Speaking at the Denver Gold Group's annual forum in Colorado, Viljoen expressed confidence that the company would meet or exceed its target, emphasising that all divestment plans are progressing as scheduled.

This strategic move follows Newmont's acquisition of Newcrest Mining in 2023 and aligns with the company's focus on Tier 1 assets, which are defined as those capable of producing a minimum of 500,000 ounces of gold equivalent for 10 years or more.

By concentrating on these premier assets, Newmont aims to bolster its copper exposure, enhance operational efficiency, and increase shareholder value.

Akyem mine

Akyem produced 420,000 ounces of gold a year at the end of 2022, according to Newmont, the world’s largest gold producer. The precious metal surged to a fresh record on Tuesday and has rallied about 14 per cent this year.

The sale is part of Newmont’s effort to raise $2 billion in cash through divestitures in the wake of its acquisition of Newcrest Mining Ltd. in November. On top of Akyem, Newmont also wants to sell four gold mines in North America and one in Australia.

The Akyem Mine in Ghana paid GH¢184.6 million to the government as a dividend for 2022, the amount representing the government’s carried interest in operating the mine.

The Regional Senior Vice-President for Africa, David Thornton, thanked the government for its continuous support of Newmont Africa’s Ahafo and Akyem mines and reiterated the company’s commitment to continuing responsible mining operations while looking to expand Newmont Africa’s work in Ghana with the Ahafo North project.

Consolidate portfolio

The decision to divest smaller mines and development projects is a deliberate effort to optimise Newmont's portfolio and consolidate its position as a leading gold producer.

Earlier this month, the company agreed to sell two Australian assets to Greatland Gold Plc for up to $475 million, marking significant progress in its divestment strategy.

Newmont is now working to finalise sales of additional mines and projects in Ghana, the United States and Canada by the end of the first quarter of 2025. According to Newmont's Chief Financial Officer Karyn Ovelmen, the sale of the Akyem mine in Ghana is in advanced stages, with interested parties conducting thorough due diligence.

Similarly, the process for selling a handful of gold mines in Canada and the US has entered its second stage, with Newmont undergoing detailed evaluations with potential buyers.

These sales are critical to Newmont's strategy, enabling the company to redirect resources to its most profitable and sustainable operations.