Newmont Initiates Sale of Akyem Gold Mine in Ghana Amid Surging Metal Prices
Newmont Corp. has commenced the process of selling its Akyem gold mine in Ghana, with Chinese producers expressing early interest in the asset as gold prices soar, according to sources familiar with the matter.
The disposal of the Akyem mine is being facilitated by Citigroup Inc., who has begun reaching out to potential buyers, including Shandong Gold Mining Co. and Zijin Mining Group Co., among others. Chifeng Jilong Gold Mining Co. and Australian miner Perseus Mining are also reportedly considering the acquisition.
While discussions are in the preliminary stages, it’s possible that interested parties may opt not to proceed with offers. Representatives for Newmont, Citigroup, Shandong Gold, and Zijin declined to comment, while there was no response from Chifeng Jilong regarding the matter.
The sale of Akyem forms part of Newmont’s strategy to generate $2 billion in cash through divestitures following its acquisition of Newcrest Mining Ltd. in November. In addition to Akyem, Newmont aims to sell four gold mines in North America and one in Australia.
Akyem, which produced 420,000 ounces of gold annually by the end of 2022, has gained significance amid the recent surge in gold prices, surpassing $2,200 an ounce for the first time and marking a 10% increase over the past month.
