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12.06.2004 Business & Finance

Newmont starts full-scale mining operation next year

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Accra, June 12, GNA - Newmont Mining Corporation with an investment capital of 750 million dollars in the Ghanaian economy, would begin full-scale mining in the third quarter of next year.

Mrs. Mawuena Dumor, Manager, Communication Newmont Ghana, told journalist on Saturday said, so far, 350 million dollars have been invested in the exploration of the Ahafo project in the Brong Ahafo Region to commence operation before the Akyem project in the Eastern Region.

She expressed satisfaction in the past two years of building relationship with government and community members of the concessions areas saying, "We are happy with the level of cooperation so far, especially with government's commitment and the communities' leaders and members.

"Having declared a 93.3 million ounces in gold reserves at a gold price of 325 dollars last year, Newmont as part of its social and corporate responsibility emphasize sustainable programmes based on the four pillars of sustainable development; health, education a prosperous community and appropriate infrastructure," she said.

Mrs. Dumor, said the Ghana project was the second highest contributor to those reserves with a total of 11.9 million ounces saying, "The Akyem project contributed just under half to that reserves base".

She said the company sees its role as a catalyst for realizing community aspirations in support of local government strategies adding,

"Newmont believe that the communities should be left to determine their needs and priorities for corporate developmental responsibilities".

Mrs Dumor noted that a comprehensive livelihood study of the communities was being conducted independently by a recognized non-governmental organization to form the basis for designing a social action plan in collaboration with the communities.

Asked about whether Newmont was the largest mining company in the world, she said the company's interest goes beyond who emerges as the largest, but rather who provides quality operations with quality assets.

"This to us, should be the paramount even before comparing market capitalization".

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