The Canadian company “Alaid Gold” said it has signed an agreement worth $ 500 million with the “Ambrosia Investment Holding Investment” fund to support expansion plans in the Sadiola Gold Mining in Mali.
Embrocy is a multi -field investment company, which is based in the United Arab Emirates, and has a set of business and projects in the Gulf and many African countries.
According to the agreement concluded with the Canadian company, Imbris has become 50% of the Sadiola mine in the country of Mali, which is one of the richest West African countries in gold.
The partnership agreement included the UAE ATGC operating in the field of energy, the implementation of huge infrastructure projects and the implementation of an advanced energy system to operate the Sadiola mine for a period of 12 years starting from July 26, 2026.
Revenue and profits
Currently, the Sadiola mine produces 230,000 ounces of gold annually despite the dispute with the authorities in Bamako, and the financing difficulties that were facing it before the new partnership.
The two companies intend to allocate $ 156 million from the value of the deal towards the expansion of the mine and its development, bringing its production in the horizon of 2028 to 400 thousand ounces of gold annually.
According to the new deal, the Emirati company will be given the opportunity to buy 12% of the shares of the parent company through a special offer that provides 46 million shares.
“This is the first agreement with Emirati entrepreneurs and businessmen to invest in financial gold.”
Maroun considered that the agreement with the Emirati partner will enhance the value of the company and give it an expansion in the existing projects in the Africa region.
For his part, Ahmed Amer Al -Amiri, director of Embross, said that this partnership will grow and develop thanks to the support of the United Arab Emirates and the Republic of Mali.
Risks and challenges
Investors in Mali face many challenges and risks. The International Transparency Organization has included Bamako authorities in a bad degree, according to the recent corruption index report issued in 2024.
In 2023, the Military Council in Mali approved a new mining law, according to which the government’s share was raised to 30% of the new extraction operations, and canceled the advantages of the tax exemption enjoyed by the companies operating in the field of gold mining.
In late 2024, the financial authorities entered into a conflict with most companies on charges of tax evasion and providing fake numbers, and imposed penalties of up to $ 800 million on most companies, including “Alaid Gold”, and detained officials from the Canadian “Barric Gold” and “Rizlut Maigenige” Australian.
According to statements by www.theglobeandmail.com, about the CEO of “Alaid Gold”, his allies have proven that it is possible to work with the government in Mali without problems.
According to the same sources, the Canadian company officials have concluded that companies and individuals who practice business in Africa can achieve a lot if they enjoy Emirati government support.
The differences between foreign companies and the government in Bamako caused a significant decline in the level of gold production by 23% in 2024, as the volume of production stopped at 51 tons, instead of 66.5 in 2023.
