来源：@华夏时报微博 华夏时报记者 董红艳 北京报道 紫金矿业拟斥资约280亿元溢价收购加拿大联合黄金的举动，引发市场高度关注。本次交易是紫金矿业海外金矿布 局中，单笔耗资规模最大的一笔收购。 同时，值得关注的是，近期有色板块迎来大牛市，黄金价格持续走高并不断刷新历史纪录。叠加头部矿企近年来 持续加码海外金矿布局的背景，《华夏时报》记者从业内分析人士处获悉，当前贵金属价格高位运行，为行业打 开了扩张窗口，不过企业布局仍需分阶段审慎推进。 标的盈利能力尚待提升 1月26日晚，紫金矿业公告称，其控股的紫金黄金国际与Allied Gold Corporation（下称"联合黄金"）签署《安排协 议》，紫金黄金国际拟以44加元/股的现金价格，收购联合黄金全部已发行的普通股，收购对价共计约55亿加元 （约合人民币280亿元）。 联合黄金是一家总部位于加拿大的黄金矿业公司，于2023年9月在多伦多证券交易所上市，2025年6月在纽约证券 交易所上市，证券代码为AAUC。以联合黄金在多伦多证券交易所的股价为测算基础，本次收购价格较协议签署 前1个交易日（2026年1月23日）收盘价41.75加元/股溢价约5.39%，较协议 ...

Core Viewpoint - Zijin Mining plans to invest approximately 28 billion RMB to acquire Allied Gold Corporation, marking the largest single acquisition in its overseas gold mining strategy [2][3]. Group 1: Acquisition Details - Zijin Mining's subsidiary, Zijin Gold International, signed an arrangement agreement to acquire all issued common shares of Allied Gold at a cash price of 44 CAD per share, totaling about 5.5 billion CAD (approximately 28 billion RMB) [3]. - The acquisition price represents a premium of approximately 5.39% over the closing price of 41.75 CAD per share on January 23, 2026, and an 18.95% premium over the weighted average trading price of 36.99 CAD per share over the previous 20 trading days [3]. - Allied Gold's core assets include the Sadiola gold mine in Mali, the Côte d'Ivoire gold complex, and the Kurmuk gold mine in Ethiopia, which is expected to commence production in the second half of 2026 [3]. Group 2: Financial Performance and Projections - Allied Gold's gold production is projected to increase from 10.7 tons in 2023 to 25 tons by 2029, driven by the expansion of the Sadiola project and the commissioning of the Kurmuk project [5]. - Financially, Allied Gold's revenue for 2023, 2024, and the first three quarters of 2025 were 656 million USD, 730 million USD, and 904 million USD, respectively, with net profits of -192 million USD, -120 million USD, and 17 million USD [5]. - As of September 30, 2025, Allied Gold's net assets attributable to shareholders were 331 million USD [5]. Group 3: Strategic Implications - The acquisition is expected to enhance Zijin Mining's resource synergy in Africa and optimize global resource allocation, with significant potential for exploration and resource expansion [4][6]. - The projects acquired are expected to contribute to production and profits in the acquisition year, with a short investment payback period anticipated [5]. Group 4: Market Context and Trends - The recent bull market in the non-ferrous sector and rising gold prices have created an expansion window for the industry, although companies are advised to proceed with caution [2][7]. - The ongoing increase in gold prices is attributed to geopolitical uncertainties, a weakening dollar, and supply-demand imbalances in precious metals [10][11].