Newmont Corporation on Wednesday 16 April, officially completed the sale of its Akyem Mine in Ghana, marking the successful closure of its extensive global divestiture program announced in February 2024. The Akyem operation was sold alongside Newmont’s Porcupine mine in Canada, with both transactions bringing in a combined after-tax cash total of approximately $850 million, pending final closing adjustments.
The Akyem Mine, a significant gold-producing asset located in Ghana’s Eastern Region, was one of six non-core operations identified for divestment by the world’s leading gold producer as part of a strategic realignment of its global portfolio. Newmont’s President and CEO, Tom Palmer, emphasized the importance of this milestone for the company’s future direction.
“Today, I am pleased to announce the successful completion of our non-core asset divestiture program with the sale of Akyem and Porcupine,” said Palmer. “This is a significant milestone for Newmont, as we have now divested all six of our non-core operations from the program announced in early 2024.”
Newmont’s total divestiture effort is expected to yield up to $4.3 billion in gross proceeds, comprising $3.8 billion from non-core assets and an additional $527 million from the sale of other investments. These proceeds, according to the company, will be used to strengthen its balance sheet and enhance shareholder value through share repurchase programs.
The Akyem Mine has been a key component of Newmont’s presence in Ghana, contributing to both local employment and the national economy. The sale of the asset marks a significant transition, as the mine enters a new chapter under different ownership. While details about the acquiring entity have not been disclosed in this announcement, industry observers will be watching closely for further developments regarding the mine’s operational future.
With this divestment, Newmont signals a strategic shift, focusing more closely on core assets while ensuring that divested properties continue to support local economies under new stewardship.
