Newmont Corporation announced on October 8, 2024, an agreement to sell its Akyem operation in Ghana to Zijin Mining Group for up to $1 billion in cash. This divestment is a key part of Newmont's strategy to focus on its Tier 1 assets and optimize its global portfolio.
Under the terms of the agreement, Newmont expects to receive $900 million in cash upon the closing of the transaction. An additional $100 million is contingent on the fulfillment of certain conditions related to the sale.
The proceeds from this sale are earmarked to support Newmont's capital allocation priorities, which include strengthening its balance sheet and returning capital to shareholders. This move further solidifies Newmont's commitment to a more focused and efficient operational footprint.
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