Zijin to Acquire Ghana’s Akyem Gold Mine from Newmont in $1B Deal
TLDR
- Zijin Mining Group to buy Akyem gold mine from Newmont Corp for $1 billion.
- Newmont to receive $900 million in cash upfront with $100 million contingent on conditions.
- Deal expected to close in Q4 2024, Zijin sees substantial potential in project's resources.
China's Zijin Mining Group has agreed to purchase the Akyem gold mine project in Ghana from U.S.-based Newmont Corp for $1 billion, the companies said on Wednesday. The sale aligns with Newmont's strategy to divest non-core assets and focus on its top-tier operations.
Newmont will receive $900 million in cash upon the deal's closure, with an additional $100 million contingent upon certain conditions. Zijin’s subsidiary, Gold Source International, will acquire Newmont's Akyem project through the transaction.
The deal is expected to close in the fourth quarter of 2024, pending regulatory approvals. Zijin believes the project’s resources and reserves still hold significant potential given current and future gold price forecasts.
Key Takeaways
Zijin Mining's acquisition of the Akyem gold mine marks a significant expansion of its portfolio in Africa. The deal underscores Newmont’s strategic shift while offering Zijin access to a promising gold asset in Ghana, with potential future partnerships from local entities. Some Ghanaian entities have shown interest in acquiring a minority stake in the mine, and Zijin expressed openness to exploring such opportunities.
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