Chinese miner will take control of the Ghanaian operation as Newmont focusses on Ahafo
China-based Zijin Mining is set to buy Newmont's Aykem operations in Ghana for US$1 billion as part of the latter's divestiture program for assets it deemed non-core following its merger with Australia's Newcrest. Zijin, one of China's biggest miners, will pay cash for the asset, with $900 million to hit Newmont's bank upon the closing of the deal and another $100 million as a deferred payment subject to typical conditions for a deal of this nature.
Newmont president and CEO Tom Palmer said the miner would still be active in Ghana via its Ahafo operations. "We are confident that Aykem will continue to thrive under new ownership, with long-term benefits for local stakeholders and surrounding communities," Palmer said. "This transaction will strengthen our confidence in Ghana as a favourable mining jurisdiction, and Newmont will continue to support growth and development of the region including our development at Ahafo North.
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