Gold mining company Newmont announced that its board of directors has approved the advancement of the Ahafo North project to the implementation stage. The development cost of the gold project is estimated to be between 750 to 850 million U.S. dollars. The construction of the project is expected to be completed in the second half of 2023.

The Ahafo North project will include the construction of four open-pit mines and an independent factory. After commissioning, the mine is expected to produce approximately 275,000 to 325,000 ounces of gold in the first five years. The project is located nearly 30 kilometers north of the existing Ahafo South operations area in Newmont.

Tom Palmer, President and Chief Executive Officer of Newmont, said: "I am pleased to announce the approval to provide full funding for the Ahafo North project, expand our existing footprint in Ghana, and add more than 3 million ounces of mine over the first 13 years of mine life. Gold production." During the construction phase, the Ahafo North project is expected to create approximately 1,800 jobs. Once operational, it will create more than 550 permanent roles. Ahafo has two main mining areas, including Ahafo South and Ahafo North.

Palmer said: "The development of this prolific ore body will utilize our proven operating model and will be supported by our existing world-class Ahafo South operations. The project will be developed and operated in a sustainable and responsible manner. Create value for all our stakeholders.” In April, Lycopodium Minerals Africa won a contract to provide engineering and procurement management (EPM) services for the Ahafo North project.

The project consists of seven mineralized areas with a strike length of approximately 14 kilometers. In May, the US-based gold company completed the acquisition of the remaining 85.1% equity in GT Gold for US$311 million.Editor/Baohongying