Zijin Mining Group (02899): Completion of the Delivery of the Akyem Gold Mine Project in Ghana

Zijin Mining Group (02899) announced that it disclosed the "Announcement on the Acquisition of the Ghana Akyem Gold Mine Project" on October 9, 2024. The company acquired 100% equity of the Ghana Akyem gold mine owned by Newmont Corporation ("Newmont") through its overseas wholly-owned subsidiary. As all the agreed-upon conditions precedent in the agreement have been fulfilled or waived, the acquisition was completed on April 16, 2025, Beijing time. The Akyem gold mine is located on one of the world's major gold mineralization belts, with a thick and continuous ore body. The project is currently operated as an open-pit mine, with stable operations in the mine and processing plant, good equipment status, and conventional carbon-in-leach technology being used. The processing plant is designed with a capacity of 8.5 million tons per year, with gold production of 11.9 tons, 13.1 tons, 9.2 tons, and 6.4 tons in 2021 to 2024 respectively. The sales revenue in 2023 reached $574 million, with a net profit of $128 million. The company believes that the Akyem project has good ore-forming conditions and potential for further mineral exploration and reserves. With the significant rise in gold prices, exploring further resources, re-evaluating the technology and economy of mining and processing, the available resource reserves are expected to increase significantly. There is potential to increase the mine's service life and gold production, which will contribute positively to achieving the group's gold production targets.