Home Business Newmont’s new Ahafo North mines project in steady shape up

Newmont’s new Ahafo North mines project in steady shape up

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Newmont Ghanax
Newmont Ghana

International mining firm Newmont Gold Ghana Ltd said on Tuesday that its new 850 million U.S. dollars Ahafo North mining project is in steady shape up..

Newmont said this during a trip organized by the Ghana Chamber of Mines and Journalists for Business Advocacy to the company’s Ahafo mines in the Ahafo region around Ghana’s middle belt.

The new Ahafo North mines is the company’s third mining project in Ghana after the Ahafo South, which began commercial production in 2006, and the Akyem mines, which commenced commercial operations in 2013.

“We are still securing land access, and as soon as that is complete, we will start implementation,” Andries Havenga, project director for the Newmont Ahafo North mines, said in an interview.

Havenga said the Ahafo project had been one of the best gold mines investments in Ghana and West Africa, and that is why Newmont kept investing in the country.

“We are also excited about the prospects of the Ahafo North project because it will provide about 550 jobs when mining begins, and we will see about 1,800 jobs at the construction stage, and the majority of those will be recruited from the local community,” he said.

The project, located about 30 km north of the existing Ahafo South mines, would cover five local communities. The company has earmarked 14 million dollars as a resettlement package for about 250 households in the five communities.

In addition, one million dollars will be paid as cash compensation for 700 identified structures and 186.2 million Ghana cedis (15.5 million dollars) for crop compensation. The company has provided 45 million cedis as a relief package to owners of 800 speculative structures on the land.

Samuel Osei, the communications and external affairs manager for the Newmont Ahafo North and South mines, said the company expected the new project to produce between 275,000 and 325,000 ounces of gold annually and induce growth in the local and national economy.

Osei said the Environmental Protection Agency had granted the environmental permit for the company to start construction work.

In 2022, Newmont paid 2.76 billion Ghana cedis (231 million dollars) to the Ghana Revenue Authority as taxes to the government.

“Mining is a catalyst for development, and as a country, we need to continue to position mining properly so that it can continue to lead in the development of this country,” said Ahmed Nangtomah, the director of communications and external affairs at the Ghana Chamber of Mines.

Nangtomah said mining had been a leading provider of foreign exchange, development in education, and the driving force behind the country’s development.

“Mining is very key to the economic development of this country, and mining goes beyond just digging in the ground. Many things happen on the back of mining. The current swapping of gold for oil products to help Ghana secure petroleum products regularly has support from the mining companies,” he added.

Ghana is the second highest gold producer in Africa, exporting 5.1 billion dollars worth of gold in 2021 according to the chamber of mines.

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