Accra, Ghana – Global mining giant Newmont Corporation has confirmed receipt of the final $100 million payment from China’s Zijin Mining Group, completing the $1 billion sale of the Akyem gold mine in Ghana. The payment follows the Ghanaian Parliament’s ratification of a key mining lease renewal—one of the final conditions of the transaction.
Newmont initially closed the deal in April 2025, receiving $900 million upfront. The remaining $100 million was contingent on regulatory approval of the lease renewal by Ghana’s government, which had already received a green light from the Ministry of Lands and Natural Resources before final ratification.
The transaction is a key example of Africa’s evolving role in global mining finance, with Chinese firms like Zijin continuing to expand their footprint on the continent. Ghana, Africa’s second-largest gold producer, remains a strategic hub for both Western and Eastern mining interests.
“This deal underscores Ghana’s ability to attract and manage high-value mining investments while upholding strong institutional and regulatory processes,” noted a West African mining analyst.
After accounting for tax and other adjustments, Newmont says it has netted $770 million in cash proceeds from the Akyem sale alone. The company’s broader divestment program, announced in early 2024, aims to reduce debt and strengthen liquidity. In total, Newmont expects to raise $4.3 billion from asset sales across Canada, Australia, and Africa.
Implications for Ghana and West Africa
Zijin’s successful entry into Ghana strengthens China’s presence in the West African gold belt, a region already experiencing significant interest from global miners and financiers. Ghana’s government, for its part, has emphasized its commitment to maintaining investor confidence while ensuring communities benefit from resource development.
Industry observers say the Akyem transaction could pave the way for additional Chinese-led acquisitions in Africa, especially as companies seek stable jurisdictions with rich gold reserves and established infrastructure.
“Chinese mining investment in Africa is no longer exploratory—it’s now strategic,” said a mining economist based in Johannesburg. “Deals like this will shape capital flows across the continent’s mining landscape for the next decade.”
Newmont Refocuses Global Strategy
With the Akyem mine divested, Newmont continues to reshape its global portfolio. Other assets sold under its 2024 program include the Éléonore, Musselwhite, and Porcupine mines in Canada, the Coffee project in the Yukon, and a majority stake in Australia’s Havieron joint venture. The company estimates after-tax proceeds of $3.1 billion in 2025.
Despite these divestments, Newmont remains the world’s largest gold producer, with a market capitalization of $68.5 billion and a sharpened focus on high-return core assets.
