Newmont Announces Divestment of Akyem in Ghana for up to $1B

Group 1 - Newmont Corporation has reached a definitive agreement to sell its Akyem operation in Ghana to Zijin Mining Group for up to $1 billion in cash, reflecting its strategy to divest non-core businesses and focus on Tier 1 assets [1][2] - The agreement includes an initial payment of $900 million upon closing, with a potential additional $100 million contingent on certain conditions [1] - Proceeds from the sale will be used to improve the balance sheet and return capital to shareholders, aligning with Newmont's capital allocation priorities [1] Group 2 - The transaction is expected to be completed in the fourth quarter of 2024, pending regulatory approvals, and is not anticipated to significantly impact Newmont's 2024 outlook [2] - Newmont remains committed to Ghana, planning to invest between $950 million and $1,050 million in the Ahafo North gold mining project [2] Group 3 - Newmont's shares have increased by 40.2% over the past year, compared to a 44.4% rise in its industry [3] - Newmont currently holds a Zacks Rank of 2 (Buy), indicating a positive outlook among analysts [4]