Newmont sells Ghana gold mine for $1 billion to Investing.com

Investing.com– Newmont Corp (NYSE: ) said on Tuesday it will sell the Akyem gold mine in the Republic of Ghana to China. Zijin Mining Group ( SS: ) as it sells off its non-core assets and focuses more on its larger gold mines.

Newmont will receive upfront cash consideration of $900 million for the sale and an additional $100 million after the transaction closes.

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 sold two mines in Australia in September for nearly half a billion dollars.

Newmont’s sales spree comes after it acquired Australia’s Newcrest earlier this year, making it the world’s largest gold miner.

The miner has also benefited from a surge in gold prices this year as haven demand and interest rate cuts have pushed bullion prices to record highs.