Investment group, Ambrosia Investment Holding is poised to inject $375 million in working capital to accelerate project development, boosting Ethiopia and Mali’s gold output by 290,000 ounces per annum by mid-2026 and 400,000 ounces per annum by 2028, respectively.
This follows 50% stake acquisition in Canadian firm Allied Gold’s mining projects in Ethiopia and Mali in February this year.
Additionally, the United Arab Emirates-based investment fund plans to deploy solar photovoltaic and battery energy storage systems to ensure energy security at the Sadiola mine in Mali by July 2026 as part of the acquisition agreement.
This is through its diversified portfolio that includes Gulf Investment, Haya Insurance and ATGC Group, which will provide solar and battery power to Sadiola mines for a period of 12 years.
Allied owns Mali’s Sadiola mine, which produces up to 230,000 ounces of gold per year. After it is fully expanded in 2028, the target production level will be 400,000 ounces per year, the companies said.