Newmont has agreed to sell a gold mine in Ghana to a Chinese miner for $1.0 billion, the latest divestiture by the world’s biggest gold miner as it turns its focus to copper.

China's Zijin Mining Group will buy the Akyem Gold Mine Project in Ghana from U.S.-based Newmont Corp for $1 billion, the companies said on Wednesday. The sale is a part of Newmont's ongoing programme to divest non-core assets as the company makes a strategic shift to focus on its tier one assets,

The transaction's proceeds will support NEM's capital allocation priorities, which include improving the balance sheet and returning capital to shareholders.

Newmont Corporation has announced that it will sell its Akyem operations to Zijin Mining Group Co., Ltd. under a definitive agreement for cash consideration of up to $1 billion. The sale is part of Newmont's ongoing program to divest non-core assets as the Company makes a strategic shift to focus on its Tier 1 assets.

Zijin Mining Group Co. has bought the Akyem gold project in Ghana for as much as $1 billion in cash as the state-owned firm looks to add resources to meet its aggressive output targets.

Newmont agrees to sell Akyem gold mine in Ghana to Zijin Mining for up to $1B in cash, as part of strategic focus on Tier 1 assets.