DECISION NO. EC/D.28/05/26 OF THE COUNCIL OF THE ECOWAS REGIONAL COMPETITION AUTHORITY RELATING TO THE ACQUISITION OF ALLIED GOLD CORPORATION BY ZIJIN GOLD INTERNATIONAL COMPANY LTD

Published On - May 24, 2026

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THE COUNCIL OF THE ECOWAS REGIONAL COMPETITION AUTHORITY

MINDFUL of ECOWAS Revised Treaty of 24th July 1993;

MINDFUL of Supplementary Act A/SA.1/12/08 adopting Community Competition Rules and the modalities of their application within ECOWAS;

MINDFUL of Supplementary Act A/SA.2/12/08 on the establishment, functions and operation of the ECOWAS Regional Competition Authority;

MINDFUL of Supplementary Act A/SA.3/12/21 amending Supplementary Act A/SA.2/12/08 on the establishment, powers and functioning of the ECOWAS Regional Competition Authority;

MINDFUL of Regulation C/REG.21/12/21 on the powers and composition of the Council of the ECOWAS Regional Competition Authority;

MINDFUL of Regulation C/REG.23/12/21 on the rules of procedure for mergers and acquisitions in ECOWAS;

MINDFUL of Regulation C/REG.24/12/21 on the ERCA’s rules of procedure in competition matters;

MINDFUL of Enabling Rule PC/REX.1/01/24 on the Procedural Manuals of the ECOWAS Regional Competition Authority relating to its Council, in its Article 12 (3.d);

MINDFUL of the notification submitted by Zijin Gold International Company Ltd dated 03 March 2026, registered under Case File No. ERCA/MA/3533/2026;

HAVING HEARD the Secretary of the Council during its session of 21st May 2026 on the facts, procedures, and findings of the transaction evaluation;

 

CONSIDERING THE FOLLOWING:

I. FACTS AND PROCEDURE

I.1. The notification

  1. By letter dated 03 March 2026, alongside with the case file documents duly registered, Zijin Gold International Company Ltd submitted to the ECOWAS Regional Competition Authority (ERCA) a notification concerning the acquisition of Allied Gold Corporation.
  2. In accordance with Regulation C/REG.23/12/21, Enabling Rule PC/REX.1/01/24, and ERCA Merger Guidelines, the file was reviewed for ensuring completeness and registered under number Case File No. ERCA/MA/3533/2026. The notification was published the 26th of March 2026 on ERCA website, and in the concerned Member States.
  3. The assessment was conducted by the Executive Directorate in accordance with the Community rules governing merger control.

I.2. The Transaction

  1. The transaction consists of the acquisition of sole control over Allied Gold Corporation by Zijin Gold International Company Ltd pursuant to an Arrangement Agreement dated 26 January 2026.
  2. Upon completion of the transaction, Allied Gold Corporation and its subsidiaries, including its operations in Côte d’Ivoire, will become wholly owned and solely controlled by Zijin Gold International Company Ltd.
  3. The transaction constitutes a horizontal merger in the upstream gold mining sector, involving the exploration, extraction, processing and sale of gold.

I.3. The Parties

  1. Acquirer
  2. Zijin Gold International Company Ltd is a company incorporated under the laws of Hong Kong and forms part of the broader Zijin Mining Group.
  3. Within the ECOWAS region, the Acquirer operates through Zijin Golden Ridge Limited, which owns and operates the Akyem Gold Mine in Ghana.
  4. The Acquirer is engaged in gold exploration, extraction and processing activities.
  5. Target
  6. Allied Gold Corporation is a publicly listed company incorporated under the laws of Ontario, Canada.
  7. Within the ECOWAS region, Allied Gold operates principally through the Bonikro and Agbaou gold mines in Côte d’Ivoire.
  8. Allied Gold is engaged in gold exploration, extraction, processing and production.

II. JURISDICTION OF ERCA

II.1. Material scope

  1. The transaction constitutes a Merger within the meaning of the Community competition rules, as it results in the acquisition of sole control by Zijin Gold International Company Ltd over Allied Gold Corporation.

II.2. Territorial scope

  1. The parties are active in at least two ECOWAS Member States, namely Ghana and Côte d’Ivoire.
  2. The transaction is capable of affecting trade between Member States and the structure of competition within the Community.

II.3. Turnover threshold

  1. The combined turnover of the parties exceeds the Community threshold of twenty (20) million Units of Account (UA).
  2. Accordingly, the transaction falls within the jurisdiction of ERCA.

III. MARKET DEFINITION

III.1. Relevant product market

  1. The relevant product market is the exploration, extraction, processing and sale of gold, including the production of gold doré and refined gold.
  2. Gold is a homogeneous commodity traded globally and is fully substitutable irrespective of the producer.

III.2. Relevant geographic market

  1. While the parties’ mining operations are located in Ghana and Côte d’Ivoire, gold is sold into international markets and prices are determined by global benchmarks.
  2. For the purposes of this assessment, the relevant geographic market is considered to be at least regional and, in respect of pricing and sales, worldwide.
  3. MARKET STRUCTURE AND DYNAMICS
  4. The gold mining industry remains highly fragmented, with numerous large international competitors including Newmont Corporation, Barrick Mining Corporation, AngloGold Ashanti plc, Endeavour Mining plc and IAMGOLD Corporation.
  5. Gold prices are determined by international benchmark mechanisms, including the London Bullion Market Association, which limits the ability of any individual producer to exercise pricing power.

V. SUMMARY AND CONCLUSION OF THE COMPETITIVE ASSESSMENT

V.1. Competitive effects

  1. Potential horizontal risks:
  2. The overlap between the parties is limited to upstream gold mining and processing activities.
  3. The combined market shares remain modest and do not confer market power capable of significantly lessening of
  4. The likelihood of unilateral or coordinated effects is low.
  5. b. Potential non-horizontal risks:

              vertical risk

  1. Neither party holds significant positions in downstream refining, jewellery manufacturing or related distribution channels in the ECOWAS region.
  2. No vertical foreclosure concerns.

conglomerate risks:

  1. The transaction does not create a portfolio of products or services capable of foreclosing competitors.
  2. No conglomerate concerns were identified.

V.2. Views of third parties

  1. Competitors
  2. Competitors consulted indicated that the regional gold mining sector remains fragmented and competitive.
  3. No relevant concerns were raised regarding the transaction.
  4. Consumers
  5. No consumer complaints or concerns were received.
  6. However, consumers’ feedback suggests that the transaction may promote investment, operational efficiencies and technological innovation in the regional mining sector.

VI. REVIEW AND CONCLUSION OF THE COUNCIL

  1. Having examined the report of the Executive Directorate and the evidence on record, the Council finds that the proposed acquisition does not create or strengthen a dominant position and is not likely to significantly lessen competition within the ECOWAS region.
  2. The Council therefore concludes that the transaction is compatible with the Community Competition Rules.

 

DECIDES

Article 1: authorisation

The acquisition of Allied Gold Corporation by Zijin Gold International Company Ltd. is approved unconditionally.

Article 2: Post-transaction monitoring

As part of its general market oversight mandate, the Executive Directorate of ERCA shall monitor the post-transaction activities to ensure that the parties’ business strategy remains consistent with the principles of free competition in the region.

Article 3: Entry into force

This Decision shall enter into force on the date of its signature. Its shall be notified to the parties and published in the ECOWAS Official Journal.

 

Done at Banjul, this 21st day of May 2026

 

FOR THE ERCA COUNCIL

 

 

Dr. Juliette TWUMASI-ANOKYE

THE CHAIRPERSON