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Zijin Mining Group Co. has bought the Akyem gold project in Ghana for as much as $1 billion in cash as the state-owned firm looks to add resources to meet its aggressive output targets.
The Fujian-based mining giant extracts gold, copper, and lithium from across the globe after an exploration and acquisition blitz over the last three decades. It aims to increase the mined output of gold to 85 tons in 2025 and to as much as 110 tons in 2028, from 68 tons in 2023. Africa has emerged as a prime investment location for Chinese miners as Beijing aims to develop ties with the resource-rich continent.
The transaction still requires regulatory approvals, and is expected to close in the fourth quarter, Newmont said in its own statement. The sale is part of the Denver-based company’s effort to raise $2 billion in the wake of its acquisition of Newcrest Mining Ltd. last year. Chinese tourists shelled out less money during their long holiday that ended Monday than before the pandemic, even as signs emerged that spending is stabilizing after a barrage of stimulus recently unveiled by the government.
