China’s Zijin Mining Group announced Wednesday that it will purchase the Akyem Gold Mine Project in Ghana from Newmont Corp. (NYSE:NEM) for $1 billion.
Newmont said it has participated in an ongoing strategy to divest from non-core assets as the operation shifts focus to tier-one assets. The Denver-based corporation will receive $900 million upon closing of the deal and a further $100 million upon satisfaction of unspecified conditions.
Zijin subsidiary Gold Source International will officially acquire a subsidiary of Newmonth that owns the Akyem protect, Reuters reported.
Shown here is the performance of Newmont Corporation stock since March. (Source:TradingView)
“After study, the company is of the view that under the current and anticipated future gold price conditions, the project’s utilizable resources and reserves still have significant potential,” the Chinese company said in a statement.
The news came just two days after a Reuters report showcased the growing problem of illegal, wildcat gold mining operations in the West African nation. While some officials vowed to take action against the illegal mines, others told Reuters anonymously that many of the operators have too much political influence for effective change to occur.
Zijin said some Ghanaian entities had expressed interest in purchasing a minority stake in the Akyem project and added that it is open to exploring potential transactions, Reuters reported.
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