Newmont Eyes $2 Billion Sale of Akyem Gold Mine in Ghana Amid Rising Gold Prices

American gold mining giant Newmont has put its Akyem mine in Ghana on the market with a price tag of $2 billion. The decision comes as gold prices surge, crossing the $2,200 per ounce mark, reflecting a 10% increase over the past month, sparking considerable interest among potential buyers.

Among the interested parties are prominent mining companies including Shandong Gold Mining Co., Chifeng Jilong Gold Mining, Perseus Mining, and Zijin Mining Group. These firms are drawn to Akyem’s potential in the wake of the climbing gold market.

To facilitate the sale, Newmont has enlisted the services of Citigroup to identify potential buyers and assess incoming proposals. Although discussions are in their nascent stages, the industry is keenly watching for the outcome, which could significantly impact the gold mining sector.

This divestiture is part of Newmont's broader strategy to liquidate select assets, including four gold mines in North America and another in Australia. The proceeds are earmarked to offset the acquisition costs of Newcrest Mining, which Newmont completed in November 2023.

As the world's second-largest gold producer, Newmont boasts a diverse portfolio spanning the United States, Australia, Peru, Ghana, and Suriname, with operations extending to copper production in Australia and the USA.