Chinese gold giant failed to buy this African-focused miner for $3.9 billion; now its new Ethiopian mine is producing gold - Business Insider Africa

AI desk brief

Allied Gold has poured first gold at Ethiopia’s Kurmuk mine, targeting commercial operations before end-2026 and full production capacity by early 2027. The company forecasts 25,000–35,000 ounces in 2026, rising to 240,000–270,000 ounces in 2027 and about 300,000 ounces annually by 2028; delivery would depend on the ramp-up and expected recovery improvements. Zijin Gold’s proposed C$5.5 billion takeover was terminated because remaining conditions could not be met within a reasonable timeframe, although it agreed to invest roughly $295 million for a 9.2% stake. The update primarily affects Allied’s outlook; no material near-term bullion-price effect is established.