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Newmont says Akyem, Phoenix Copper reach commercial output

Wednesday, 30 Oct 2013 | 6:55 PM ET

Oct 30 (Reuters) - Newmont Mining Corp said on Wednesday its Akyem project in Ghana and its Phoenix Copper Leach project in Nevada have achieved commercial production on schedule and on budget.

Akyem is expected to produce between 350,000 to 450,000 ounces of gold a year, on average, for the first five years at average all-in sustaining costs of between $750 and $850 per ounce.

Attributable 2013 gold production from Akyem, a large open pit mine in eastern Ghana, is forecast to be between 50,000 and 100,000 ounces, Newmont, the biggest U.S.-based gold miner, said in a statement.

Phoenix Copper is expected to produce on average 20 million pounds of copper a year at costs applicable to sales of $1.75 to $2.00 per pound. For 2013, the project is forecast to produce 4 to 5 million pounds of copper.

"Akyem is a core asset that will deliver profitable gold production at competitive costs and the copper we produce at Phoenix from what was once classified as waste will improve our copper cost position," Newmont chief executive Gary Goldberg said.

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