The project, located 30 kilometers north of the company’s existing Ahafo South operations, will add more than three million ounces of gold production over an initial 13-year mine life, the company said.

The top gold producer estimated capital costs to be between $750 million and $850 million, with construction expected to be completed in the second half of 2023.

Production from the mine will average about 275,000 to 325,000 gold ounces with all-in sustaining costs of $600 to $700 per ounce for the first five years, Newmont said.

Commercial production at Ahafo began in 2006, which has two primary ore zones, Ahafo South and Ahafo North.