Zijin Mining Acquires Akyem Gold Mine in Ghana for $1 Billion

Zijin Mining has announced its acquisition of 100% ownership of the Akyem Gold Mine in Ghana, previously owned by Newmont, for $1 billion. Akyem, one of Ghana's largest gold mines, began commercial production in October 2013 and has an annual processing capacity of 8.5 million tonnes. Over the past three years, gold output at Akyem has ranged between 9.2 and 13.1 tonnes per year.

This acquisition marks Zijin Mining's seventh gold mine purchase since 2020, highlighting its strategic goal to boost production and achieve over 100 tonnes of gold annually by 2028. Zijin has been expanding its presence in the global gold mining sector, in addition to being the fastest-growing copper producer, with more than 1 million tonnes produced in 2023.

The Akyem Gold Mine has proven and probable gold reserves of 34.6 tonnes, with an average grade of 1.35 grams per tonne, and additional resources totaling 54.4 tonnes at a grade of 3.36 grams per tonne. The mine also holds 83 tonnes classified as underground mining inventory. The operation employs open-pit mining and carbon-in-leach processing methods, benefitting from stable operations and well-maintained equipment.

Located in Ghana, a country with stable political conditions and favorable mining policies, Akyem benefits from easy transportation access to major cities and ports, as well as a stable supply of clean energy. The mine's strong performance and profitability have been supported by Newmont's effective operational management, contributing to its consistent output.

Zijin Mining sees significant development potential in Akyem, which is located along a major metallogenic belt with promising exploration prospects. The mine includes four prospecting licenses covering a total area of 79.59 square kilometers, offering considerable potential for further resource expansion through exploration and technological advancements.

The transaction is subject to approval from relevant authorities in China and Ghana.