Chinese mining giant, Zijin Mining Group, has bought the Akyem gold mine in Ghana from U.S.based Newmont Corporation for $1 billion in cash.
The deal which was announced by Zijin on April 16, 2025, was finalised after all the agreed conditions were met.
The purchase was made through Zijin’s international arm, Gold Source International, which now owns and controls the Akyem mine and its assets.
Akyem Gold mines is located in one of the world’s richest gold belts.
It has strong gold reserves and the potential to produce more in the future.
In 2024, the mine produced 6.4 tonnes of gold, a drop from 9.2 tonnes in 2023 and 13.1 tonnes in 2022. Over the past four years, it has produced 40.6 tonnes of gold in total.
The mine’s facilities include a modern processing plant that handles 8.5 million tonnes of ore per year.
In 2023, Akyem made $574 million in revenue and $128 million in profit.
Zijin paid $900 million upfront, and another $100 million will be paid later if certain conditions are met.
The company plans to start underground mining by 2028, which would extend the mine’s life to 2042.
They expect it to produce 5.8 tonnes of gold per year going forward. As of December 2024, the mine had about 34.6 tonnes of proven gold reserves.
Zijin also said it is open to working with Ghanaian partners who may want to buy a small stake in the mine.
