China’s Zijin Mining Group has announced a $1 billion deal to acquire the Akyem gold mine in Ghana from U.S.-based Newmont Corp. The agreement includes a $900 million cash payment upon closing, with an additional $100 million after meeting certain conditions.
The deal is expected to close in the last quarter of 2024 and will see Zijin’s subsidiary, Gold Source International, take ownership of the Akyem project through the acquisition of a Newmont subsidiary. Akyem is an open-pit mine with 34.6 tons of gold reserves as of December, according to Zijin’s filing with the Hong Kong Stock Exchange.
Zijin plans to begin underground operations at Akyem by 2028, extending the mine’s life until 2042. The new operations are projected to produce 5.8 tons of gold annually, solidifying Zijin’s presence in the West African gold mining sector.