Chinese mining company acquires Newmont’s Akyem Gold Mine Project for $1 Billion

• Posted on April 17, 2025April 17, 2025
• by Nana Kwesi Coomson
• Comment

Zijin Mining Group Co., Ltd., a Chinese multinational mining firm, has officially completed the acquisition of the Akyem Gold Mine Project in Ghana from US-based Newmont Corporation. 

The $1 billion transaction marks a major shift in ownership of one of Ghana’s most prominent gold-producing assets and aligns with Zijin’s aggressive strategy to expand its global gold footprint.

According to an announcement released by Zijin on 16 April 2025, the deal was finalised after all conditions set out in the agreement were either met or waived. The acquisition was executed through Gold Source International, Zijin’s overseas wholly-owned subsidiary, which now assumes control of the Akyem mine and its associated assets.

The Akyem mine, located within one of the world’s leading gold belts, is currently operated as an open-pit mine and features robust mineralisation conditions with strong potential for reserve expansion. It produced 6.4 tonnes of gold in 2024 alone, down from 9.2 tonnes in 2023 and 13.1 tonnes in 2022. Between 2021 and 2024, cumulative gold output from the mine reached 40.6 tonnes.

The mine’s facilities, including its 8.5 million tonne-per-year carbon-in-leach processing plant, have maintained stable operations. In 2023, the mine posted an operating income of $574 million and a net profit of $128 million. Zijin noted that the project “has favourable mineralisation conditions and significant potential for exploration and reserve increment.”

The acquisition consists of $900 million paid in cash upon closure, with an additional $100 million contingent upon certain future conditions. Zijin plans to begin underground mining activities at Akyem by 2028, extending the mine’s life to 2042 and projecting an annual output of 5.8 tonnes of gold. As of December 2024, Akyem held an estimated 34.6 tonnes of proven reserves.

Zijin also acknowledged interest from Ghanaian entities in acquiring a minority stake in the mine and indicated openness to such partnerships. The company underscored that the mine has “significant potential” under current and projected gold market conditions.

This acquisition forms part of Zijin’s wider ambition to boost gold production from 68 tonnes in 2023 to 85 tonnes by 2025 and eventually to 110 tonnes by 2028. The strategic timing of the purchase also coincides with surging global gold prices, positioning Zijin to capitalise on increased profitability.