EXPLORATION & DEVELOPMENT

Newmont approves Ahafo North

GOLD major Newmont Corporation has approved the US$750-850 million Ahafo North project in Ghana, 13km north of the existing Ahafo South operation.

Staff reporter
Newmont's Ahafo South mine

Newmont's Ahafo South mine

The company described Ahafo North as the best unmined gold deposit in West Africa.

"I am pleased to announce the approval of full funding for the Ahafo North project, expanding our existing footprint in Ghana and adding more than three million ounces of gold production over an initial 13-year mine life," Newmont president and CEO Tom Palmer said.

"The development of this prolific ore body will leverage our proven operating model and will be supported by our existing world-class Ahafo South operation. The project will be developed and operated in a sustainable and responsible manner to create value for all our stakeholders."

Ahafo North will comprise four open pit mines and a new standalone mill.

Production from the mine will average approximately 275,000 to 325,000 ounces of gold at all-in sustaining costs of $600-700 per ounce for the first five years. with construction expected to be complete in the second half of 2023.

At current gold prices, the project is expected to deliver more than a 30% internal rate of return.

The project will create approximately 1800 jobs at the peak of construction with more than 550 permanent roles created once the mine is operational.

A key aspect of the Ahafo North project's workforce planning will be a target to achieve gender parity in the workforce when operations begin.

Shares in Newmont rose 0.2% in New York overnight to $63.49.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.