Newmont Goldcorp has announced the company’s board of directors approved advancing the Afaho North project in Ghana into the execution phase, adding about 3 million oz of gold to the company’s portfolio.
“The project exceeds the Company’s required internal rate of return, adding profitable production from the best unmined gold deposit in West Africa,” the miner said in a statement.
“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,” commented Tom Palmer, Newmont’s president and CEO.
Located some 30 km north of Newmont’s existing Ahafo South operations, the Ahafo North project is to include four open pit mines and the construction of a stand-alone mill.
“Projected capital costs are estimated to be between $750 to $850 million with construction expected to be complete in the second half of 2023,” the company said.