China’s Zijin Buys Ghana Gold Mine From Newmont for $1 Billion

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 purchase from US-based Newmont Corp. will allow China’s largest listed metals producer to mine high-grade ore bodies from one of the world’s major gold belts, Zijin said in a filing to the Hong Kong stock exchange on Wednesday.

Akyem’s open pit mine held 34.6 tons of reserves as of December, according to the filing. Underground operations are expected to begin from 2028, extending the mine’s ...