Newmont sticks to strategy in Africa
Colorado-based Newmont says while competition for good assets in Africa is tight, mining on the continent presents many challenges
The hunt for gold assets in Africa is a competitive business and while Newmont Mining is awake to acquisitions on the continent, its focus remains on its own growth projects, says Alwyn Pretorius, head of the company’s African operations. Pretorius, who was chief operating officer at Harmony Gold in SA, said Colorado-based Newmont had one of the strongest project pipelines in the gold sector. Its two operations in Ghana generate more than 800,000oz of gold, making up nearly a third of that country’s gold exports. The African region has two major projects in Ghana that it will take to the Newmont board in the first half of 2017. The two projects could add up to 300,000oz of gold a year. Newmont bases its views of countries on an analysis that includes governance, political risk, social security, predictability, security of tenure and the state of the mining environment, limiting possible destinations. "The most cost-effective way to add good quality ounces to our reserve base is thro...