Newmont Announces Akyem Mining Lease Ratification, Unlocking $100 Million Payment

Business Wire

4 days ago

DENVER--(BUSINESS WIRE)-- Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) ('Newmont' or the 'Company') is pleased to announce that the Parliament of Ghana has ratified the renewal of the Akyem East Mining Lease (the 'Lease Ratification'). Per Newmont's definitive agreement to divest its Akyem operation in the Republic of Ghana, Zijin Mining Group Co., Ltd. ('Zijin') agreed to pay Newmont $100 million upon receipt of the Lease Ratification. The payment has been received, bringing total after-tax cash proceeds from the sale of Akyem to approximately $770 million.
With today's announcement, Newmont now expects to generate $3.1 billion in after-tax cash proceeds from its divestiture program in 2025, 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 Newmont's capital allocation priorities, which include reducing outstanding debt and returning capital to shareholders.
For further information related to the sale of the Company's Akyem operation, see Newmont's Form 10-Q for the quarter ended June 30, 2025, filed on July 24, 2025.
About Newmont
Newmont is the world's leading gold company and a producer of copper, zinc, lead, and silver. The Company's world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the Company has been publicly traded since 1925.
At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont's sustainability strategy and initiatives, go to www.newmont.com.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. Forward-looking statements in this news release include, without limitation, expectations regarding receipt of any unpaid contingent consideration and expectations regarding proceeds. Such statements remain subject to risk and uncertainties, and are based upon assumptions, including, without limitation, final settlement of purchase price adjustments for the 2025 divestment transactions, some of which have not been finalized as of the date of this release. Uncertainties include those relating to general macroeconomic uncertainty and changing market conditions, changing restrictions on the mining industry in the jurisdictions in which we operate, impacts to supply chain, including price, availability of goods, ability to receive supplies and fuel, and impacts of changes in interest rates. Uncertainties in geopolitical conditions could impact certain planning assumptions, including, but not limited to commodity and currency prices, costs and supply chain availabilities. For additional discussion of risks and other factors that might impact future looking statements, see the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (the 'SEC') on February 21, 2025, under the heading 'Risk Factors" (including without limitation under the headings "Assets held for sale may not ultimately be divested and we may not receive any or all deferred consideration" and "The Company's asset divestitures place demands on the Company's management and resources, the sale of divested assets may not occur as planned or at all, and the Company may not realize the anticipated benefits of such divestitures"), available on the SEC website or at www.newmont.com. The Company does not undertake any obligation to release publicly revisions to any 'forward-looking statement,' including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued 'forward-looking statement' constitutes a reaffirmation of that statement.