Chairman of MIIF criticises Newmont for disrespecting Ghana on Akyem mine sale

Newmont Ghana is selling its interest in the Akyem mine to Zijin Mining Group for up to $1 billion as part of its strategy to focus on Tier 1 assets.

The sale includes $900 million cash at closing, with an additional $100 million contingent on certain conditions.

Professor Douglas Boateng, Chairman of MIIF, criticized Newmont for failing to consult MIIF, calling it disrespectful to Ghana and a governance oversight.

Newmont’s CEO, Tom Palmer, emphasized that the sale aligns with their priorities while ensuring local benefits, with the transaction expected to close by the end of 2024.