Newmont (NYSE:NEM,ASX:NEM) announced that its Ahafo North project in Afrisipakrom, Ghana, has officially entered commercial production, following the site’s first gold pour last month.
Located about 50 kilometers from Newmont’s existing Ahafo South operation, the Ahafo North mine is expected to produce approximately 50,000 ounces of gold by the end of 2025 before ramping up through 2026 to reach full operational capacity.
Over the next five years, the mine is forecast to deliver between 275,000 and 325,000 ounces of gold annually over a projected 13-year mine life. Newmont also added that once integrated with Ahafo South, the Ghana operation is projected to yield around 750,000 ounces of gold per year.
“Achieving commercial production at Ahafo North represents a significant milestone for Newmont and our partners in Ghana,” said Tom Palmer, Newmont’s president and chief executive officer.
Ore stockpiling began in late 2024, with critical facilities—including processing circuits, mining support infrastructure, and a tailings storage system—completed ahead of schedule.
“It’s rare in our industry to see a new mine come to life within a single career,” Palmer added. “I’m incredibly proud of what our teams have achieved and honored to have been part of this project from the very beginning.”
Ahafo North becomes Newmont’s second operating site in Ghana, following the company’s divestment of the Akyem mine in April this year.
Overall, the mine represents the company’s third major investment in the country and is designed to leverage operational synergies with Ahafo South.
The project has also had a substantial economic impact in Ghana. Construction activities generated roughly 4,500 contracted jobs, and the transition to operations has created about 560 permanent and 1,000 contracted positions.
With commercial operations now underway, Ahafo North stands as a cornerstone asset in Newmont’s global portfolio.
“As we progress with full-scale operations, our focus remains on generating enduring value for our shareholders, workforce, host communities, and the government of Ghana,” Palmer said.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.