Zijin Mining Group Co., Ltd, a Chinese multinational mining giant, has officially announced the successful acquisition of the Newmont Akyem Gold Mine located in Ghana’s Eastern Region.
The acquisition follows Zijin’s proposal, made on October 9, 2024, to acquire 100% interest in the Akyem Gold Mine Project from Newmont Corporation through its wholly owned overseas subsidiary.
In a statement, Zijin Mining confirmed that all conditions outlined in the acquisition agreement have been either satisfied or waived, clearing the way for the completion of the deal.
The Akyem Gold Mine, located within one of the world’s major gold metallogenic belts, is noted for its thick orebodies and strong mineralization continuity. The mine currently operates as an open-pit operation and uses a conventional carbon-in-leach process with a designed processing capacity of 8.5 million tonnes per year.
Between 2021 and 2024, the mine produced 11.9 tonnes, 13.1 tonnes, 9.2 tonnes, and 6.4 tonnes of gold, respectively. In 2023 alone, the project recorded an operating income of USD 574 million and a net profit of USD 128 million.
Zijin highlighted the mine’s favorable conditions for further exploration and reserve expansion, especially against the backdrop of rising global gold prices. The company anticipates significant growth in usable resources and reserves through ongoing exploration and updated technical studies, with potential for extending the mine’s lifespan and boosting production.
Zijin Mining Group is a globally recognized leader in metal exploration and extraction, with operations covering copper, gold, zinc, lithium, silver, and molybdenum. The company ranks 267th on the 2024 Forbes Global 2000 list, 5th among metals miners, and holds the top spot among global gold companies. It also ranks 364th on the 2024 Fortune Global 500 list and 91st on the Fortune China 500 list.
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