Zijin Mining seals $1 Billion deal for Newmont’s Ghanaian gold mine in global expansion push
Zijin Mining Group has completed its $1bn acquisition of Newmont Corporation’s Akyem gold mine in Ghana, strengthening the Chinese miner’s position in the global gold sector and advancing its strategy to diversify production assets amid elevated bullion prices.
The transaction, executed through Zijin’s wholly owned overseas subsidiary, closed on April 16 after all regulatory and contractual conditions were satisfied or waived. The deal underscores Zijin’s accelerating international expansion, particularly in key resource-rich jurisdictions across Africa and the Americas.
Situated in Ghana’s Eastern Region and within one of the world’s most prolific gold belts, the Akyem mine is a conventional open-pit operation with an annual processing capacity of 8.5 million tonnes. It produced 40.6 tonnes of gold between 2021 and 2024, peaking at 13.1 tonnes in 2022. Last year, the mine generated $574mn in operating income and delivered a net profit of $128mn, highlighting its operational efficiency and cash-generative profile.
Zijin said the acquisition was driven by the mine’s favourable geology and potential for reserve expansion. The company intends to invest in further exploration and technical evaluations to extend the mine’s life and bolster its resource base.
The deal comes as gold prices remain near record highs, buoyed by geopolitical uncertainty, central bank demand and investor hedging strategies. The favourable price environment provides a tailwind for gold producers seeking to consolidate assets and scale operations.
For Newmont, the transaction marks the culmination of a sweeping divestiture programme aimed at streamlining its portfolio following its $17bn acquisition of Newcrest Mining last year. The US-based miner has sold six non-core assets since early 2024, raising approximately $850mn in after-tax proceeds from the sale of Akyem and its Porcupine mine in Canada alone.
“This is a significant milestone for Newmont, as we have now divested all six of our non-core operations from the programme announced in early 2024,” said Tom Palmer, president and chief executive of Newmont. “With the cash proceeds received this year, we remain committed to strengthening our balance sheet and returning capital to shareholders through ongoing share repurchases.”
Newmont expects to generate total gross proceeds of up to $4.3bn from asset sales, including $3.8bn from non-core divestitures and $527mn from other investment disposals.
The sale of Akyem further reshapes Ghana’s gold mining landscape, where Chinese investment is becoming increasingly prominent amid global competition for high-quality, low-cost gold assets.
