Zijin Mining Group Co., Ltd., a prominent Chinese Mining Firm, has finalized its acquisition of the Akyem Gold Mine Project from Newmont Corporation for an impressive $1 billion. This transaction, announced on April 16, 2025, emphasizes Zijin’s ambitious strategy to broaden its global presence in gold production.
Located in one of the world’s most lucrative gold belts, the Akyem mine has long been a key player in Ghana’s mining industry. As an open-pit operation, the mine has robust mineralization potential, suggesting a promising future for both exploration and production.
In 2024 alone, the mine produced 6.4 tonnes of gold. This figure reflects a decrease from previous years but still contributes to a cumulative output of 40.6 tonnes from 2021 to 2024.
The acquisition, executed through Gold Source International—Zijin’s wholly-owned overseas subsidiary—has officially transferred control of the Akyem mine’s assets. Notably, the deal comprises $900 million paid in cash at closing, with an additional $100 million contingent on future performance metrics being met.
Zijin’s strategic plans include initiating underground mining activities by 2028, extending the mine’s operational lifespan to 2042, with projected annual gold output hitting 5.8 tonnes.
As of December 2024, the Akyem mine boasted approximately 34.6 tonnes of proven reserves, highlighting its potential for future productivity. The financial reports from 2023 indicate that the mine generated an operating income of $574 million and a net profit of $128 million, showcasing its profitability even amidst fluctuations in gold output.
Zijin Mining is not only focused on maximizing its yield from the Akyem mine but is also open to partnerships, indicating interest from Ghanaian entities in acquiring minority stakes. Zijin acknowledges the mine’s “significant potential” against the backdrop of surging global gold prices, which further enhances the investment’s attractiveness.
This acquisition aligns with Zijin’s broader objective to ramp up gold production from 68 tonnes in 2023 to 85 tonnes by 2025 and to reach 110 tonnes by 2028. As global gold prices continue to rise, Zijin is strategically positioned to capitalize on increasing profitability.
Zijin Mining’s acquisition of the Akyem Gold Mine is a pivotal development in the global gold industry, promising substantial production capabilities and fostering local partnerships that could redefine the mining sector in Ghana in the coming years.
