Newmont Corporation (ASX:NEM) has achieved commercial production at the Ahafo North Project in Ghana, marking the completion of one of West Africa’s most recent mining developments.
Ahafo North is expected to produce 50,000 ounces of gold in 2025, with production ramping up through 2026 to achieve full operational capacity.
Over the next five years, the mine is expected to deliver between 275,000 to 325,000 ounces of gold per year over 13 years.
CEO Tom Palmer says it is rare in this industry to see a new mine come to life within a single career.
“This new world-class operation demonstrates our commitment to operational excellence while creating enduring value for our investors, communities, host governments and all our stakeholders in this premier mining jurisdiction,” Palmer says.
Afaho North represents Newmont’s third mining investment in Ghana and establishes the company’s second operational site in the country – expanding Newmont’s existing footprint with four open-pit mines and a stand alone mill.
Newmont is a mineral producer focused primarily on gold, as well as copper, zinc, lead, and silver.
As Mining.com.au reported, the correction and consolidation phase in precious metals arrived following gold breaking its nine-week winning streak.
ABC Bullion reports gold fell almost 4% in US dollars from the LBMA PM price of US$4,294 ($6,565) per ounce, set earlier in the week on 20 October, while the intra week decline was as much as 8% – the sharpest decline seen in more than 13 years.
Gold sat at US$4,112 per ounce at the time of writing, as reported by Trading Economics.
Write to Aaliyah Rogan at Mining.com.au
Images: Newmont Corporation
