Ghana: Chinese Company to Buy Newmont’s Akyem Gold Mine for $1 Billion
China’s Zijin Mining Group has agreed to acquire the Akyem Gold Mine Project in Ghana from U.S. gold giant Newmont Corp for $1 billion, in a move that underscores Newmont’s ongoing strategy to offload non-core assets and focus on its top-tier operations.
Under the terms of the deal, Newmont will receive $900 million in cash at the close, with a further $100 million contingent on the fulfilment of certain conditions.
Zijin’s subsidiary, Gold Source International, will take control of the Newmont unit that owns the Akyem project.
The transaction, which is subject to regulatory approvals, is expected to close in the fourth quarter of 2024.
In a statement, Zijin said the mine offered significant potential under current and future gold price conditions, adding that the project’s resources and reserves could be highly profitable in the years ahead.
Zijin also indicated that Ghanaian entities had expressed interest in taking a minority stake in the asset, and the company is open to exploring such opportunities.
The sale forms part of Newmont’s broader strategy to optimize its asset base and focus on its most profitable, tier-one projects.
with files from reuters…