Newmont Begins Commercial Production At Akyem

Newmont Ghana is pleased to announce that its Akyem operation in the Birim North District of the Eastern Region of Ghana has safely and successfully achieved commercial production, on-budget and on-schedule.  

Akyem also achieved another major milestone when it successfully poured its first gold bar on October 4th.

“I would like to thank our employees, business partners and host communities for the important role they played in bringing this project into production safely and responsibly,' said Dave Schummer, Regional Senior Vice President.

'As Akyem moves into operation, we remain committed to work in partnership with our employees, communities and government to bring world-class environmental and community development practices to our host communities and to Ghana as a whole.'

Newmont Ghana's Akyem operation has established comprehensive social investment programmes in the areas of education, health care, infrastructure, job training and small business development.

From the commencement of construction in the first quarter of 2011, Akyem employed more than 4,200 people who worked a combined 16.9 million hours with a strong safety performance.

Akyem will employ about 1300 employees and contractors. Newmont Ghana has also agreed with the mine area communities to source a significant number of Akyem's workforce from its host communities.

Newmont Ghana is committed to being a significant contributor to national development through applying high environmental practices, safety measures, and social responsibility as the company strives to be the most valued and respected mining company through industry leading performance.

Key Project Highlights
·          At year-end 2012, Akyem reported 7.4 million equity ounces of gold reserves

·          Estimated development capital of between $950 Million and $1 Billion of which $920 million has been incurred through September 30, 2013, in line with original expectations;

·          Commercial production achieved in line with original expectations; in last quarter of 2013

·          First five year average annual gold production of 350,000 to 450,000 ounces in line with original expectations;

·          First five year average all-in sustaining costs of $750 to $850 per ounce; and

·          2013 attributable gold production outlook of 50,000 to 100,000 ounces.