Newmont Corp Sells Akyem Gold Mine to Zijin Mining Group

Investing.com – Newmont Corp (NYSE:NEM) announced on Tuesday that it will sell its Akyem gold mine in the Republic of Ghana to China’s Zijin Mining Group (SS:601899). This move is part of Newmont's strategy to divest non-core assets and focus on larger gold operations.

Newmont will receive an upfront cash payment of $900 million for the sale, with an additional $100 million expected after the deal closes.

This transaction follows several divestitures by Newmont as part of a major restructuring plan launched earlier this year. In September, the company sold two mines in Australia for nearly half a billion dollars.

The selling activity follows Newmont's acquisition of Australia's Newcrest earlier this year, which positioned it as the world's largest gold miner.

The company has also benefited from a rise in gold prices this year, driven by safe-haven demand and interest rate cuts that have pushed bullion prices to record highs.