Newmont (NYSE: NEM; TSX: NGT; ASX: NEM) has poured first gold at its Ahafo North project in Ghana, marking a critical milestone toward commercial production in this year’s fourth quarter.
This announcement Monday of Friday’s event follows the completion of key development stages, including ore stockpiling that began in late 2024. The world’s biggest gold miner has also commissioned infrastructure such as processing circuits, tailings storage and mining support buildings. The project is ramping-up towards full operational readiness.
National Bank of Canada forecasts production of 5,700 oz. from Ahafo North this quarter, ramping up to 31,300 oz. next quarter and reaching 54,200 oz. in next year’s second quarter and 221,400 oz in all of 2026. The company’s entire tier-one portfolio should hit 5.78 million oz. this year which is above the company’s estimate of 5.6 million oz., the bank said on Monday.
“We model a 16-year mine life, with an average of 260,000 oz. annually over the first 13 years,” National Bank mining analyst Shane Nagle said in a note. Newmont’s company-wide output this half is “driven by higher contributions from the company’s interest in both Nevada Gold Mines and Pueblo Viejo, as well as Ahafo North coming online offsetting declining production at Cadia and Peñasquito,” he said.
Top deposit
Newmont began advancing the Ahafo North project in 2021. The project, located at Afrisipakrom, 30 km north of the company’s Ahafo South operations, aims to add more than 3 million oz. of gold production over its initial 13-year mine life, the company said.
Ahafo North is part of the broader Ahafo lease acquired from Normandy Mining in 2002. Considered the best unmined gold deposit in West Africa, Ahafo North is the company’s third mining investment in Ghana and, following the divestment of the Akyem mine in April, will become Newmont’s second operational site in the country.
“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,” Newmont CEO Tom Palmer said in a news release.
Ahafo North is expected to deliver between 275,000 and 325,000 oz. of gold annually Construction created about 4,500 jobs and once operational, the mine is to employ 560 permanent and 1,000 contracted roles.
Shares in Newmont rose 2.8% to $119 apiece in Toronto on Tuesday morning.
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