04:10 AM EDT, 10/09/2024 (MT Newswires) -- Newmont ( NEM ) said late Tuesday it struck a deal to sell its Akyem operation in Ghana to Zijin Mining Group for up to $1 billion in cash.

The company expects to receive $900 million in cash upon closing and a further $100 million upon the satisfaction of certain conditions. The transaction is expected to close in Q4.

Newmont ( NEM ) plans to use the proceeds for capital allocation priorities, including strengthening the balance sheet and returning capital to shareholders.

The company said the sale is part of its ongoing program to divest non-core assets.

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