On October 8, 2024, Newmont Corporation announced the sale of its Akyem gold mining operation in Ghana to Zijin Mining Group for up to $1 billion USD (approximately $1.36 billion CAD) in cash, as part of its strategy to divest non-core assets and focus on Tier 1 projects. Newmont received $900 million USD ($1.22 billion CAD) at closing, with an additional $100 million USD ($136 million CAD) contingent on specific conditions. Proceeds supported capital priorities, including balance sheet strengthening and shareholder returns.

Citi acted as Newmont’s exclusive financial advisor, with Treadstone Resource Partners as strategic advisor. Legal counsel for Newmont was provided by Davis Graham & Stubbs LLP and Reindorf Chambers. McCarthy Tétrault advised Zijin, with a team led by Joyce Lee and Shea Small, including Matthew Cummings, James Lin, Jordan Chu, and Dinah Holliday. The transaction, anticipated to close in Q4 2024, awaited regulatory approval and was not expected to impact Newmont’s 2024 guidance. Newmont committed to Ghana with a planned investment of $950 million to $1.05 billion USD ($1.29 to $1.43 billion CAD) in the Ahafo North project.