(Bloomberg) -- Canada’s Allied Gold Corp. has started a process to apply for a listing on the New York Stock Exchange, joining an industrywide migration to the world’s top bourse.
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The Toronto-based gold producer was advised that it meets the criteria for a listing in New York and expects a decision on an application in the first half of the year, according to Allied Gold’s Chief Executive Officer Peter Marrone. The company trades only on the Toronto Stock Exchange, but would join a long list of gold miners that trade on both Canadian and US exchanges.
New York’s status as a global hub for gold equities has expanded in recent years after a series of major gold deals transformed the industry and created two North American titans — Barrick Gold Corp. and Newmont Corp. — that trade in the US city. The concentration of industry-specific exchange-traded funds has also added to the appeal.
“Canada is a great place to be a mining company, but New York is the king of the mountain in terms of listing seniority,” Marrone said in an interview. “That’s where we want to be.”
Separately, Allied Gold said earlier Tuesday that it agreed to a strategic partnership in Mali with an United Arab Emirates-based fund. Ambrosia Investment Holding agreed to invest approximately $500 million, including about $110 million for a 12% stake in Allied Gold and $375 million for half of the company’s interest in its Mali mining operations, according to a statement. The move injects investment into a West African nation that has been demanding a greater share of revenue and profit from gold mines in the past year.
Shares of Allied Gold fell as much as 4.6% in Toronto. The stock has risen nearly 50% in the past year on the Toronto Stock Exchange, and has a current market value of C$1.44 billion ($1 billion).
Allied Gold, formed by Marrone and other Yamana Gold Inc. executives who left after it was acquired, operates three gold mines in West Africa that produce about 375,000 ounces of gold per year.
--With assistance from William Clowes.
(Adds UAE investment and shares from fifth paragraph.)
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