Ahafo

completed

The project companies are Newmont Ghana Gold Limited (NGGL) and Rank Mining Company (Rank Mining), both wholly owned Ghanaian subsidiaries of Newmont Gold Corporation (Newmont). The project involves the development of two mining leases: the Ahafo lease owned by NGGL and the Rank mining lease owned by Rank Mining. Newmont gained control of the two leases (via NGGL and Rank Mining) after its merger with Normandy in 2002. The project involves the construction of a greenfield open cast gold mine and associated facilities (the mill facility, a tailings storage facility, a water storage facility, construction camp and access roadways) to mine, process and extract gold. It will have an estimated mine life of 20 years producing approximately 500,000 oz. of gold per annum at an estimated cash cost of $225/oz. The project’s reserves currently stand at 11.7 million ounces (157 million tonnes grading 2.31 g/tonne) with a further 15.4 million ounces of resources (217 million tones grading 2.22 g/tonne). It is expected to start producing gold in mid 2006.