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Newmont sells 3,500 oz of gold to Ghana under local purchasing plan

Newmont’s Africa unit has sold 3,500 ounces of gold to the Bank of Ghana under a central bank domestic gold purchasing program launched in June 2021.

The company said the gold purchasing program aims to increase gold reserves and spurred discussions with the Chamber or Mines about the Bank of Ghana’s intentions to purchase refined gold from mining companies in the country.

Gold component

Newmont Africa said was the first mining company to respond to the central bank’s initiative with a first sale of refined gold in May 2022. Ghana’s central bank is seeking to raise the gold component of its reserves in a bid to strengthen the West African country’s local cedi currency without increasing inflation.

Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices.

The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical proficiency. Newmont was founded in 1921 and has been publicly traded since 1925. Its presence in Ghana includes the Ahafo mine in the Ahafo region and the Akyem operation in the Eastern region near New Abirem.

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