Mali : strategic agreement between Ambrosia and Allied Gold to modernize sadiola mine

UAE-based investment fund Ambrosia has signed an agreement with Canadian company Allied Gold to modernize the Sadiola mine in Mali. Ambrosia will invest $375 million for a 40% stake, forming a joint venture. The project aims for an initial annual production of 200,000 to 230,000 ounces, with a goal of 400,000 ounces by 2028. The Malian government retains a 20% share in the project.