Newmont Mining’s Board approves funding for Akyem project

US mining company, Newmont Mining Corporation says, its Board of Directors has approved funding for its Akyem project in Ghana.

The Denver-based miner which is the second largest in Ghana, says the Board made the announcement today, March 24, 2011.

In a statement, it said the Board has cleared Akyem through the fourth stage-gate in Newmont’s four gate project review process, which roughly equates to “bankable feasibility” approval.

Newmont’s Ghana subsidiary Newmont Ghana Gold, is currently mining the second largest mine in Ghana at Ahafo in the Brong Ahafo region.

The Akyem mine which is located in the Birim North District of the Eastern region of Ghana is said to have a measured and indicated reserve of 7.7-million ounces of gold.

The Vice President of Newmont, Russel Ball was quoted by the international media in February 2010 as saying that the Akyem mine would begin producing gold in 2013. “The current schedule shows us (getting) first production late 2013,” he said.

The Akyem mine according to Ball has about 15 years mining life.

The company however, did not say how much the Board has voted for the project.

When put calls through to Newmont officials both in Ghana and the US to get the figures, we were unsuccessful.

By Emmanuel K. Dogbevi

Leave A Reply

Your email address will not be published.