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Zijin Mining Group Co., Ltd. has officially completed the $1 billion acquisition of Newmont Corporation’s Akyem Gold Mine, marking a major step in the Chinese firm’s push to expand its global footprint and increase gold production.
The deal, finalized through Zijin’s wholly-owned international subsidiary, closed on April 16 after all required conditions were met or waived.
Situated in Ghana’s renowned gold belt, the Akyem Gold Mine is an open-pit operation known for its consistent production and efficient processing. It uses the carbon-in-leach method and handles up to 8.5 million tonnes of ore annually. Between 2021 and 2024, the mine produced a total of 40.6 tonnes of gold, with its strongest performance in 2022, when output reached 13.1 tonnes.
In 2023 alone, Akyem generated $574 million in operating income and recorded a net profit of $128 million, reinforcing its reputation as a highly productive and profitable asset.
Zijin, in a public statement, praised the mine’s promising geology and the potential for expanding its gold reserves. The company said it plans to invest further in exploration and technical assessments to extend the mine’s operational lifespan and boost its resource base.
This acquisition comes at a time when gold prices remain strong, providing strategic momentum for Zijin’s broader ambition to scale up gold production and diversify its asset portfolio across key mining territories.
Newmont’s President and CEO, Tom Palmer, described the sale as a pivotal part of the company’s strategy to streamline operations and maximize value for shareholders.
“Today, I am pleased to announce the successful completion of our non-core asset divestiture program with the sale of Akyem and Porcupine, generating total after-tax cash proceeds of approximately $850 million before closing adjustments,” Palmer said.
“This is a significant milestone for Newmont, as we have now divested all six of our non-core operations from the program announced in early 2024. With the cash proceeds received this year, we remain committed to continuing to strengthen our balance sheet and return capital to shareholders through ongoing share repurchases.”
In total, Newmont expects to generate around $4.3 billion from announced divestitures, including $3.8 billion from non-core asset sales and an additional $527 million from the sale of other investments.
The acquisition of Akyem strengthens Zijin’s portfolio and signals a growing presence in Africa’s gold mining sector—while for Newmont, it marks the successful execution of a long-term restructuring strategy.
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