Allied Gold Corp CFO lays out ambitious expansion plans for African assets
October 16, 2023 at 08:02 am EDT
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Allied Gold Corp (TSX:AAUC) Chief Financial Officer Jason LeBlanc speaks to Thomas Warner from Proactive about the future of a business that describes itself as Africa's fastest-growing gold producer. LeBlanc explains that Allied Gold Corp is a newly public entity, having recently listed on the Toronto Stock Exchange.
The company boasts a current production of 375,000 ounces of gold, with a market cap of around $1 billion. Leblanc highlights the company's ambitious growth plans, aiming to double its production to 800,000 ounces by 2029.
By 2026, they anticipate a production increase to over 600,000 ounces, with projects spanning both West and East Africa. A recent financing of $267 million will be instrumental in achieving these growth targets.
He explains that Allied Gold's assets are strategically located in Mali and Cote d'Ivoire, with a developmental asset in Ethiopia, and goes on to discucss the company's management, which is largely comprised of former executives from Yamana Gold. Leblanc considers the company to be undervalued by the market as present, suggesting a potential value of over $3 billion, compared to its current trading value of $1 billion. With a focus on optimising assets and bringing new projects to fruition, Allied Gold Corp is poised for significant growth in the coming years.
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Allied Gold Corporation is a Canadian gold producer. The Company operates a portfolio of three producing assets and development projects located in Cote d'Ivoire, Mali, Ethiopia and Egypt. Its properties include Sadiola gold mine, Kurmuk Project, Bonikro Mine, Agbaou Mine, El Fawakheir Property, and Diba Project. The Sadiola Mine is an operating open pit gold mine located 77 km south of the regional city of Kayes. The Kurmuk Project is located in western Ethiopia, approximately 750 km west-northwest of the capital city of Addis Ababa. The Bonikro Mine is an operating gold mine located 100 km by road south of the capital city of Cote d'Ivoire, Yamoussoukro. Agbaou Mine is located 100 km by road south of the capital Yamoussoukro, in the Goh-Djiboua District of Cote d'Ivoire in West Africa. El Fawakheir Property is located in the Central Eastern Desert of Egypt. The Diba Project is located in western Mali, combining Korali-Sud Small Scale Mining License and Lakanfla Exploration License.