TORONTO, Aug. 19, 2024 /CNW/ - Allied Gold Corporation (TSX: AAUC) ("Allied" or the "Company") is pleased to announce that Kurmuk Gold Mine PLC ("KGM"), its subsidiary that owns the Kurmuk Gold Project in Ethiopia, has entered into a definitive Power Purchase Agreement ("PPA") with Ethiopian Electric Power ("EEP") to secure a reliable, competitive, and sustainable energy supply for the Kurmuk Gold Project throughout the life of the mine. This is an important milestone in the project's development, as a steady supply of hydroelectric power is one of the factors that ensures the Kurmuk Gold Project remains one of the lowest all-in sustaining cost ("AISC")(1) projects in the world. Ethiopia is a low-cost power producer, generating power almost entirely through hydroelectric sources, making it one of the most durable and cleanest power supplies globally. The Kurmuk Gold Project is currently under development and is expected to begin operations in the second quarter of 2026 (more information on the project is provided below).
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