, the subject of a $500 million development plan as of September 2023.[9]
References
[edit]- ^ Mcgee, Niall (15 September 2023). "Former Yamana Gold head Peter Marrone turns his eye to Africa". The Globe and Mail.
- ^ Karim, Naimul (12 September 2023). "Former Yamana head Peter Marrone eyes emerging nations for next big venture in gold". Financial Post.
- ^ a b c "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.
- ^ "Allied Gold Corporation Announces Closing of Business Combination and Going Public Transaction". Yahoo! Finance. 7 September 2023.
- ^ "Allied Gold Corporation Announces Closing of Business Combination and Going Public Transaction". Bloomberg. 7 September 2023.
- ^ Dempsey, Harry (12 September 2023). "Allied Gold bypasses London for North American listings". Financial Times.
- ^ "Allied Gold Corporation Commences Trading on TSX, Announces Strategic Ownership Consolidation of the Kurmuk Development Project". Bloomberg. 11 September 2023.
- ^ Ojoko, Israel (May 2023). "Allied Gold Acquires Sadiola Gold Mine in Mali, Plans IPO". BNN Breaking.
- ^ Webb, Mariaan (12 September 2023). "Newly listed Allied Gold board approves $500m Ethiopia project". Mining Weekly.
External links
[edit]
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