Zijin’s Overseas Buying Spree Continues With Ghana Gold Mine Deal

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Zijin has gone on a buying spree in recent years, purchasing gold mines in both China and foreign countries such as Colombia and Guyana. Photo: VCG

Zijin Mining Group Co. Ltd. has reached a deal to buy one of the biggest gold mines in the West African country of Ghana for $1 billion in cash, as the Chinese metals major ramps up investment abroad to meet its output targets.

The agreement, signed Wednesday, allows Zijin subsidiary Gold Source International Holdings Co. Ltd. to acquire a unit of U.S.-based Newmont Corp.’s entire stake in the Akyem Gold Mine project, the Chinese company said in an exchange filing.

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Zijin Mining Group plans to buy the Akyem Gold Mine in Ghana for $1 billion, subject to regulatory approval, with potential completion in Q4 2023.
The mine, transitioning to underground mining by 2028, has 34.6 tons of current reserves with potential for more and produced 9.2 tons of gold in 2023.
The deal aligns with Zijin’s strategy to boost annual gold output to over 100 tons by 2028, enhancing its global mining presence.

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