Newmont Sells Ghana Gold Mine for $1 Billion

Newmont Corp has announced its decision to sell the Akyem gold mine located in the Republic of Ghana to China’s Zijin Mining Group. This move is part of Newmont’s strategy to divest non-core assets and concentrate on its larger gold mines.

The company will receive an upfront payment of $900 million for the sale, along with an additional $100 million following the deal’s closure.

This transaction marks the latest in a series of divestitures as part of a significant restructuring effort initiated earlier this year. In September, Newmont sold two mines in Australia for nearly $500 million.

This selling spree follows Newmont’s acquisition of Australia’s Newcrest earlier in the year, which established it as the world’s largest gold producer. Additionally, the miner has seen gains from rising gold prices this year, driven by increased demand for safe-haven investments and interest rate cuts that have pushed bullion prices to record levels.