Mining UAE’s Ambrosia pays $500m to Allied Gold for Mali mine By Neil Halligan February 26, 2025, 4:02 PM Parilov/Shutterstock Ambrosia will invest about $500 million in Allied Gold, including $375 million for the stake in its mines in Mali Ambrosia buys 50% stake Includes share of parent company Sadiola mine currently expanding UAE fund Ambrosia Investment Holding has bought a 50 percent stake in a mine in the African state of Mali from Toronto-listed Allied Gold. Ambrosia Investment Holding, a newly formed investment fund chaired by Ahmed Amer Al Amry, agreed to invest about $500 million in Allied Gold, including $375 million for the stake in its mines in Mali and $110 million for a 12 percent stake in the listed parent company, the companies said in a statement. Allied owns Mali’s Sadiola mine, which produces up to 230,000 ounces of gold per year. After it is fully expanded in 2028, the target production level will be 400,000 ounces per year, the companies said. “We believe this collaboration is the first of its kind, with a Canadian company partnering with Emirati entrepreneurs and business persons investing in Mali,” said Peter Marrone, Allied’s CEO. UAE-Kenya trade deal paves way for investment boost Canada’s Barrick seeks to tap $2trn of Saudi minerals Ma’aden aims to be world’s most valuable mining company Al Amry, who also runs Abu Dhabi-based Al Amry Group, said with the support of the UAE and Mali governments, the partnership will “realise, maximise and expedite the inherent significant value in Sadiola”. Ambrosia has a diversified portfolio that includes Gulf Investment, Haya Insurance and ATGC Group, which will provide solar and battery power to Sadiola mines for a period of 12 years.
