Newmont warns of project cost increases in Australia, Ghana Profit slumps on lower gold prices gold USA Australia Canada Africa Peru Americas
Global bullion major Newmont has flagged delays and cost increases at its expansion projects in Australia and Africa, citing current market conditions for labour and materials, as well as delayed land access in Ghana.
At Ahafo North, in Ghana, where Newmont is building four new openpit mines and a standalone mill about 30 km from the Ahafo South operations, the schedule is also behind, and costs are rising. “Ahafo North is the best unmined gold deposit in West Africa with approximately 3.5-million ounces of reserves and more than one-million ounces of measured, indicated and inferred resources and significant upside potential to extend beyond Ahafo North’s current 13-year mine life,” the company said.
Yanacocha Sulphides will develop the first phase of sulphide deposits and an integrated processing circuit, including an autoclave to produce 45% gold, 45% copper and 10% silver. The project is expected to add average gold production of 525 000 gold equivalent ounces a year for the first five full years.
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