Fed’s Powell opens door to potential rate cuts at Jackson Hole
Investing.com -- Newmont announced that Ghana has ratified the renewal of the Akyem East Mining Lease, triggering a $100 million payment from Zijin Mining Group.
The payment is part of Newmont’s agreement to divest its Akyem operation in Ghana to Zijin Mining Group. With this additional payment, the total after-tax cash proceeds from the Akyem sale have reached approximately $770 million.
Following this development, Newmont has updated its expected proceeds from its 2025 divestiture program to $3.1 billion after tax. This includes $2.6 billion from divested assets and approximately $470 million from the sale of equity shares in Greatland Resources and Discovery (NASDAQ:WBD) Silver.
The mining company stated that these proceeds will support its capital allocation priorities, which include reducing outstanding debt and returning capital to shareholders.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.