In a bold move to expand its global footprint in the gold sector, Chinese mining conglomerate Zijin Mining Group Co. Ltd. has finalized the acquisition of the Akyem Gold Mine Project in Ghana from Newmont Corporation, marking a significant shift in ownership of one of the country’s most productive gold mines.
The acquisition, which was first announced on October 9, 2024, was completed on April 16, 2025, following the fulfillment or waiver of all conditions outlined in the purchase agreement. The transaction was executed through Zijin’s overseas wholly owned subsidiary, the company said in a statement.
This deal marks Zijin’s first major gold mining acquisition in Ghana, Africa’s second-largest gold-producing nation and one of the most mineral-rich countries on the continent.
The Akyem Gold Mine, previously operated by Newmont, is located within the West African Birim Greenstone Belt, one of the world’s richest gold-producing geological formations.
According to Zijin, the Akyem Mine has been operating as an open-pit mine with a conventional carbon-in-leach (CIL) processing plant.
The facility is capable of processing 8.5 million tonnes of ore annually, and has a proven track record of stable operations with well-maintained equipment.
Production figures from the mine between 2021 and 2024 have shown variable but substantial output:
11.9 tonnes of gold in 2021
13.1 tonnes in 2022
9.2 tonnes in 2023
6.4 tonnes in 2024
In 2023 alone, the Akyem Gold Mine recorded USD 574 million in operating income and a net profit of USD 128 million, reflecting its continued profitability despite declining annual output in the last two years.
Zijin emphasized the long-term potential of the mine, pointing to its “favorable mineralization conditions” and “significant potential for exploration and reserve increment.”
The company plans to invest in updated geological studies and technological upgrades aimed at increasing resource utilization, enhancing recovery rates, and potentially extending the life of the mine.
“With the backdrop of a substantial surge in gold prices, the Company anticipates significant increases in utilisable resources and reserves,” Zijin stated, noting the strategic value of the acquisition amid strong global demand for gold.
The acquisition comes as Zijin continues to climb in international rankings.
The company was ranked No. 267 on the 2024 Forbes Global 2000 list, No. 5 among metal miners, and No. 1 among global gold companies. It also ranked No. 364 on the 2024 Fortune Global 500 and No. 91 in the Fortune China 500.
The Akyem takeover underscores Zijin’s commitment to expanding its gold production capacity beyond Asia and Latin America.
It also reflects a broader trend of Chinese mining giants making strategic plays across Africa, a continent increasingly viewed as critical to the global energy transition and resource supply chains.
The statement ended with the company’s corporate mantra: “Mining for a better society”—a vision it says includes responsible resource development and long-term socio-economic impact in its host communities.
As Zijin takes operational control, industry observers will be watching closely to see how the Chinese firm navigates Ghana’s regulatory landscape, environmental standards, and community relations, all while delivering on its ambitious gold output goals.
–BY Daniel Bampoe
