Newmont sells Ghana gold mine for $1 bln

Investing.com-- Newmont Corp (NYSE:NEM ) said on Tuesday it will sell is Akyem gold mine in the Republic of Ghana to China’s Zijin Mining Group (SS:601899 ), as it moves to sell off its non-core assets and focus more on its bigger gold mines. 

Newmont will receive an upfront cash consideration of $900 million for the sale, and will receive an additional $100 million after the closing of the deal.

The sale is the latest in a line of divestitures by Newmont, as part of a major restructuring announced earlier this year. The gold miner had in September sold two mines in Australia for nearly half a billion dollars. 

Newmont’s selling spree comes after its acquisition of Australia’s Newcrest earlier this year, which made it the world’s biggest gold miner.

The miner has also benefited from an uptick in gold prices this year, as safe haven demand and interest rate cuts put bullion prices at record highs. 

Source: Investing.com