According to Fitch Solutions, a strong project pipeline will maintain production growth in Ghana. Apart from AngloGold Ashanti several other major gold producers have project developments in Ghana.
One of them, Newmont Goldcorp expects to reach an investment decision on the USD700-800mn Ahafo North deposit in 2021, which would increase gold production by 250koz per year during a 13-year mine life.
The development has been progressing through the permitting process virtually due to the Covid-19 pandemic and possesses a three-year project timeline, adding upside to medium term production. Further pipeline opportunities at Newmont’s world-class Ahafo gold mine include the Subika underground expansion project for which the firm updated the mining method in Q2 20 to extend the mine life and increase cost efficiency.
In the third quarter 2020, Galiano Gold, joint-owner of the Asanko gold mine with Gold Fields reported that its near-term exploration strategy will focus on offsetting depleting production. After that the company will aim to have its exploration targets in production to replace the Esaase deposit at the Asanko gold mine.
Moreover, a mine life extension at Kinross Gold’s Chirano will drive the firm’s production growth from 2021-2023 while possible underground extensions could extend the mine life through 2025.