Gold Fields to spend $1.4 billion prolonging Ghana mine life

Crushed ore stock pile at Damang Gold mine in Ghana. (Image courtesy of Gold Fields)

Gold Fields Ltd., a South African producer of the metal with mines from Australia to Peru, will invest $1.4 billion to extend the life of its Damang operation in Ghana by eight years.

The investment will allow the mine to keep operating until 2024, Johannesburg-based Gold Fields said in a statement Monday. The money will be paid over the eight-year period, it said.

“This is a classic brownfields opportunity,” Chief Executive Officer Nick Holland told Bloomberg.

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