In a major shift in Ghana’s mining landscape, China’s Zijin Mining Group has officially completed its acquisition of the Akyem Gold Mine from Newmont Corporation.
The deal, finalized on April 16, 2025, saw Zijin pay an initial $900 million in cash, with the remaining $100 million unlocked following the Ghanaian Parliament’s ratification of the Akyem East mining lease in late 2025.
The transaction was executed through Zijin’s subsidiary, Gold Source International, and marks the company’s seventh gold mine acquisition since 2020.
While Akyem is currently an open-pit operation, Zijin has outlined an ambitious roadmap to transform the site:
- Transition to Underground Mining: Planned to commence by 2028, this move is designed to access deeper, high-grade ore bodies.
- Life of Mine Extension: The new investment and underground transition are expected to extend the mine’s operational lifespan until 2042.
- Production Targets: Zijin aims to boost Akyem’s annual output to approximately 10 tonnes of gold by 2028, a significant increase from the 6.4 tonnes produced in 2024.
For Zijin Mining, this acquisition is a cornerstone of its “2028 Strategy,” which targets a global annual gold production of 110 tonnes. The company has also expressed openness to selling minority stakes in the Akyem mine to Ghanaian entities, fostering local participation in the project.
Conversely, for Newmont Corporation, the sale completes its divestiture program of non-core assets. However, Newmont remains heavily invested in Ghana through its Ahafo North project.
This new venture achieved commercial production in October 2025 following a $1.05 billion investment, reinforcing Newmont’s long-term commitment to the country as a premier mining jurisdiction.
