A Chinese mining company has agreed to buy Canadian-listed Allied Gold in a deal worth about $5.5 billion, marking one of the largest gold takeovers involving a Canadian company in recent years.

Zijin Gold International, a subsidiary of China’s Zijin Mining Group, will purchase Allied Gold in an all-cash transaction valued at $44 per share. The deal is expected to close later this year, pending shareholder and regulatory approvals.

Allied Gold is based in Canada but operates entirely overseas. Its main gold mines and development projects are located in Mali, Côte d’Ivoire and Ethiopia. The company has grown quickly in recent years as gold prices climbed, making it an attractive takeover target.

Zijin Mining is one of China’s largest mining companies and has global operations spanning gold, copper and other metals. The purchase expands its presence in Africa and adds established gold production at a time when new mine development has become more expensive and risky.

The deal comes as gold prices remain near historic highs, pushing large mining firms to buy existing producers rather than wait years for new mines to be built. Paying cash allows Zijin to secure immediate production and reserves while offering Allied Gold shareholders a guaranteed return.

In Canada, the sale removes a growing gold company from domestic stock markets and highlights the increasing role of foreign capital in the mining sector. Because Allied Gold’s assets are located outside Canada, the transaction is expected to face fewer regulatory hurdles than deals involving domestic mines.

Once completed, Allied Gold is expected to be delisted from Canadian exchanges and folded into Zijin’s global operations, further strengthening China’s footprint in international gold mining.