Zijin Mining Group Co., Ltd. has completed its acquisition of Newmont Corporation’s Akyem Gold Mine for $1 billion, expanding the Chinese company’s gold production capacity and reinforcing its international growth strategy. The deal was executed through Zijin’s wholly owned overseas subsidiary and closed on April 16 after all conditions were met or waived.
The Akyem Gold Mine, located in one of the world’s major gold belts, is an open-pit operation with stable production and an annual throughput capacity of 8.5 million tonnes. Between 2021 and 2024, the mine produced 40.6 tonnes of gold, with 2022 marking the peak year at 13.1 tonnes. In 2023, the project generated $574 million in operating income and posted a net profit of $128 million.
Zijin cited the mine’s favorable mineralization and potential for reserve expansion as key factors in the acquisition. The company plans to conduct further geological exploration and technical evaluations to increase resource estimates and extend mine life.
The acquisition coincides with elevated gold prices, supporting Zijin’s strategy to scale up gold output and diversify its asset base. Newmont’s President and CEO, Tom Palmer, said, “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 added, “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.”
The total gross proceeds from Newmont’s announced divestitures are expected to total up to $4.3 billion, including $3.8 billion from non-core divestitures and $527 million from the sale of other investments.
