Newmont's Ghana Project Gets Financing

The IFC and a syndicate of banks will put up $125 million.
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The International Finance Corp. will provide

Newmont Mining

(NEM) - Get Report

with $125 million for a gold mining project in Ghana, the company said

The IFC, which is part of the World Bank, will fund $75 million of the amount, with the remainder to be provided by a syndicate of commercial banks.

Newmont acquired the projects as part of the Normandy Mining acquisition in February 2002. Total capital expenditures are expected to be about $425 million. Average annual gold sales are estimated to be 500,000 to 550,000 ounces, starting in mid 2006.

"This project exemplifies IFC's commitment to reduce poverty and create sustainable development while adhering to high social and environmental standards -- all goals which are consistent with Newmont's operating principles and corporate values," said the company.

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