Major gold producer ‘committed to Africa for the long run’

Africa will be responsible for around 22% of major gold producer Newmont Mining’s gold production in 2019.

According to Elaine Dorward-King, executive vice president of sustainability for Newmont, one of the world's largest gold producers with assets and operations on five continents, this is a clear indication of the importance of the continent to the company.

“Africa has proven and probable gold reserves, standing at nearly 12.7 million ounces at the end of 2017. A key aspect of our strategy is prioritising sustainable and profitable growth opportunities through frameworks that support investments and create value over the long term.”

She said in Ghana the company’s investment had grown to more than $3.4 billion since 2002 when it had made an initial investment of $500 million.

Operating two gold mines in Ghana along with several ongoing greenfield explorations in Ethiopia, the company was committed to Africa for the long run, said Dorward-King.

Specific to its Ghana operations, she said the Ahafo mine which had started commercial production in 2006, and Akyem which had poured its first gold in 2013, had together produced over 7 million ounces of gold to date.

“We are executing expansion projects to extend production at our Ghana mines,” said Dorward-King. “This includes advancing studies for the Ahafu North project and other prospective surface and underground opportunities.”

She said over and above this the company had managed to deliver higher gold quality at lower cost at Ahafu.

Later this year it will further increase throughput at the mine when its mill expansion project is completed.

“These growth projects lay the foundation for steady, long-term production and serve as a catalyst for sustainable economic development in the country.”

She said over and above the company’s commitment to continue mining sustainably and to grow its operations in Africa, it had also been involved with more than 150 infrastructure projects in the country.

“We recognise that building infrastructure is not enough in Africa but that we have to invest in projects that also create employment and grow and create employment vehicles that will exist long after the mine has closed down.”

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