Zijin Mining Group has finalized the $1 billion acquisition of Newmont Corporation’s Akyem Gold Mine, marking a significant step in its global expansion strategy.
The deal, completed through a wholly-owned overseas subsidiary, closed on April 16 after all conditions were fulfilled.
The Akyem Gold Mine, located in Ghana’s rich gold belt, is an open-pit operation using a carbon-in-leach process, with an annual capacity of 8.5 million tonnes.
From 2021 to 2024, the mine produced 40.6 tonnes of gold, peaking in 2022 with 13.1 tonnes. In 2023, it generated $574 million in operating income and $128 million in net profit, reinforcing its strong commercial potential.
Zijin highlighted the mine’s favorable geology and untapped reserve potential as major incentives behind the acquisition. The company intends to invest in further exploration to extend the mine’s life and boost resource estimates.
The purchase aligns with Zijin’s broader objective to scale gold output and diversify its asset base amid strong global gold prices. For Newmont, the sale is part of a broader divestiture strategy.
CEO Tom Palmer confirmed the completion of the company’s non-core asset sales, including Akyem and Porcupine, bringing total after-tax proceeds to approximately $850 million.
This transaction contributes to Newmont’s larger plan to generate up to $4.3 billion from asset sales, with a focus on strengthening its balance sheet and increasing shareholder returns.
