Gold mining powerhouse Newmont has tapped Aussie advisory firm Treadstone Resource Partners in addition to Wall Street bank Citi for the sale of its Ghana asset Akyem for up to $US1bn ($1.48bn) to China’s Zijin Mining.
Zijin fought off competition from other major miners in Africa, and the deal was announced overnight in the US.
It comes after Australian listed African miner Perseus looked at Akyem but walked away.
Newmont opted to sell assets globally following its massive $24bn acquisition of Australia’s largest gold miner Newcrest in 2023, announcing its divestment program in February to focus on its tier one assets.
The deal sees Newmont receive $US900m of cash upon closing and a further $US100m based on certain conditions.
Newmont has also sold the Telfer asset in Western Australia in August for $714m to Greatland Gold and has run a campaign to sell other gold mines in Canada and the US.
MAC raises equity after passing on $1bn Portuguese acquisition
Metals Acquisition is understood to have been looking to buy Portuguese mine Neves-Corvo but has now moved on.
Sims could reap windfall from land sales
Some in the market believe that Sims needs to put some more thought towards selling more assets.