The African mining landscape is trembling under Beijing's influence. The Chinese giant Zijin Mining has just officially launched a major offensive by acquiring the Canadian group Allied Gold for approximately 28 billion yuan (or 3.4 billion euros).

This massive acquisition allows Zijin to consolidate its position as a world leader as the price of an ounce of gold reaches historic highs, now exceeding $5,000 .

A vast empire stretching from Mali to Ethiopia

Through its subsidiary Zijin Gold , recently listed in Hong Kong, the Chinese group is acquiring a portfolio of strategic assets:

1. Mali and Ivory Coast: Takeover of sites already in full production.
2. Ethiopia: Acquisition of a large-scale project whose operation is scheduled to begin in 2026.

The African "safe" strategy

In an unstable global climate, China is securing its position. This acquisition is not simply a financial transaction, but a geopolitical maneuver aimed at guaranteeing long-term gold reserves. Already firmly established in the DRC and Ghana, Zijin confirms that Africa remains the preferred playing field for its all-encompassing growth.

Issues under close scrutiny

While this operation highlights China's strong return to the precious metals market, it also raises points of friction:

1. State control: Canada, where Allied Gold originates, closely monitors these transfers of natural resources to foreign powers.
2. Sovereignty and Ecology: The debate on the economic dependence of host countries and the environmental impact of Chinese extractive methods has been revived.

In short: By acquiring Allied Gold, Zijin Mining is not just buying mines; it is buying insurance against inflation and strengthening Chinese hegemony over the African extractive sector.