Newmont Mining is expecting project costs to rise at Ahafo North in Ghana where it is building four open pit mines and a stand-alone mill located about 30 kilometres from the company’s Ahafo South operations.
The gold miner said development costs since approval was $142 million, of which $75 million related to the six months ended June 30, 2022.
However, total capital costs are expected to be about 15% above the prior estimate, incorporating the cost associated with delayed land access.
The Ahafo North project is expected to add between 275,000 and 325,000 ounces per year for the first five full years of production.
It is considered the best-unmined gold deposit in West Africa with about 3.5 million ounces of reserves and more than 1 million ounces of measured, indicated and inferred resources and significant upside potential to extend beyond the current 13-year mine life.
Newmont said the commercial production for the project is expected in mid-2025.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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