Newmont mining operations to start in mid-2006

Accra, Nov. 14, GNA - Newmont Ghana Gold is set to start full-scale operations at its Ahafo Mine by the middle of next year, Mr Wayne Murdy, the Chairman and Chief Executive Officer of the Company announced on Monday.

The Company has already spent 121 million dollars on the project, which, is now about 70 per cent complete. An additional 344 million dollars, is budgeted to be pumped into it before the scheduled start up. Mr Murdy made this known when he paid a courtesy call on President John Agyekum Kufuor at the Castle; Osu, Accra. He said they were currently employing 3,700 workers and that 95 per cent of them were Ghanaians.

President Kufuor said he had visited the Mine once and that he was happy when he learnt the Company was constructing a school at Yamfo, near Duayaw-Nkwanta.

"This is how it should be, a win-win relationship that will benefit the community, the Company and the nation so that all would be happy." President Kufuor told Newmont to ensure that its social responsibility was never compromised. The Ahafo Mine is estimated to produce about 500,000 ounces of gold annually during its first five years of operations.