China’s Zijin Mining Group has finalised its purchase of the Akyem Gold Mine in Ghana from Newmont Corporation for up to US $1 billion, marking the culmination of its expansion strategy in West Africa.
The transaction closed on April 16, 2025, after all regulatory and contractual conditions were satisfied, with an initial cash payment of US $900 million at signing and a further US $100 million contingent on parliamentary ratification of an extended eastern mining lease or five years after closing. Zijin executed the acquisition through its wholly owned subsidiary, Gold Source International.
The Akyem mine, located near New Abirem in Ghana’s Eastern Region, is a significant open‑pit operation utilising a conventional carbon‑in‑leach extraction process. Its processing plant is designed to handle 8.5 million tonnes of ore per year, offering both stable production and scope for technical enhancements under rising global gold prices.
Between 2021 and 2024, the mine yielded more than 40 tonnes of gold in total, including 6.4 tonnes in 2024. In 2023, Akyem generated revenue of US $574 million and delivered a net profit of US $128 million, underscoring its status as one of Ghana’s most productive assets.
The sale aligns with Newmont’s broader portfolio optimisation following its merger with Newcrest Mining. As part of its non‑core divestment programme, Newmont secured immediate balance‑sheet strengthening and a focus on tier‑one assets, while retaining development commitments in Ghana, including a US $950 million to US $1 050 million investment in the nearby Ahafo North project.
For Zijin, the acquisition reinforces its aggressive growth trajectory in the gold sector. The company anticipates leveraging Akyem’s favourable mineralisation and exploring opportunities to extend mine life and potential underground resources. Zijin also retains the option to sell minority stakes to local partners, reflecting its commitment to collaborative development in Ghana.
This strategic retreat by Newmont and concurrent advance by Zijin illustrates the dynamic reshaping of Ghana’s mining landscape. While the handover to Zijin may introduce fresh capital and technical innovation, it also places renewed emphasis on regulatory oversight and community engagement to ensure that the mine’s long‑term benefits accrue to both investors and local stakeholders.
As both companies settle into their new positions, the Akyem mine remains a bellwether for the region’s evolving role in the global gold market.
Source: News Ghana / Digpu NewsTex