Zijin Mining Group Co., Ltd. to acquire the Akyem Gold Mine Project in Ghana from Newmont Corporation for US$1B

On October 9th, 2024, Zijin Mining Group Co., Ltd. ("Zijin") and its wholly owned subsidiary, Gold Source International Holdings Company Limited, announced a share purchase agreement with Newmont Corporation (“Newmont”) and its subsidiary, Newmont Golden Ridge Ltd., to acquire 100% of the equity interest in Newmont Golden Ridge Ltd. for US$1 billion. Newmont Golden Ridge Ltd. is the 100% owner of the Akyem Gold Mine project in Ghana. The closing of the transaction is subject to the satisfaction of conditions precedent, including certain regulatory approvals.

Zijin, based in Longyan, China, is a large multinational mining group engaged in the global exploration and development of copper, gold, zinc and lithium, as well as engineering and technological research.

Newmont, headquartered in Greenwood Village, Colorado, United States, is a world leading gold company and producer of copper, silver, zinc and lead.

The Akyem Gold Mine is located in the Eastern Region of southern Ghana, approximately 180 kilometers from Accra and is located on one of the world's major metallogenic belts. The Akyem Gold Mine began commercial production in October 2013, and from 2021 to 2023 the mine produced 11.9 tonnes, 13.1 tonnes and 9.2 tonnes of gold, respectively.

McCarthy Tétrault is advising Zijin with a team led by Joyce Lee and Shea Small that includes Matthew Cumming, James Lin, Jordan Chu and Dinah Holliday (Business).