Newmont to build new underground mine, expand capacity at Ahafo project

|About: Newmont Mining Corporation ... (NEM)|By:, SA News Editor

Newmont Mining (NEM +0.7%) unveils a plan to extend profitable production at its Ahafo operations in Ghana by building a new underground mine and expanding plant capacity by more than 50%.

NEM expects the Subika underground mine will produce 1.8M oz. of gold over an 11-year mine life, and features ore grades of 4.7 g/metric ton.

NEM expects to use $300M-$380M in development capital for the project, to be funded through free cash flow and available cash balances.