• Zijin Gold International, a unit of Zijin Mining, plans to raise $3.2 billion in a Hong Kong listing.

• The IPO centers on Ghana’s Akyem mine, acquired from Newmont for $1 billion in April.

• The listing will float 13.3% of the company, with Zijin retaining the majority stake.

Zijin Gold International, a wholly owned subsidiary of Zijin Mining, will seek to raise $3.2 billion in an initial public offering in Hong Kong on September 29, according to a prospectus published Friday. The company will issue 348,990,700 shares at HK$71.59 each, raising about HK$25 billion.

The listing represents 13.3% of the company’s share capital. Zijin Mining will retain 86.7%. The proceeds will finance the development of the group’s overseas gold portfolio, which includes Ghana’s Akyem mine.

Zijin Mining purchased the Akyem mine in April from Newmont for about $1 billion. The project, which produced 6.4 tons of gold in 2024 (about 205,000 ounces), is undergoing expansion with underground operations that could extend its life until 2042. Zijin has not yet disclosed financing details or a timeline for the underground works.

Besides Akyem, Zijin Gold International controls seven additional assets, including Rosebel in Suriname, Buriticá in Colombia, and Aurora in Guyana. The company said the creation of the subsidiary establishes an independent platform to manage its non-Chinese gold mines, allowing the parent company to focus on core operations.

The listing comes as gold prices trade in a bullish market, boosting investor appetite for mining assets. The expansion of Akyem is expected to strengthen Zijin’s presence in Africa, where it is also pursuing other acquisitions.

Reuters reported in June that Zijin Mining submitted a $500 million bid for Barrick Gold’s Tongon mine in Côte d’Ivoire. The Canadian miner has not confirmed whether it will accept the offer.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange Jason Quenum