The Akyem gold mine in Ghana’s Eastern Region has officially changed hands following the completion of its sale by Newmont Corporation, the world’s leading gold producer.
The development marks the beginning of a new phase for the mine, which has been a major contributor to local employment and Ghana’s gold production over the years.
The sale, announced on Wednesday (16 April), forms part of Newmont’s global asset reorganisation plan. Akyem gold mine was sold alongside the Porcupine mine in Canada, with both transactions expected to generate a combined after-tax cash value of approximately $850 million, subject to final adjustments.
Newmont had identified Akyem as one of six non-core assets earmarked for divestiture under a strategic restructuring programme unveiled in February 2024.
The Akyem operation, known for its substantial gold reserves and impact on surrounding communities, now transitions to new ownership—though the acquiring entity is yet to be publicly named.
Newmont’s President and Chief Executive Officer, Tom Palmer, described the sale as a pivotal moment for the company.
“We have now divested all six of our non-core operations from the programme announced in early 2024. This is a significant milestone for Newmont,” Palmer stated.
The broader divestment initiative is expected to bring in up to $4.3 billion in gross proceeds—US$3.8 billion from the sale of non-core assets and US$527 million from the disposal of other investments.
According to Newmont, the funds will be used to bolster the company’s balance sheet and support share repurchase programmes aimed at enhancing shareholder value.
The departure of Newmont from Akyem signals a strategic realignment towards the company’s core assets, but it also raises questions about the future of the mine under new leadership.
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