Chinese multinational mining giant Zijin Mining Group Co., Ltd. has officially completed the $1 billion acquisition of the Akyem Gold Mine Project in Ghana from U.S.-based Newmont Corporation.
The landmark deal marks a significant change in the ownership of one of Ghana’s leading gold-producing operations and is part of Zijin’s broader strategy to strengthen its presence in the global gold mining sector.
In a statement issued on 16 April 2025, Zijin announced that all conditions outlined in the agreement had been satisfied or waived, paving the way for the deal’s completion. The acquisition was carried out through Gold Source International, Zijin’s wholly-owned overseas subsidiary, which now takes full control of the Akyem mine and its associated assets.
Located in one of the world’s most renowned gold belts, the Akyem mine is an open-pit operation with favourable mineralisation and strong prospects for future reserve expansion. The mine produced 6.4 tonnes of gold in 2024, following outputs of 9.2 tonnes in 2023 and 13.1 tonnes in 2022, with a total production of 40.6 tonnes recorded between 2021 and 2024.
The mine’s infrastructure includes an 8.5 million tonne-per-year carbon-in-leach processing plant, which has maintained stable operations. In 2023, Akyem generated $574 million in revenue and posted a net profit of $128 million. Zijin highlighted the site’s “significant potential for exploration and reserve growth.”
The purchase agreement involved an upfront cash payment of $900 million, with an additional $100 million tied to future performance benchmarks. Looking ahead, Zijin intends to launch underground mining operations at Akyem by 2028, extending the mine’s lifespan through 2042 and targeting an annual gold output of 5.8 tonnes. As of December 2024, the mine held an estimated 34.6 tonnes of proven gold reserves.
Zijin also revealed interest from local Ghanaian stakeholders in acquiring a minority interest in the project and expressed openness to such collaborations. The company underscored its confidence in Akyem’s long-term value, citing positive market conditions and the site’s geological potential.
This acquisition forms part of Zijin’s broader push to expand its global portfolio and reinforce its position as a major player in the international gold mining industry.
