Mina arrived at Everton late on deadline day, as the Toffees finally agreed a deal for the centre-back with Barcelona.
Everton have signed Mina on the back of an impressive World Cup with Colombia.
And although Allardyce feels that Everton may have picked up Mina more cheaply, if he hadn’t shone in Russia, he does admit that the addition looks a strong one.
“It’s a big signing,” the former Toffees boss said. “They’ve picked a centre-half out, after getting rid of [Ramiro] Funes Mori and Ashley Williams. He’s made an impression.
"Would he have cost so much if he hadn’t done so much at the World Cup? Probably not. You might have got him on loan. But they’ve taken the chance he can reproduce what he did at the World Cup and it’s a big move for Everton. Good business.”
Mina is likely to slot into Marco Silva’s starting line-up at Everton as soon as he is settled.
Everton lacked a solid centre-back pairing last season, but Mina should help them tighten up at the back.
Mina could play alongside either Phil Jagielka, Mason Holgate or Michael Keane at Goodison Park.
Everton’s first game of the season comes against Wolverhampton Wanderers, but Mina does not look likely to feature in that match.