Zijin Mining Group Co., Ltd. has officially completed its acquisition of the Akyem Gold Mine in Ghana from Newmont Corporation for up to US$1 billion. The transaction, which was first announced on October 9, 2024, closed on April 16, 2025, following the satisfaction of all conditions outlined in the agreement.
Under the terms of the deal, Zijin made an initial cash payment of US$900 million, with an additional US$100 million contingent upon the ratification of an extended eastern mining lease by Ghana’s Parliament or five years after closing.
The acquisition was executed through Zijin’s wholly owned overseas subsidiary, Gold Source International, and is part of Newmont’s strategy to divest non-core assets deemed non-core following its merger with Australia’s Newcrest.
The Akyem Gold Mine, located in Ghana, is known for its rich mineralization and favorable ore body continuity. The mine, which has been in production since 2013, is an open-pit operation employing a conventional carbon-in-leach (CIL) gold extraction process.
The designed processing capacity of the plant is 8.5 million tonnes per year. From 2021 to 2024, the mine produced a total of 40.6 tonnes of gold, with annual outputs of 11.9 tonnes in 2021, 13.1 tonnes in 2022, 9.2 tonnes in 2023, and 6.4 tonnes in 2024. In 2023, the project achieved an operating income of USD574 million and a net profit of USD128 million.
According to Zijin, the Akyem Gold Mine has “favorable mineralization conditions and significant potential for exploration and reserve increment”, although at the time the deal was hatched, civil society had raised concerns about the loss of potential economic benefits for Ghana.
Background of Zijin’s Strategic Growth and the Akyem Acquisition
Founded in 1993 as a small exploration company in China, Zijin Mining has evolved into one of the largest and most influential mining companies globally, with operations across multiple continents. The company’s growth strategy has been marked by aggressive expansion, particularly through mergers and acquisitions in the gold, copper, and other precious metal sectors.
The acquisition of the Akyem Gold Mine follows a series of strategic moves by Zijin to strengthen its position in the gold mining industry. Recently, the company has focused on expanding its footprint in key mining regions, including Africa, where it sees significant potential for resource development and long-term growth.
“The Akyem Gold Mine Project has favorable mineralization conditions and significant potential for reserve increment,” Zijin said in a statement. “There are also potentials for further enhancements in overall mine life and gold production, especially under the backdrop of rising global gold prices.”
