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14.02.2006 Business & Finance

Ghana mine more expensive to run - Newmont

By Newmont Mining Corp

Newmont Mining Corp., looking to expand in Africa for the first time, said the cost of developing its mine in Ghana will be as much as 8.2 percent higher than the company expected.

Development of the Ahafo mine in Ghana will cost $450 million to $460 million, more than the $425 million the company reported last month, Denver-based Newmont said in a regulatory filing on Feb. 10. The mine will start producing in the second half of the year and will have annual sales of 500,000 to 550,000 ounces.

Higher costs are "primarily attributable to a combination of higher input commodity prices than originally anticipated and additional social/community investment," Newmont spokeswoman Heatheryn Higgins said in an e-mailed message today.

Newmont will provide updates for other mines when it reports fourth-quarter earnings on Feb. 27, she said.

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