Ghana’s Ahafo North Project approved for execution

Ghana’s Ahafo North project has been approved for execution. Newmont Corporation‘s Board of Directors gave the green light and said the project exceeds the Company’s required internal rate of return, adding profitable production from 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,” said Newmont President and CEO, Tom Palmer.

“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,” he added.

The Ahafo North Project is located north of Newmont Ghana’s existing Ahafo South operations. The project will involve five open pit mines and the construction of a stand-alone mill. Production from the mine will average approximately 275,000 to 325,000 gold ounces with projected capital costs estimated to be between US $750 to US $850 million. Construction is expected to be complete in the second half of 2023.

Key aspect

Newmont has conducted extensive regulatory and community engagements, including meeting with traditional leaders, local and regional government agencies and holding public stakeholder engagement meetings. Stakeholders have endorsed the Ahafo North’s infrastructure plans and permits necessary to begin construction have been secured.

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. Newmont will work to create lasting value for host communities through local sourcing and hiring. Approximately 1,800 jobs at the peak of construction will be created with more than 550 permanent roles created once the mine is operational.

”This is a great milestone that will enhance the Region’s reputation as one of the most strategic and important assets within the Newmont global portfolio while create shared value for our workforce, community and government stakeholders through responsible and sustainable mining,” said the Regional Senior Vice President for Newmont Africa, Francois Hardy.

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