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The company described Ahafo North as the best unmined gold deposit in West Africa.
"I am pleased to announce the approval of full funding for the Ahafo North project, expanding our existing footprint in Ghana and adding more than three million ounces of gold production over an initial 13-year mine life," Newmont president and CEO Tom Palmer said.
"The development of this prolific ore body will leverage our proven operating model and will be supported by our existing world-class Ahafo South operation. The project will be developed and operated in a sustainable and responsible manner to create value for all our stakeholders."
Ahafo North will comprise four open pit mines and a new standalone mill.
Production from the mine will average approximately 275,000 to 325,000 ounces of gold at all-in sustaining costs of $600-700 per ounce for the first five years. with construction expected to be complete in the second half of 2023.
At current gold prices, the project is expected to deliver more than a 30% internal rate of return.
The project will create approximately 1800 jobs at the peak of construction with more than 550 permanent roles created once the mine is operational.
A key aspect of the Ahafo North project's workforce planning will be a target to achieve gender parity in the workforce when operations begin.
Shares in Newmont rose 0.2% in New York overnight to $63.49.
