By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Starr FmStarr FmStarr Fm
  • Home
  • Election Hub
  • General
    GeneralShow More
    Ablekuma North rerun: Dr. Amoako Baah demands overhaul of NEC after decisive loss
    July 15, 2025
    Akufo-Addo denies claims of pushing to postpone NPP national delegates conference
    July 15, 2025
    Military protection for civilians without entitlement withdrawn – Defence Minister
    July 15, 2025
    “Africa’s call for reparative justice is no longer a whisper” – Mahama
    July 14, 2025
    Starrfm.com.gh
    Four secessionists jailed over three years, fined GH¢34,000
    July 14, 2025
  • Business
    BusinessShow More
    FDA urges MSMEs to prioritise compliance for export and growth
    July 13, 2025
    UK Eases Trade Rules for Africa to Boost Exports and Economic Growth
    July 13, 2025
    Mayekoo doubles donations to African causes with new matching fund campaign 
    July 10, 2025
    Government inaugurates new NIB board, announces plan to recapitalise bank
    July 9, 2025
    Ghana’s gold now powers cedi stability – President Mahama
    July 8, 2025
  • Politics
    PoliticsShow More
    Ablekuma North rerun: Dr. Amoako Baah demands overhaul of NEC after decisive loss
    July 15, 2025
    Akufo-Addo denies claims of pushing to postpone NPP national delegates conference
    July 15, 2025
    “Africa’s call for reparative justice is no longer a whisper” – Mahama
    July 14, 2025
    Presidency terminates Zoomlion’s contract over concerns of impropriety and inflated billing
    Mahama pushes AU–CARICOM partnership to strengthen global reparations push
    July 14, 2025
    Ghana, Togo to lead reparations dialogue at 2025 UN General Assembly – Mahama
    July 14, 2025
  • Entertainment
    EntertainmentShow More
    Pine & Jinja campus tour with DJ Millzy, El Chapo hits 100,000 students in first phase
    July 14, 2025
    From Snapchat to real life: How Porials Pitch became Ghana’s most-attended marketplace
    July 14, 2025
    Filmmaker who threatened to kill police officers remanded
    July 14, 2025
    Afro Nation 2025: The global meeting point of love, expression, and African culture
    July 13, 2025
    GTDC CEO slams former leaders over mismanagement and lack of innovation
    July 12, 2025
  • Sports
    SportsShow More
    WAFCON 2024: Black Queens beat Tanzania to reach Quarterfinals
    July 15, 2025
    Esports Association Ghana receives invitation to Esports World Cup 2025
    July 14, 2025
    Global Citizen, FIFA unite global audiences through Music and Action with Inaugural FIFA Club World Cup™ Final Halftime Show
    July 14, 2025
    Tottenham secure Mohammed Kudus in high-profile transfer deal
    July 10, 2025
    Ghana, Nigeria share spoils in thrilling opener of 2025 WAFU U20 Boys Cup
    July 10, 2025
  • Technology
    TechnologyShow More
    Samsung Galaxy Z Flip7: A pocket-sized AI powerhouse with a new edge-to-edge flexwindow
    July 10, 2025
    Real Quantum Dot Technology in Samsung QLED TVs
    June 29, 2025
    GCAA and South Korea sign deal to advance Ghana’s Drone sector
    June 25, 2025
    Onafriq, PAPSS partner to launch cross-border payment services in Ghana 
    June 20, 2025
    Yellow Card, Visa partner to accelerate stablecoin adoption across emerging economies
    June 19, 2025
  • International
    InternationalShow More
    Presidency terminates Zoomlion’s contract over concerns of impropriety and inflated billing
    Mahama pushes AU–CARICOM partnership to strengthen global reparations push
    July 14, 2025
    47th AU Forum: Ablakwa criticizes $1.2m AfCFTA allocation as ‘highly insufficient’
    July 10, 2025
    Minority demands audit over $1.2m passport relaunch cost and delays
    July 9, 2025
    Minority demands compensation for citizens stranded by US embassy closure
    July 9, 2025
    Foreign Minister Okudzeto Ablakwa and Chinese Ambassador Tong Defa sign $30 million grant agreement for Aflao market
    Ghana secures $30 million Chinese grant for Aflao market project
    July 9, 2025
  • Factometer
Search
© 2024 EIB Network Ltd. All Rights Reserved.
Reading: Newmont Africa advances growth projects at Ahafo
Share
Notification Show More
Font ResizerAa
Starr FmStarr Fm
Font ResizerAa
  • Headlines
  • Election Hub
  • General
  • Politics
  • Sports
  • Business
  • Entertainment
  • Factometer
Search
  • Headlines
  • Election Hub
  • General
  • Politics
  • Sports
  • Business
  • Entertainment
  • Factometer
Have an existing account? Sign In
Follow US
© 2024 EIB Network Ltd. All Rights Reserved.
Business

