{"id":228892,"date":"2024-10-09T14:38:49","date_gmt":"2024-10-09T14:38:49","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/10\/09\/newmount-to-sell-akyem-operation-to-zijin-mining-for-1bn\/"},"modified":"2024-10-09T14:38:49","modified_gmt":"2024-10-09T14:38:49","slug":"newmount-to-sell-akyem-operation-to-zijin-mining-for-1bn","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/10\/09\/newmount-to-sell-akyem-operation-to-zijin-mining-for-1bn\/","title":{"rendered":"Newmount to sell Akyem operation to Zijin Mining for $1bn"},"content":{"rendered":"

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Newmont Corporation has announced that it will sell its Akyem operations to Zijin Mining Group Co., Ltd. under a definitive agreement for cash consideration of up to $1 billion. The sale is part of Newmont\u2019s ongoing program to divest non-core assets as the Company makes a strategic shift to focus on its Tier 1 assets.<\/p>\n

Under the terms of the agreement, Newmont is expected to receive cash consideration of $900 million upon closing and a further $100 million is expected to be received upon the satisfaction of certain conditions.<\/p>\n

Proceeds from the transaction will support the Company\u2019s capital allocation priorities, including strengthening the balance sheet and returning capital to shareholders.<\/p>\n

According to a statement cited by Citi Business News, 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\u2019s 2024 outlook and the Company has not adjusted its non-core guidance for the year.<\/p>\n

Newmont\u2019s President and Chief Executive Officer, Tom Palmer, expressed confidence that Akyem operations will continue to thrive under new ownership with long-term benefits for local stakeholders and surrounding communities<\/p>\n

Newmont says it 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.<\/p>\n\n

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Newmont Corporation has announced that it will sell its Akyem operations to Zijin Mining Group Co., Ltd. under a definitive agreement for cash consideration of up to $1 billion. The sale is part of Newmont\u2019s ongoing program to divest non-core assets as the Company makes a strategic shift to focus on its Tier 1 assets. […]<\/p>\n","protected":false},"author":1,"featured_media":228893,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-228892","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\nNewmount to sell Akyem operation to Zijin Mining for $1bn - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/10\/09\/newmount-to-sell-akyem-operation-to-zijin-mining-for-1bn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Newmount to sell Akyem operation to Zijin Mining for $1bn - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Newmont Corporation has announced that it will sell its Akyem operations to Zijin Mining Group Co., Ltd. under a definitive agreement for cash consideration of up to $1 billion. 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