China snags Canadian gold mining company in $5.5B takeover

by Cosmin Dzsurdzsa

A partially state-owned Chinese subsidiary under the oversight of the Chinese Communist Party has agreed to acquire Canadian-listed Allied Gold in a $5.5-billion all-cash deal.

In a move that raises fresh concerns about Chinese influence in the Canadian mining sector, a partially state-owned Chinese subsidiary under the oversight of the Chinese Communist Party has agreed to acquire Canadian-listed Allied Gold in a $5.5-billion all-cash deal.

The purchase comes despite the ongoing debate in Canada about the risks of foreign control over critical mineral and gold assets. The Canadian company, Allied Gold, operates gold mines in Ethiopia, Mali, and Côte d’Ivoire.