Newmont to sell Akyem operation to Zijin Mining for $1bn
Newmont Corporation has announced that it will sell its Akyem operations in Ghana to Zijin Mining Group Co., Ltd. for up to $1 billion in cash, as part of a strategic decision to divest non-core assets and refocus on Tier 1 projects. The deal will provide Newmont with $900 million upon closing, with an additional $100 million contingent on certain conditions being met.
This transaction is part of Newmont’s broader plan to optimize its capital structure, with the proceeds set to strengthen its balance sheet and return capital to shareholders. The sale is expected to close in the fourth quarter of 2024, pending regulatory approvals and customary conditions, with no significant impact on the company’s 2024 financial outlook.
Newmont’s President and CEO, Tom Palmer, expressed confidence in the continued success of the Akyem operations under the new ownership of Zijin Mining, highlighting the long-term benefits for local communities. Despite this divestiture, Newmont reaffirms its commitment to Ghana, where it plans to invest between $950 million and $1.05 billion in the development of its Ahafo North gold mining project in the Ahafo region.
