On August 1, 2025, Zijin Mining announced that Ghana’s Parliament ratified the mining leases for Akyem East and Akyem West at its Akyem Gold Mine. The leases, which were initially approved by Ghana’s Ministry of Lands and Natural Resources in September 2024, grant Zijin operational rights at the site. The lease for Akyem East is valid until January 18, 2037, while the lease for Akyem West runs until January 18, 2030. All mineral resources, reserves, and production facilities of the mine are located within the Akyem East lease.
This ratification completes Zijin Mining’s payment obligations related to its full acquisition of the Akyem operation from Newmont. On October 9, 2024, Zijin announced an offer to acquire the mine for US$1 billion. The payments were divided into two tranches: an initial US$900 million payable at closing and a final US$100 million contingent on parliamentary ratification of the lease for Akyem East. After adjustments for cash and working capital, Zijin paid US$888 million upon deal completion on April 16, 2025. The remaining US$100 million was transferred to Newmont on July 31, 2025.
Akyem is one of Ghana’s largest gold mines and has significant potential for further resource expansion. Its gold resources (excluding reserves) amount to 54.4 tonnes with an average grade of 3.36 grams per tonne (g/t), while reserves stand at 34.6 tonnes with an average grade of 1.35 g/t. There are also an additional estimated 83 tonnes classified as resources suitable for potential underground mining. The mine uses conventional carbon-in-leach processing technology and has an annual plant throughput capacity of approximately 8.5 million tonnes.
From 2021 through to 2024, annual gold production at Akyem reached figures of between about six and thirteen tonnes per year.
Since acquiring the mine in April 2025, Zijin reports that operations have remained stable and all targeted production metrics have been met; this has contributed immediately to company output and profitability.
Current efforts focus on improving mining efficiency and maintaining a supply of high-grade ore in order to accelerate production growth and maximize returns. With recent increases in gold prices influencing strategy across the sector (https://www.reuters.com/markets/commodities/gold-prices-rise-dollar-dips-fed-rate-cut-bets-boost-appeal-2024-06-19/), Zijin is carrying out further exploration work along with technical reviews and process innovations aimed at extending mine life, increasing recoverable resources, and boosting overall production.
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