Akyem’s production was projected to be 170,000 oz in 2024. (Photo: Newmont)

“We believe the proposed transaction results in the greatest overall value for Newmont shareholders and is the best strategic fit for Akyem,” said Tom Palmer, president and CEO, Newmont. “We are confident that Akyem will continue to thrive under new ownership, with longterm benefits for local stakeholders and surrounding communities.”

Newmont said it remains committed to Ghana including the investment of roughly $1 billion of development capital in the Ahafo North gold-mining project in the Ahafo region of Ghana.

“In line with President Afuko-Addo’s address in February we ensured that our robust divestment process provided equal opportunity for all potential buyers, Ghanaian and international, to participate,” said Rahman Amoadu, Newmont’s managing director for Africa. “Additionally, we have included the Minerals Income Investment Fund in the process in preparation of their potential investment in Akyem to further Ghanaian interest in the mine.”

Under the terms of the agreement, Newmont is expected to receive a cash consideration of $900 million upon closing. A further $100 million is expected to be received upon the satisfaction of certain conditions. The transaction is expected to close in Q4 2024, contingent on satisfaction of customary conditions precedent, including regulatory approvals.