Newmont Corporation, headquartered in Denver, has taken steps to sell its Akyem gold mine situated in Ghana, with Chinese producers showing interest due to the upward trend in gold prices. The company is working with Citigroup, Inc. to facilitate the sale and has started engaging potential buyers, as per reports from Bloomberg. Notable entities like Shandong Gold Mining Co., Zijin Mining Group Co., and Chifeng Jilong Gold Mining Co. have exhibited initial interest in the Akyem asset, while Perseus Mining Ltd., an Australian miner, also previously expressed interest in the mine.
In addition to Akyem, Newmont Corporation is looking to divest four gold mines in North America and one in Australia to raise $2 billion in cash post its acquisition of Newcrest Mining Ltd. The company's plan includes auctioning six non-core assets like Éléonore, Musselwhite, Porcupine, CC&V, Akyem, and Telfer, along with two non-core projects such as Havieron and Coffee. By selling off assets, Newmont aims to reduce its debt load by $1 billion in the near future, with the goal of achieving $100 million in free cash flow by integrating Newmont and Newcrest while also making job cuts.
Newmont Corporation is optimistic about enhancing its gold production, projecting an increase to 6.7 million ounces by 2028. Parallel to these significant strategic moves, NEM stock has experienced a decline of more than 29% over the past year. For investors looking to invest in Newmont, exposure to NEM stock is possible through funds like IShares MSCI Global Gold Miners ETF (RING) and VanEck Gold Miners ETF (GDX).