Gold miner Newmont to advance Ahafo North Project in Ghana

FILE PHOTO: Visitors speak with a representative at the Newmont Corp booth at the Prospectors and Developers Association of Canada (PDAC) annual conference in Toronto, Ontario, Canada March 1, 2020. REUTERS/Chris Helgren

(Reuters) - Gold miner Newmont Corp said on Thursday its board approved full funding to advance its Ahafo North Project in Ghana into the execution phase.

The project, located 30 kilometers north of the company’s existing Ahafo South operations, will add more than three million ounces of gold production over an initial 13-year mine life, the company said.

The top gold producer estimated capital costs to be between $750 million and $850 million, with construction expected to be completed in the second half of 2023.

Production from the mine will average about 275,000 to 325,000 gold ounces with all-in sustaining costs of $600 to $700 per ounce for the first five years, Newmont said.

Commercial production at Ahafo began in 2006, which has two primary ore zones, Ahafo South and Ahafo North.

Reporting by Sahil Shaw in Bengaluru; Editing by Sriraj Kalluvila