TORONTO (miningweekly.com) – The board of Newmont Mining, the second-biggest gold producer by output volume, has approved funding to develop the Akyem gold project in Ghana, the company said on Thursday.
“Newmont's board has cleared Akyem through the fourth stage-gate in Newmont's four gate project review process, which roughly equates to "bankable feasibility" approval,” the firm said in a statement.
Akyem will is expected to produce between 400 000 and 500 000 oz/y in the first five years of operations.
First production from the project, which has 7,2-million ounces of gold reserves, is scheduled for late 2013 or early 2014, according to Newmont's annual report.
Newmont, led by CEO Richard O'Brien said in November that capital expenditure at Akyem was estimated at between $700-million and $1-billion.
Akyem will be Newmont's second mine in Ghana, after the Ahafo operation which has been producing gold since 2006.