Newmont’s Ahafo mill expansion achieves commercial production
Dual-listed Newmont Goldcorp’s Ahafo mill expansion, in Ghana, has achieved commercial production, on schedule and within budget of about $175-million.
Combined with the Subika underground mine, which was successfully completed in November 2018, the mill expansion is expected to increase Ahafo’s average gold production to between 550 000 oz/y and 650 000 oz/y through to 2024, while lowering life-of-mine processing costs.
“The Ahafo mill expansion represents our third profitable project delivered on schedule and within budget this year, along with the Tanami Power project, in Australia, and the Borden mine, in Canada,” said president and CEO Tom Palmer.
He added that the mill expansion was expected to generate an internal rate of return of more than 20% at a gold price of $1 200/oz, while also extending profitable production at Ahafo through to at least 2029.
Features and benefits of the mill expansion include increasing mill capacity at Ahafo by more than 50% to nearly ten-million tonnes a year with the addition of a crusher, grinding mill and leach tanks to the circuit, as well as a gold production of between 75 000 oz/y and 100 000 oz/y for the first five full years beginning in 2020.
Additionally, other features and benefits include accelerating the efficient processing of ore from stockpiles and the Subika underground mine, as well as harder, lower-grade ore from Ahafo’s existing pits and supporting profitable development of Ahafo’s highly-prospective underground resources, which continue to demonstrate considerable upside, according to Newmont.
Ahafo is expected to deliver record production this year – with improved costs – driven by higher grades from the Subika openpit, a full year of mining from the Subika underground mine and the completion of the Ahafo mill expansion.
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