Zijin Mining and Zijin Gold International Terminate Allied Gold Acquisition; Pursue 9.2% Stake via Private Placement
Key Developments:
- Termination of CAD5.5 Billion Acquisition: Zijin Mining Group Co., Ltd. (“Zijin Mining”) and Zijin Gold International Company Limited (“Zijin Gold International”) have mutually agreed to terminate the previously announced acquisition of Allied Gold Corporation, a gold mining company listed on the Toronto and New York Stock Exchanges (AAUC).
- New Strategic Investment: Instead, Zijin Gold International will acquire a 9.2% equity stake in Allied Gold through a private placement, subscribing for 12.80 million shares at CAD32.55 per share, totaling CAD416.6 million (approx. USD295 million).
Details of the Terminated Acquisition
The original acquisition agreement, signed on 26 January 2026, would have seen Zijin Gold International acquire all issued and outstanding shares of Allied Gold at CAD44 per share, with a total deal value of approximately CAD5.5 billion (USD4.0 billion). However, both parties concluded that the required conditions for completion could not be satisfied or waived by the outside date of 29 July 2026, nor within a reasonable period afterwards. As a result, both parties agreed not to extend the deadline and formally terminated the arrangement agreement on 29 July 2026. No termination fee or other payment is owed by either party.
Details of the Private Placement Subscription
Shortly after agreeing to terminate the acquisition, Zijin Gold International and Allied Gold entered into a subscription agreement. Zijin Gold International will subscribe for 12.80 million common shares of Allied Gold at a price of CAD32.55 per share, reflecting the 30-day volume-weighted average price on the Toronto Stock Exchange preceding 27 July 2026. Upon completion, Zijin Gold International will hold approximately 9.2% of Allied Gold’s total shares.
About Allied Gold Corporation
Allied Gold’s main assets include:
- Sadiola Gold Mine in Mali
- Côte d’Ivoire Complex (Bonikro and Agbaou Gold Mines) – both in production
- Kurmuk Gold Mine in Ethiopia – expected to commence production in August 2026
As of end-2025, Allied Gold controlled approximately 541 tonnes of gold resources with an average grade of 1.38g/t. Recent production figures were 10.7 tonnes (2023), 11.1 tonnes (2024), and 11.8 tonnes (2025). With ongoing upgrades and the new Kurmuk project coming online, annual output is expected to reach 25 tonnes by 2029.
Board Approval and Transaction Conditions
The Zijin Mining board unanimously approved both the termination of the acquisition and the private placement at its twelfth extraordinary meeting of 2026. The subscription has also been approved by Zijin Gold International’s board. The transaction remains subject to customary closing conditions, including approvals from the Toronto and New York stock exchanges.
Investor Implications and Shareholder Considerations
- Potential Price Sensitivity: The termination of the CAD5.5 billion acquisition removes the potential financial and integration risks associated with a full takeover, which may be viewed positively or negatively depending on investor appetite for large-scale M&A.
- Strategic Stake Maintained: The subscription for a 9.2% stake ensures Zijin Gold International retains a significant interest in Allied Gold’s growth, especially as key assets ramp up production. This could provide upside exposure as Allied Gold’s production profile strengthens.
- No Termination Fees: There are no financial penalties arising from the termination, limiting downside risk.
- Not a Notifiable or Connected Transaction: The transaction does not trigger disclosure requirements under Chapter 14 or Chapter 14A of the Hong Kong Listing Rules, reflecting its relatively moderate size versus Zijin’s overall business.
- Uncertainties Remain: Completion of the subscription is subject to regulatory and customary conditions, and investors should monitor for updates as these could affect the timing and certainty of the transaction.
Management Commentary
The boards of both Zijin Mining and Zijin Gold International have stated that the termination of the acquisition will not have any material adverse effect on their business, operations, or financial position. Investors and shareholders are advised to exercise caution when dealing in the securities of Zijin Mining and Zijin Gold International.
Board Composition as of Announcement Date
- Zijin Mining Board: Zou Laichang (Chairman), Lin Hongfu, Xie Xionghui, Wu Jianhui, Shen Shaoyang, Zheng Youcheng, Wu Honghui (executive directors); Li Jian (non-executive director); Wu Xiaomin, Bo Shao Chuan, Lin Shoukang, Qu Xiaohui, Hong Bo, Wang Anjian (independent non-executive directors).
