UAE-backed Chinese company acquires stake in Ethiopian gold mine near Sudan war zone
UAE-backed Chinese company acquires stake in Ethiopian gold mine near Sudan war zone Submitted by Zecharias Zelalem on Tue, 08/18/2026 - 09:00 Deal between Canada's Allied Gold and China's Zijin includes gold site on Sudan-Ethiopia border An elderly Sudanese refugee woman stands on the main road at the Ura Refugee Site in Asosa Zone, Benishangul-Gumuz region, Ethiopia, on 19 June 2026 (Marco…
Canadian mining firm Allied Gold has sold a minority stake in its Ethiopian gold mine to Chinese company Zijin Gold International. This acquisition, worth nearly $300 million, gives Zijin approximately 9.2 percent ownership of the company. The mine is located in Ethiopia's Benishangul-Gumuz region, near the Sudanese border, and is within striking distance of Sudan's war zone.
The mine, known as the Kurmuk concession, is part of a larger portfolio also including sites in Mali and Cote d'Ivoire. The deal ends a year-long negotiation process involving two failed attempts, including one from an Emirati company earlier this year. UAE investment in Ethiopia is significant, with the Abu Dhabi Investment Authority (ADIA) being a major shareholder of Zijin Mining since 2022.
The proximity of the mine to the conflict in Sudan and the Ethiopian-RSF logistics hub in Asosa raises concerns about potential exploitation of the mine's gold reserves by militant groups.
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