Newmont reaches golden milestone at Merian in Suriname

first_imgNewmont Suriname has reached 1 Moz of gold poured at the Merian gold mine in east Suriname, two years after commercial production began on October 1, 2016.Merian was built safely, on time and approximately 20% below budget, with total development capital of $525 million invested by Newmont. Staatsolie, on behalf of the Government of Suriname, owns 25% of the operation. It is 60 km south of Moengo and predominantly in the Pamakan area, about 15 km west of the Marowijne River.In 2018, the second phase of the Merian project was also completed safely, on time and within budget with the construction of a primary crusher to process harder ores that will be recovered, as the mine gets deeper.Based on current gold reserves, Newmont Suriname projects a mine life of approximately 15 years for Merian. The company is also conducting exploration activities at Sabajo and in north and south Amazonia, which could further expand and extend production in Suriname.In August 2016, Newmont established the Pamaka Community Development Foundation (CDF) to implement development projects in the Pamaka area. In support of the foundation, Newmont Suriname voluntarily contributes $1/oz sold. The board of directors of the CDF consists of two representatives of the Pamaka community, two Newmont representatives and two from the government.Merian is due to produce between 485,000 and 540,000 oz of gold this year at all-in sustaining costs of $580-630/oz.last_img

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