China’s Zijin Mining Group said it has completed the acquisition of the Akyem Gold Mine, from the U.S.-based Newmont Corporation, marking a major move in its expansion into West Africa.
The deal, announced last October, was finalised on April 16 after all regulatory and contractual conditions were met, the company said in a statement.
The mine, located near New Abirem in the Eastern region of the country, will now be operated by Zijin’s overseas subsidiary.
The Akyem Mine, one of Ghana’s largest, lies within a prolific gold belt known for thick ore bodies and consistent mineralisation. It is currently an open-pit operation and uses a conventional carbon-in-leach process, with a processing capacity of 8.5 million tonnes per year.
From 2021 to 2024, the Mine produced a total of more than 40 tonnes of gold, including 6.4 tonnes last year. In 2023, Akyem generated US$574 million in revenue and posted a net profit of US$128 million.
Zijin said the mine is in stable operating condition and offers significant potential for expanding its reserves. The company plans to launch further exploration and update mining and processing techniques in response to rising global gold prices.
“There is also potential for further enhancements in overall mine life and gold production, contributing positively to the Group’s gold production targets.”
Ghana, Africa’s top gold producer, has seen a wave of acquisitions in recent years as international firms jostle for access to its mineral wealth.
The Akyem sale is part of Newmont’s broader strategy to streamline its portfolio.
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