Newmont Africa advances growth projects at Ahafo

Starrfm.com.gh By Starrfm.com.gh Published May 3, 2017
Share
SHARE

Newmont Africa has announced plans to build a new underground mine and expand processing capacity at its Ahafo operations by more than 50 percent. According to the Regional Senior Vice President – Africa operations, Alwyn Pretorius, the expansion will extend sustainable and profitable production at Ahafo.

“We have secured the required environmental permits and resources to self-fund a new underground mine and mill expansion at Ahafo. The Subika Underground mine will produce 1.8 million ounces of gold over 11 years with ore grades of 4.7grams per tonne and also create a platform to support longer-term growth. The Mill expansion project will increase mill capacity by more than 50 percent to nearly 10 million tonnes per year by adding a crusher, grinding mill and leach tanks to the circuit,” Mr. Pretorius said.

The projects have been optimized to improve internal rates of return to more than 20 percent at a $1,200 gold price. In the first five years of full production, from 2020 through 2024, the projects will add incremental gold production of 200,000 to 300,000 ounces of gold per year, for total annual production of between 550,000 and 650,000 ounces at Ahafo and lower cost applicable to sales (CAS) by $150 to $250 per ounce compared to 2016 for total CAS of $650 to $750 per ounce. All-in sustaining cost (AISC) is expected to reduce by $250 to $350 per ounce compared to 2016 for total average AISC of $800 to $900 per ounce.

“The Subika Underground resource has been studied for 11 years and execution and technical risks are well understood. We expect to reach first production at the mine in the second half of 2017 and commercial production in the second half of 2018. We have held extensive consultations with our communities and stakeholders and will work towards meeting local hiring commitments,” Mr. Pretorius added.

Development capital of between $300 million and $380 million will be funded through free cash flow and available cash balances. Newmont will uphold local hiring and procurement commitments and existing bargaining agreements through construction and operation.

Commercial production at Ahafo began in 2006 and the operation achieved five million ounces of gold production in October 2016. Mr. Pretorius says construction of the two projects will not disrupt operations or the company’s ability to meet cost and production targets.

“We are excited about these projects and will advance them to create value for our shareholders, communities and all stakeholders,” he added.

You Might Also Like

FDA urges MSMEs to prioritise compliance for export and growth

UK Eases Trade Rules for Africa to Boost Exports and Economic Growth

Mayekoo doubles donations to African causes with new matching fund campaign 

Government inaugurates new NIB board, announces plan to recapitalise bank

Ghana’s gold now powers cedi stability – President Mahama

TAGGED:Miningnewmont
Share This Article
Facebook Twitter Email Print
Share
Previous Article World Economic Forum on Africa opens in Durban
Next Article The “think health, think the MD” posturing of Ghana media a monster

Starr 103.5FM

Starr FmStarr Fm
Follow US
© 2024 EIB Network Ltd. All Rights Reserved.
newsletter icon
Join Us!

Subscribe to our newsletter and never miss our latest in news, podcasts etc..

[mc4wp_form]
Zero spam, Unsubscribe at any time.
adbanner
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist
Welcome Back!

Sign in to your account

Lost your password?