Asante Gold, based in Canada, is set to enter the bidding process for the Akyem mine currently owned by Newmont, a US-based mining company. This development comes amidst a backdrop of soaring gold prices, which have recently surpassed $2,200 an ounce.
Newmont, known for its gold mine developments in Ghana, is organizing the sale of Akyem in April, attracting interest from international buyers, including prominent Chinese mining companies such as Shandong Gold Mining, Zijin Mining Group Co, and Chifeng Jilong Gold Mining. Additionally, Australia’s Perseus Mining has expressed interest in acquiring Akyem, spurred by the uptrend in gold market values.
The decision to sell Akyem is part of Newmont’s strategy to recuperate expenses following its acquisition of Newcrest Mining in November 2023. Besides Akyem, Newmont plans to divest four gold mines in North America and one in Australia, with Citigroup facilitating the search for potential buyers and handling offer evaluations.
Asante’s interest in Akyem aligns with the Ghanaian government’s encouragement for local enterprises to pursue the mine, following Newmont’s announcement to offload the asset in early 2024. Asante, which operates two gold mines and manages six projects within Ghana, boasts a significant Ghanaian investment base, including shares held by two state-owned sovereign wealth funds.
The company’s substantial private investment comes from the UAE, including contributions from the Fujairah Emirate Investment Fund and Emiral Resources, established by Boris Ivanov. Furthermore, Asante enjoys support from Ghana’s state-owned Minerals Income Investment Fund, which previously aided Asante’s acquisition of Kinross Gold’s local operations in 2022. 
