Zijin Mining Group of China has struck a $1 billion deal to acquire Newmont Corporation’s gold project in Ghana, a transaction that underscores China’s growing influence in the global mining sector. The acquisition involves Newmont’s Ahafo North project, a major asset located in the Ashanti region, part of Ghana’s rich gold belt. As the largest gold producer in Africa, Ghana is a key destination for mining investments, and this project is expected to significantly bolster Zijin’s gold production capacity. The acquisition fits into Zijin’s broader strategy to diversify its assets globally, particularly in resource-rich regions like Africa and Latin America, as it positions itself as a dominant player in the global gold market.
For Newmont, the sale is part of a strategic shift to optimize its portfolio by focusing on core operations in other regions, such as North and South America and Australia. The deal reflects the growing trend of consolidation in the gold mining industry, where companies like Zijin, Barrick Gold, and AngloGold Ashanti compete for control of high-quality assets worldwide. This move also highlights China’s increasing investment in Africa’s mining sector, not just in gold but across a range of other minerals, as the country seeks to secure essential resources for its economy. For Ghana, the deal is expected to attract further foreign investment, strengthening its role as a leading gold producer while deepening economic ties with China.
