Accra, Aug. 1, GNA - The Board of Directors of Newmont Mining Corporation on Monday announced plans to proceed with the development of its new mining concession project at Akyem in the Eastern Region.

The project is estimated to cost 500 million dollars and is expected to generate steady-state annual consolidation gold sale of approximately 400,000 ounces.

A statement issued by the company said it had an 85 per cent interest in the project, which at the end of last year had 5.4 million equity ounces of reserves.

It said gold production was expected to commence in the second half of 2008.

"Our experience in Ghana has been very positive and we have made significant progress on the Ahafo Project."

The project's development, however, remained contingent upon required regulatory approval from the Environmental Protection Agency and the Mineral Commission, the statement said.