Newmont's Strategic Divestment: Selling Akyem for Up to $1 Billion

Newmont Corporation, the world's leading gold company, has announced a definitive agreement to divest its Akyem operation in Ghana to Zijin Mining Group Co., Ltd. for up to $1 billion. This strategic move aligns with Newmont's ongoing program to divest non-core assets and focus on its Tier 1 assets, driving sustainable growth and shareholder returns.

The transaction, expected to close in the fourth quarter of 2024, involves an upfront cash consideration of $900 million, with an additional $100 million contingent upon satisfaction of certain conditions. Proceeds from the sale will support Newmont's capital allocation priorities, including strengthening its balance sheet and returning capital to shareholders.


The divestment of Akyem is a significant step in Newmont's strategy to concentrate on its most valuable assets. Tom Palmer, Newmont's President and Chief Executive Officer, stated, "The sale of Akyem represents continued progress on the non-core asset divestiture program announced in February, supporting our focus on the Tier 1 assets in Newmont’s portfolio that will drive sustainable growth and the return of capital to shareholders."

Newmont remains committed to Ghana, with plans to invest $950 million to $1,050 million in the Ahafo North gold mining project in the Ahafo region. The company is confident that Akyem will continue to thrive under new ownership, with long-term benefits for local stakeholders and surrounding communities.


The transaction is subject to customary conditions precedent, including regulatory approvals. As a result, the transaction is not expected to have a material impact on Newmont's 2024 outlook, and the company has not adjusted its non-core guidance for the year.

In conclusion, Newmont's strategic divestment of Akyem for up to $1 billion is a testament to the company's commitment to focusing on its Tier 1 assets and creating value for shareholders. The transaction is expected to strengthen Newmont's balance sheet and support its capital allocation priorities, while also ensuring the long-term success of the Akyem operation under new ownership.