Newmont, currently the world's biggest gold producer by market value and ounces produced, is set to expand operations in Africa as the continent holds much potential.This is according to Newmont CEO, Tom Palmer, who said the company was bullish in its outlook for Africa and had a clear and consistent strategy to grow its presence and footprint on the continent. It is already the largest gold producer in Ghana, and Palmer said the mining house was well-positioned to main this position and was extending the life of its mines in the country.Originally delayed due to encroachment by land speculators, the Ahafo North mine project was finally going ahead – considered to be extremely good news for Ghana, which has been suffering a foreign exchange crunch and fiscal deficit financing crisis.“We are expanding our operations in Ghana through our Ahafo North project,” said Palmer. This constitutes an investment of some $850 million to build and develop the open pit mine that will complement the Ahafo South Mine, which started production in 2006. According to Palmer, this mine had produced over 5.8 million ounces by 2019 and has continued to ramp up its annual production which will be anything between 550 000 and 650 000 ounces by 2024.Palmer said Ahafo North was expected to produce around 300 000 ounces of gold annually over a 12-year lifespan. “Combined Ahafo North and South are expected to produce around 850 000 ounces of gold per year until at least 2030.”It was not just in Ghana where Newmont was investing, said Palmer, indicating that the company was actively looking at sites in Cote D’voire and Ethiopia for more opportunities. “Investments in Africa are key to building a profitable future for Newmont,” said Palmer. “Africa is very much part of the company’s long-term strategy and we are committed to strengthening and expanding our footprint on the continent.”
