Newmont Corporation has confirmed the receipt of a final $100 million payment from Zijin Mining Group, officially concluding the sale of its Akyem gold mine in Ghana.
The final instalment brings Newmont’s total after-tax cash proceeds from the transaction to approximately $770 million, marking a major step in the company’s ongoing global divestiture programme.
“Newmont now expects to generate $3.1 billion in after-tax cash proceeds from its divestiture program in 2025, including $2.6 billion from divested assets and approximately $470 million from the sale of equity shares in Greatland Resources Limited and Discovery Silver Corp.”
Newmont Corporation
The last tranche of the payment was made possible after Ghana’s Parliament ratified the Akyem East Mining Lease, a regulatory requirement that clears the legal path for Zijin Mining to assume full ownership of the asset.
The ratification followed months of meticulous due diligence, stakeholder engagement, and parliamentary review, underlining Ghana’s efforts to maintain a transparent and investor-friendly mining framework.
The company explained that the funds raised from the Akyem sale and other divestitures will be directed toward key capital allocation priorities.
The company said, “The proceeds will support Newmont’s capital allocation priorities, which include reducing outstanding debt and returning capital to shareholders,” reiterating its strategy of disciplined financial management and investor value enhancement.
Located in Ghana’s Eastern Region, the Akyem mine has long been one of Newmont’s key gold-producing assets in Africa.
Its sale to Zijin Mining marks a pivotal shift in both the ownership of the mine and the broader dynamics of the African mining landscape.
The transaction reflects a growing trend of Chinese mining firms expanding their presence on the continent, bringing with them increased investment and technical capacity, as well as new geopolitical considerations.
Newmont Finalizes Akyem Divestiture
The divestiture also aligns with Newmont’s strategic shift to focus its operations on a more streamlined portfolio of high-margin, long-life assets across its core regions.
These regions include North America, Australia, Latin America, and Papua New Guinea, where the company believes it can achieve greater operational efficiencies and higher returns on investment.
“Receiving this final payment from the Akyem transaction reinforces our capital allocation strategy, which is focused on debt reduction and returning capital to shareholders,”
Newmont Corporation
The Ghanaian government, for its part, has lauded the completion of the transaction and the parliamentary ratification as a reflection of Ghana’s stable and transparent regulatory environment.
Officials noted that the process represents a successful example of how international mining transactions can be concluded efficiently without sacrificing oversight or national interest.
Industry analysts view the ratification of the mining lease as a signal to international investors that Ghana remains a dependable jurisdiction for large-scale mining operations.
With this transaction, Ghana further cements its reputation as a country capable of balancing investor interest with strong governance frameworks.
As Zijin Mining assumes full control of the Akyem mine, focus now shifts to the Chinese firm’s plans for integrating the asset into its broader operations.
The Akyem mine, known for its high-grade gold deposits and significant production capacity, represents a valuable addition to Zijin’s global portfolio.
The company has previously signalled its intention to expand its influence in Africa, and this acquisition serves as a major foothold in the region.
While Newmont’s departure from the Akyem project marks the end of an era, the company remains active on the global stage and is listed on four major stock exchanges: NYSE, TSX, ASX, and PNGX.
The corporation continues to be widely recognised for its leadership in responsible mining practices, environmental sustainability, and community development.
The completed transaction not only underscores Newmont’s disciplined focus on asset optimisation but also spotlights Ghana as a resilient and globally engaged player in the mining sector.
For Zijin Mining, it marks a strategic expansion into one of Africa’s most promising gold-producing countries setting the stage for a new chapter in the development of Ghana’s extractive industry.
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