The sale is a part of Newmont’s ongoing programme to divest non-core assets as the company makes a strategic shift to focus on its tier one assets.

The deal will see Zijin’s unit Gold Source International acquiring a subsidiary of Newmont, which in turn owns the Akyem project. The transaction is expected to close in Q4,2024. 

“The sale of Akyem represents continued progress on the non-core asset divestiture program announced in February, supporting our focus on the Tier 1 assets in Newmont’s portfolio that will drive sustainable growth and the return of capital to shareholders,” said Tom Palmer, Newmont’s President and CEO. 

“We believe the proposed transaction results in the greatest overall value for Newmont shareholders and is the best strategic fit for Akyem. We are confident that Akyem will continue to thrive under new ownership with long-term benefits for local stakeholders and surrounding communities.

“The successful completion of this transaction will strengthen our confidence in Ghana as a favourable mining jurisdiction and Newmont will continue to support the growth and development of the region including our development of Ahafo North.”

“In line with President Akufo-Addo's address in February we ensured that our robust divestment process provided equal opportunity for all potential buyers, Ghanaian and international, to participate,” said Rahman Amoadu, Newmont Managing Director, Africa. 

“Additionally, we have included the Minerals Income Investment Fund (MIIF) in the process in preparation of their potential investment in Akyem to further Ghanaian interest in the mine.”

The transaction is not expected to have a material impact on Newmont’s 2024 outlook and the company has not adjusted its non-core guidance for the year.

Newmont remains committed to Ghana including the investment of $950 million to $1,050 million of development capital in the Ahafo North gold mining project in the Ahafo region of Ghana.

Newmont obtained the mining lease for Akyem in 2010 and began commercial production in 2013. In 2017, the Ghana Investment Promotions Centre named Akyem the best company in Ghana for the second consecutive year.

The Akyem mine operates within 10 host communities in the Birim North District of Ghana’s Eastern Region namely: Adausena, Yaw Tano, Old Abirem, New Abirem, Hweakwae, Tano, Afosu, Mamanso, Ntronang and Yayaaso.