Newmont unlocks $100M in Akyem lease ratification

Ghana has ratified the renewal of gold mining company Newmont’s Akyem East mining lease, with Zijin Mining Group agreeing to pay Newmont $100 million upon receipt of the lease ratification. After-tax, the cash proceeds from the sale amount to approximately $770 million.

Newmont expects to generate $3.1 billion in after-tax cash proceeds from its divestiture programme this year, including $2.6 billion from divested assets and approximately $470 million from the sale of equity shares in Greatland Resources Limited and Discovery Silver Corp. The proceeds will support the company’s capital allocation priorities, which include reducing outstanding debt and returning capital to shareholders