Zijin Mining Group, a major Chinese gold and copper producer, saw its shares fall sharply on Wednesday despite announcing a $1 billion acquisition of a gold mine project in Ghana from Newmont Corporation, a leading global mining company.
According to a filing with the Hong Kong stock exchange, Zijin Mining's unit Gold Source International Holdings has agreed to purchase a 100% stake in Newmont Golden Ridge, which owns the entire Akyem Gold Mine project in Ghana. The deal also includes four prospecting licenses, three of which are located adjacent to the Akyem mine, covering a total area of 79.59 square kilometers.
The acquisition, which is subject to certain conditions, will see Zijin paying $900 million upfront upon completion, with the remaining $100 million to be released after the license ratification by the Ghanaian parliament. Despite the strategic move to expand its gold mining operations in Africa, Zijin's shares declined by around 2% in both Shanghai and Hong Kong morning trading following the announcement.
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