Chinese mining giant Zijin Mining Group Co., Ltd. has finalised its $1 billion acquisition of the Akyem Gold Mine Project in Ghana from United States-based Newmont Corporation, marking a significant shift in ownership of one of the country’s most prominent gold-producing assets.
The transaction, completed through Gold Source International—Zijin’s wholly owned overseas subsidiary—was confirmed on 16 April 2025 after all contractual conditions were either fulfilled or waived. This deal underscores Zijin’s strategic drive to expand its global gold operations amid rising international demand and high gold prices.
Situated in one of the world’s richest gold belts, the Akyem mine operates as an open-pit site with substantial mineral potential. While output has declined in recent years—from 13.1 tonnes in 2022 to 6.4 tonnes in 2024—the mine remains a valuable asset, having produced a cumulative 40.6 tonnes of gold between 2021 and 2024.
Operational infrastructure at the site includes an 8.5 million tonne-per-year carbon-in-leach (CIL) processing plant, which has remained consistently stable. In 2023, the mine generated $574 million in operating income and $128 million in net profit. Zijin highlighted the site’s “favourable mineralisation conditions” and “significant potential” for expanding reserves through further exploration.
Under the terms of the deal, Zijin paid $900 million in cash upon closing, with an additional $100 million contingent on future performance-related conditions. The company has ambitious plans for the mine, including the commencement of underground mining by 2028, which is expected to extend the life of the project until 2042 with an anticipated annual output of 5.8 tonnes. As of December 2024, Akyem’s proven gold reserves stood at an estimated 34.6 tonnes.
Zijin also indicated it is open to welcoming Ghanaian entities as minority stakeholders in the venture, reflecting its interest in establishing local partnerships to support long-term growth and investment stability.
The acquisition supports Zijin’s broader goal of increasing its gold production from 68 tonnes in 2023 to 85 tonnes by the end of 2025, and eventually reaching 110 tonnes by 2028. The timing of the purchase coincides with surging global gold prices, further strengthening the company’s position in the global mining sector.
