The Newmont Mining Corporation board of directors have announced the approval of funds for the Akyem gold project in Ghana. The project has been cleared by the board to the fourth stage in its four gate project review process that will now be somewhat similar to the bankable feasibility approval.
There are an estimated 7.2 million ounces of gold at Akyem and the company should see production by end of 2013. The project will cost about $700 million to a billion to develop.
Newmont Mining already has a half million ounces of gold per annum project operational in Ghana with its Ahafo Mine. The mine provides employment to 5,000 people. The current decision on Akyem reflects the company’s confidence in Ghana and its region aspirations.
It has already mentioned that it will partner with key stakeholders such as local communities, the local government, and businesses to create shared value via providing jobs, workforce training and economic and social development in the surrounding areas of the mine.
Akyem will add to the production base of the mining company and will have the added advantage of showing it as a leader in safety, environmental stewardship and social responsibility. The Denver based mining company is the second largest mining company operating in the African nation of Ghana.