Newmont invests over $300 mln in Ghana gold project

US mining giant, Newmont Mining Corporation says it will invest between $300 million and $375 million in its Akyem project in Ghana this year.

The Board of Directors of the company approved funding for the Akyem project last month March 24, 2011.

The Denver-based miner which is the second largest in Ghana said in a statement that the Board has cleared Akyem through the fourth stage-gate in Newmont’s four gate project review process, which roughly equates to “bankable feasibility” approval.

Newmont’s Ghana subsidiary Newmont Ghana Gold, is currently mining the second largest mine in Ghana at Ahafo in the Brong Ahafo region.

The Akyem mine which is located in the Birim North District of the Eastern region of Ghana is said to have a measured and indicated reserve of 7.7-million ounces of gold.

The Vice President of Newmont, Russel Ball has said the Akyem mine has about 15 years mining life.