Newmont Ghana is selling its interest in the Akyem mine to Zijin Mining Group for up to $1 billion as part of its strategy to focus on Tier 1 assets.
The sale includes $900 million cash at closing, with an additional $100 million contingent on certain conditions.
Professor Douglas Boateng, Chairman of MIIF, criticized Newmont for failing to consult MIIF, calling it disrespectful to Ghana and a governance oversight.
Newmont’s CEO, Tom Palmer, emphasized that the sale aligns with their priorities while ensuring local benefits, with the transaction expected to close by the end of 2024.
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