Canada-based Kinross Gold will invest $1.5bn in the Tasiast gold mine in Mauritania.
The investment will be spent over three years to increase the mine's production from 200,000oz to one million ounces annually, reports Bloomberg.
Kinross president and chief executive officer Tye Burt said the company also plans to assist the government of Mauritania in developing a mining school by providing $10m over the next three years.
The school will develop a mining school and training centre to support the future development of Mauritania's mining industry.
Earlier in September, Kinross acquired Australia's Red Back Mining, which has mines in Mauritania and Ghana, for $7.2bn.