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Zijin Gold drops Allied deal in favor of $295 million stake
By Sybilla Gross
Bloomberg News
Wednesday, July 29, 2026
Zijin Gold International's deal to acquire Canada's Allied Gold Corp. has been scrapped, with the Chinese mining company opting instead to invest about $295 million in the African-focused gold producer.
Zijin Gold and Allied Gold terminated the transaction after concluding there's "no reasonable likelihood" that all conditions to close the C$5.5 billion ($3.9 billion) deal would be done by a July 29 deadline, the companies said today in separate statements. While the acquisition was approved by Canada, it hadn't yet secured approvals from China.
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Shares of Allied Gold plunged 19% to C$23.92 as of 9:33 a.m. in Toronto, sinking to its lowest intraday price since late November.
The deal collapse ends what would have been one of the largest takeovers of a Canadian mining company by a Chinese investor. The deadline for the acquisition had already been extended once against a backdrop of increasing headwinds, including rising geopolitical tensions, volatile metals markets, and tighter Chinese scrutiny of outbound investment.
Zijin Gold's new agreement with the Toronto-based company will see the Chinese firm buy 12.8 million shares of Allied Gold for C$32.55 apiece, marking a 10% premium to Tuesday’s closing price. ...
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