Precious Metals

Gold Fields pumping billions into Ghana gold mine

$1.4 billion is being pumped into Damang, Ghana, gold mine by Gold Fields Lt. to extend the mine's life another eight years.

Main image courtesy of Gold Fields Ltd; background image courtesy of Enock Seth Nyamador.

Gold Fields Ltd., based in Johannesburg, South Africa, is expected to pump $1.4 billion into its Damang mining operations in Ghana to keep the operations going through 2024, the firm announced.

Company officials say the investment is expected to yield 225,000 ounces of gold for each of the eight years at a production cost of $950 an ounce while supporting 1,850 jobs.

The Damang mining operations have produced more than 4 million ounces of gold from the open pit mine there since beginning more than 20 years ago. Output has slowed since 2013 with a drop in the grade of gold ore, according to Gold Fields officials. Gold Fields had considered closing the Damang location.

The extended project will remove less than half of Damang's remaining 4 million ounces of gold resources, according to Gold Fields officials.

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