Allied Gold (AAUC) ADRs ticked higher by 1% amid a report that Ethiopia cleared the company’s planned sale to China’s Zijin Mining (ZIJMY).
Ethiopian regulators approved the $4 billion acquisition of Allied Gold (AAUC) this week, according to a Capital Ethiopia report from Sunday, which cited unidentified sources.
With Ethiopian approval secured, the parties are expected to close the deal before the extended closing deadline of July 29, according to the report.
The Allied Gold (AAUC) deal close has taken longer than expected due at least partly to opposition from regulators in China, according to a Financial Times report in late May. China’s regulator, the National Development and Reform Commission, has questioned the premium Zijin is paying as well as the risks associated with Allied’s gold mine in Mali.
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