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    Allied Gold’s first pour at Kurmuk mine: ramp-up and cost profile for engineers

    November 11, 2026|

    Reviewed by Tom Sullivan

    Allied Gold’s first pour at Kurmuk mine: ramp-up and cost profile for engineers

    First reported on MINING.com

    30 Second Briefing

    Allied Gold has poured first gold at its Kurmuk mine in Ethiopia, targeting 25,000–35,000 oz in 2026, a rapid ramp-up to 240,000–270,000 oz in 2027 and roughly 300,000 oz per year in 2028–2031 before stabilising at about 240,000 oz annually. Commercial production is planned for late 2026, with full design capacity and recovery rates expected in early 2027, contingent on completing power infrastructure and mobilising the full haulage fleet this month. Kurmuk, positioned as Allied’s lowest-cost operation, underpins a portfolio-wide production increase to 615,000–670,000 oz in 2027 and supports a potential base dividend and 10% share buyback from 2027.

    Technical Brief

    • First gold pour achieved at Kurmuk after development from a greenfield site in Ethiopia.
    • Allied Gold targets about 800,000 oz/year consolidated output by 2029, with Kurmuk as lowest-cost asset.
    • Remaining power infrastructure installation and full haulage fleet mobilisation at Kurmuk are due for completion this month.
    • Gold recovery rates are forecast to reach targeted levels only once ramp-up is complete in early 2027.
    • Kurmuk is planned to average roughly 300,000 oz/year for its first four operating years, then decline.
    • Sadiola mine expansion in Mali is the other main growth driver alongside Kurmuk within Allied’s portfolio.
    • Failed $4‑billion Zijin takeover (at $44/share) left Zijin holding a 9.2% equity stake in Allied.
    • Proceeds from the Zijin investment have funded Kurmuk completion, Sadiola advancement, Côte d’Ivoire debottlenecking and exploration.
    • From 2027, Allied is considering a base dividend and repurchasing up to 10% of its public float.

    Our Take

    The earlier coverage of the lapsed $4 billion Zijin–Allied Gold deal shows Kurmuk in Ethiopia moving ahead as a core asset for an independent Allied, rather than under a Chinese major’s balance sheet, which may influence how aggressively the company phases capex and ramp-up risk through 2027.

    With Allied already operating the Sadiola mine in Mali and Bonikro–Agbaou in Côte d’Ivoire, Kurmuk adds a third African gold jurisdiction to the portfolio, spreading political and permitting exposure across West and East Africa in a way that is relatively uncommon in our gold-project database.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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