By: Ecofin agency

US-based Newmont Corp has poured first gold at its Ahafo North project in Ghana, marking the start of production at a deposit expected to deliver an average of 275,000 ounces a year, or about 8 tons. The announcement was made in a company note published on September 22.

With reserves of around 4.6 million ounces, Ahafo North had been described by Newmont as the “best unmined gold deposit in West Africa.” Development required at least $950 million in investment. The first pour comes after the installation of essential mine infrastructure, with the site now ramping up toward full commercial production.

“The first gold pour at Ahafo North represents a major operational milestone that validates years of careful planning, engineering and construction, and builds on the strength of our world-class portfolio. As we progress toward commercial production, we remain focused on generating enduring value for our shareholders, workforce, host communities, and the government of Ghana,” said CEO Tom Palmer.

The new deposit will boost Newmont’s gold output in Ghana. Ahafo North will be integrated with the Ahafo South mine, forming a complex capable of producing around 850,000 ounces a year. Ahafo South produced 798,000 ounces in 2024, making it Africa’s largest gold mine that year. Output for 2025 is forecast at 670,000 ounces, with Ahafo North expected to add about 50,000 ounces during its ramp-up.

The project will also support Ghana’s overall gold production in the coming years. Beyond royalties and taxes, the Ghanaian state holds a 10% stake in Ahafo. The mine is expected to create about 560 permanent jobs and 1,000 contract positions.