- Zijin Gold International Board: Guo Xian Jian, Huang Zhihua, Yiu Kai (executive directors); Lin Hongfu (Chairman), Wang Chun, Jian Ximing (non-executive directors); Xie Shaobo, Chan Hon, Hui Lai Kwan (independent non-executive directors).
Disclaimer: This article is a summary and analysis based on publicly disclosed information. Investors should refer to official company announcements and seek independent advice before making investment decisions. The transaction is subject to regulatory and other customary closing conditions, which may impact the final outcome.
紫金礦業及紫金黃金國際終止對Allied Gold全面收購，轉為私募方式持有9.2%股份
重點摘要：
- 終止55億加元全資收購：紫金礦業集團股份有限公司（「紫金礦業」）及紫金黃金國際有限公司（「紫金黃金國際」）正式終止原計劃對在多倫多及紐約證券交易所上市的Allied Gold Corporation（AAUC）展開的全資收購計劃。
- 改以私募入股：紫金黃金國際將透過私募方式，以每股32.55加元認購1,280萬股Allied Gold股份，總涉資4.166億加元（約2.95億美元），完成後將持有Allied Gold約9.2%股權。
收購協議終止詳情
原協議於2026年1月26日簽訂，紫金黃金國際原擬以每股44加元收購Allied Gold全部已發行股份，交易總值約55億加元（40億美元）。但雙方認為，無法在2026年7月29日的截止日或合理期限內達成所有成交條件，決定不再延長並於2026年7月29日正式簽署終止協議，雙方無需就終止協議支付任何賠償或費用。
私募詳情
終止收購後，紫金黃金國際與Allied Gold另簽訂股份認購協議，將以每股32.55加元，按2026年7月27日前30個交易日的多倫多證交所加權平均價，認購1,280萬股Allied Gold股份。完成後，紫金黃金國際將持有Allied Gold約9.2%股份。
Allied Gold業務概況
Allied Gold主要資產包括：
- 馬里Sadiola金礦
- 科特迪瓦Bonikro及Agbaou金礦（均在產）
- 衣索比亞Kurmuk金礦（預計2026年8月投產）
截至2025年底，Allied Gold擁有約541噸金資源，平均品位1.38克/噸。2023至2025年黃金產量分別為10.7噸、11.1噸及11.8噸。隨Sadiola升級及Kurmuk新礦投產，預計2029年年產量可增至25噸。
董事會審批及交易條件
上述終止收購及私募事項已獲紫金礦業及紫金黃金國際董事會於2026年第十二次臨時董事會一致通過。該私募仍需獲多倫多及紐約證交所審批，並符合其他常規成交條件。
投資者注意事項及潛在影響
- 潛在股價敏感因素：終止大規模收購可減低整合及財務風險，對偏好審慎發展的投資者屬利好；但也可能令期望大舉擴張的股東失望。
- 維持戰略股權：透過私募持有9.2%股份，紫金黃金國際仍可參與Allied Gold資產升級及產能擴張帶來的潛在收益。
- 無須支付終止費：終止協議不涉及任何賠償費用，減少損失風險。
- 並非重大交易或關連交易：根據香港上市規則，該私募不屬於須公告的重大或關連交易，反映規模對紫金整體業務影響有限。
- 交易尚存不確定性：私募完成仍需監管機構審批，投資者應密切關注後續進展。
管理層聲明
紫金礦業及紫金黃金國際董事會均表示，終止收購協議不會對公司業務、營運或財務狀況造成重大不利影響。提醒投資者及股東謹慎處理相關證券買賣。
董事會組成（公告日）
- 紫金礦業：主席：鄒來昌；執行董事：林紅福、謝雄輝、吳建輝、沈少陽、鄭有成、吳洪輝；非執行董事：李健；獨立非執行董事：吳曉敏、柏少川、林壽康、屈曉輝、洪波、王安健。
- 紫金黃金國際：執行董事：郭賢健、黃志華、姚啟；主席兼非執行董事：林紅福；非執行董事：王春、簡熙明；獨立非執行董事：謝少波、陳漢、許麗君。
免責聲明：本文為根據公開資料整理之新聞摘要及分析，投資者應參閱公司官方公告，並諮詢獨立專業意見。相關交易尚需監管審批及其他條件，最終結果存在變數。
