(Ecofin Agency) – The mine, whose lifespan should be extended until 2042 thanks to underground operations, should help the Chinese company reach a production of 85 tonnes in 2025 and 110 tonnes in 2028.
The Chinese mining company Zijin Mining Group announced, in a press release published this Wednesday, October 9, that it had purchased the Ghanaian Akyem gold deposit from the American group Newmont for an amount of up to $1 billion.
Newmont is expected to receive $900 million upon completion of the transaction, which is expected to take place in the fourth quarter of 2024, and an additional $100 million upon satisfaction of certain conditions, the same source added.
The Ghanaian gold mine should help the Chinese company achieve its production targets for the yellow metal, which have been set at 85 tonnes in 2025 and 110 tonnes in 2028 compared to 68 tonnes in 2023.
“After study, the company believes that under current and anticipated gold price conditions, the project’s usable resources and reserves still have significant potential,” Zijin Mining Group highlighted in its statement, indicating that some Ghanaian companies have expressed interest in acquiring a minority stake in the deposit.
The Fujian-based mining giant also clarified that the Akyem open pit mine hosted an estimated 34.6 tonnes of gold reserves as of December 2023, while indicating that underground operations are expected to begin from 2028, which should extend the life of the deposit until 2042 and allow it to produce approximately 5.8 tonnes of gold per year.
Also read:
03/25/2024 – Chinese companies in the running to buy a gold mine owned by the American Newmont in Ghana
08/30/2024 – 11 years later, Ghana prepares to open a new gold mine
06/18/2024 – Ghana: increase in production and income from the two Asante gold mines
10/06/2024 – Ghana wants to produce 128 tonnes of gold in 2024 (Chamber of Mines)
05/13/2024 – Ghana close to hosting Africa’s largest gold mine
