Newmont Corporation announced the sale of its Akyem Mine located in the Birim North District to Zijin Mining Group Ltd. on 8th October, 2024 as part of its previously announced decision to divest six of its global operations that no longer fit the company’s strategic focus on Tier 1 assets. The Tier 1 assets refer to mines that have scale, low-cost profile, long mine life, and are located in favourable mining jurisdictions.

The announcement of the Akyem sale has generated intense public discussion and attention from Civil Society Organisations, mining industry players and the host communities of the Akyem Mine. The public interest stems mainly from the outcomes of mine divestitures across Ghana in recent past.

Data from the World Bank indicates that divestitures in Ghana’s mining industry dates back to the 1990s when Ghana divested its interest in the State Gold Mining Companies (SGMC) to multinational companies following decades of recorded losses and debts. This era opened the flood gates for greater exploration and introduction of more advanced mining technology to reduce environmental impact and enhance community development.

In recent times, Ghana has experienced divestiture in gold, diamond and the manganese subsectors by both state and private sector players. For instance, the government of Ghana divested its interest in the great Consolidated Diamond Company in 2014. Similarly, in 2021 Chifeng Jilong Gold acquired Golden Star Resources, operators of the Wassa Mine, while Future Global Resources acquired the Bogoso Prestea mines in the Western Region.

Change and workforce sentiments
The change in ownership of all major industries tends to generate public interest and anxiety among the workforce as well as host communities. Newmont’s 2023 Tax and Royalty report shows that the company’s Ahafo and Akyem mines employ about eight thousand direct employees and contractors. The decision to divest the Akyem mine will therefore have a direct impact on the workforce, hence the need to understand the prevailing sentiments among the workers.

To better understand the sentiments of the workers and host communities of the Akyem Mine, the team extensively engaged employees of the mine, all of whom opted to speak on condition of anonymity about the impending change in employers. To protect their identity, the names used in this article are not real.

‘I am surprised to learn that Zijin is a much bigger company globally than Newmont Corporation. The interaction with their leaders also helped to allay some of our concerns. The future looks bright with new opportunities,’ stated Coba, a process maintenance staff.



Kweku, a haul truck operator who has worked with Newmont for the past seven years said: ‘I believe Zijin will bring hope to the people by especially, making it clear that they are going to do owner mining and pursue the underground project.’

Similar sentiments were echoed by Cynthia who stated: ‘I believe this sale rather would create more jobs especially for some departments and provide job security for the already existing employees. Prior to the sale, people feared losing their jobs, but that is no longer a major concern due to the assurances received.’
Sena and her friends were, however, cautious about what the sale means for their careers. ‘This change could mean a lot. Obviously, the main concern was job security and our well-being. Are there any other opportunities if jobs are going to be kept? How well are we going to be treated when a new company comes in?’ he asked.

Bro Yaw, another employee, was however cautious about his expectations. He averred that he and his colleagues are not sure if any other company can sustain the high safety and environmental standards of Newmont. ‘Newmont is very particular about the safety of employees, and you can see it through the safety policies and standards deployed on the site. As Zijin is a much bigger company than Newmont, I will be cautiously optimistic and hope that they can outperform Newmont in operational safety.’
Looking ahead
Information within the host communities shows that some community members have had the opportunity to engage the management of Zijin Mining Group, which has given them an insight into the company’s values and ambition for the Akyem mine.

Zijin is known to have market capitalization of over US$60 Billion, with operations in multiple countries and listing on both the Shanghai and Hong Kong Stock Exchanges. The company is highly ranked by global ESG rating agencies, including Standard and Poor’s (S&P) Global, Morgan Stanley Capital International (MSCI), and Carbon Disclosure Project (CDP). It produces annual sustainability reports, as well as its ethics and human rights policies, demonstrating transparency in ESG-related issues.

Zijin’s commitment to investing in the underground operation was comforting to the employees, a significant number of whom had expressed concern about job security amidst the sale.

While the government goes through the motions to complete the approval processes for the Akyem sale, it is important to pay attention to the direct impact on sustaining the operation of Akyem Mine for the thousands of employees, dependents and host communities whose livelihoods depend on the mine’s continuous operation.