China’s Zijin Mining Group has reached an agreement to purchase the Akyem Gold Mine in Ghana from Newmont Corporation for $1 billion, marking a significant shift in ownership for the gold-rich asset. The deal reflects Newmont’s continuing effort to streamline its portfolio and concentrate on its highest-performing operations.
As part of the agreement, Newmont will initially receive $900 million in cash, with an additional $100 million contingent on the achievement of specific milestones. Gold Source International, a subsidiary of Zijin, will take over the Newmont division that holds ownership of the Akyem project.
Pending regulatory approvals, the acquisition is expected to finalize by the end of 2024. Zijin expressed optimism about the mine’s long-term profitability, citing the potential for substantial returns given current and projected gold prices.
In addition, Zijin revealed that several Ghanaian organizations have shown interest in acquiring minority stakes in the project, and the company is open to exploring partnerships with local entities.
This transaction is part of Newmont’s larger strategy to focus on its most lucrative, top-tier assets, as it seeks to divest non-core properties and optimize its global operations.
