US-based gold mining company Newmont has approved the advancement of the Ahafo North Project in Ghana into the execution phase.

Comprising four open-pit mines and a standalone mill, the project development is estimated to cost between $750 to $850m.

The development of the gold project is estimated to cost between $750 and $850m.

Newmont president and CEO Tom Palmer said: “I am pleased to announce the approval of full funding for the Ahafo North Project, expanding our existing footprint in Ghana and adding more than three million ounces of gold production over an initial 13-year mine life.”

The project is expected to create 1,800 construction jobs and more than 550 jobs once the mine enters production.

Newmont plans to complete construction on the project in the second half of 2023.

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By GlobalData

The mine is expected to have an average production of approximately 275,000 to 325,000 gold ounces for the first five years.

Palmer added: “The development of this prolific ore body will leverage our proven operating model and will be supported by our existing world-class Ahafo South operation. The project will be developed and operated in a sustainable and responsible manner to create value for all our stakeholders.”

The mine is located 30km north of the company’s existing Ahafo South operations.

The Ahafo South and Ahafo North projects are the two primary ore zones of the Newmont’s Ahafo mine, which started commercial production in 2006.

The Ahafo mine is located along the Sefwi Volcanic Belt, a northeast-southwest trending volcanic belt in Ghana.

Earlier this year, Newmont agreed to acquire the remaining 85.1% stake in Canadian firm GT Gold for $311m.

GT Gold is involved in advancing its 100%-owned 47,500ha Tatogga property in the Tahltan Territory in British Columbia, Canada.