Newmont to divest Akyem for up to $1B

Newmont has “announced it will sell its Akyem operation in the Republic of Ghana to Zijin Mining Group Co., Ltd. under a definitive agreement, for cash consideration of up to $1 billion. The sale is part of Newmont’s ongoing program to divest non-core assets as the Company makes a strategic shift to focus on its Tier 1 assets. Under the terms of the agreement, Newmont is expected to receive cash consideration of $900 million upon closing. A further $100 million is expected to be received upon the satisfaction of certain conditions. Proceeds from the transaction will support the Company’s capital allocation priorities, including strengthening the balance sheet and returning capital to shareholders. The transaction is expected to close in the fourth quarter of 2024, contingent on satisfaction of customary conditions precedent, including regulatory approvals. As a result, the transaction is not expected to have a material impact on Newmont’s 2024 outlook and the Company has not adjusted its non-core guidance for the year. Newmont remains committed to Ghana including the investment of $950 million to $1,050 million of development capital in the Ahafo North gold mining project in the Ahafo region of Ghana.”