Newmont Mining says it will make a decision on the development of a second mine in Ghana by the middle of next year.
Newmont regional senior vice-president for Africa Jeff Huspeni said development of the Akyem gold mine in eastern region of Ghana will cost $700m to $1bn.
The mine contains 7.66 million ounces of proven and probable ore reserves.
Huspeni said the company is seeking a dependable electricity source to supply the gold mine.
In 2007 Newmont and three other companies operating in Ghana collectively acquired an 80MW power generator to address the power supply shortage in the country.
In 2006 the company commenced mining operations in Ghana with its Ahafo mine.