In a major stride toward expanding its global footprint, China’s Zijin Mining Group Co., Ltd. has sealed a $1 billion acquisition deal for the Akyem Gold Mine in Ghana, previously owned by U.S.-based Newmont Corporation.
The deal, finalized on April 16 through Zijin’s wholly-owned overseas subsidiary, signals a strategic pivot in global mining dynamics as China continues to secure key mineral assets abroad.
Situated in one of West Africa’s most prolific gold belts, the Akyem Gold Mine is a high-performing open-pit operation. Between 2021 and 2024, the mine produced 40.6 tonnes of gold, including a peak output of 13.1 tonnes in 2022. The site, which uses a carbon-in-leach processing method, boasts an annual ore processing capacity of 8.5 million tonnes.
Zijin, which has been aggressively pursuing international assets, highlighted Akyem’s strong mineralization profile and untapped reserve potential as key reasons for the acquisition. The company has already outlined plans for further exploration to extend the mine’s lifespan and maximize its resource base.
The acquisition comes at a time when gold prices are surging, providing a favorable backdrop for Zijin’s broader strategy to scale up production and diversify holdings across politically stable, resource-rich regions.
Meanwhile, Newmont’s sale of the Akyem asset marks the completion of its ambitious portfolio reshuffle. The gold giant has now fully exited six non-core operations, generating approximately $850 million in after-tax proceeds from the Akyem and Porcupine asset sales alone. The move aligns with Newmont’s strategy to streamline operations and boost shareholder returns through stock buybacks and balance sheet optimization.
“This divestiture is not just a financial transaction—it’s a strategic reset,” said Newmont CEO Tom Palmer. “It allows us to focus on our core assets while strengthening the company’s financial position and delivering value to shareholders.”
The broader divestiture program is expected to rake in $4.3 billion, including $3.8 billion from non-core asset sales and $527 million from the liquidation of other investments.
With this acquisition, Zijin deepens its presence in Africa’s mining sector while positioning itself to meet rising global demand for gold. For Ghana, the deal could bring fresh investment, exploration activity, and renewed focus on responsible mining operations.
