- Lycopodium Minerals Africa (LYL) has won a contract to provide engineering and procurement management services for Newmont Ghana Gold
- The services are for the construction of the Ahafo North Project in Ghana, with a total contract value of $62 million
- However, the construction of the Ahafo North Project is subject to receiving final approvals and once received — Lycopodium will commence its services
- On market close for the day, Lycopodium is up 0.36 per cent and is trading at $5.54 per share
Lycopodium Minerals Africa (LYL) has won a contract to provide engineering and procurement management services for Newmont Ghana Gold’s Ahafo North Project.
The total contract value is up to $62 million and Lycopodium will help Newmont construct its new project.
However, the construction of Ahafo North is subject to receiving final approvals and once received — Lycopodium will commence its services.
Under the contract, Lycopodium will undertake the detailed engineering design and procurement services for the design of the process plant and infrastructure.
The Ahafo gold mine is located around 380 kilometres northwest of Ghana’s national capital city of Accra.
Ahafo North is a greenfield development around 30 kilometres northeast of Newmont’s existing Ahafo operations.
It includes seven mineralised areas, covering a strike length of approximately 14 kilometres.
Both Newmont and Lycopodium have a long history, as they have been working together in Ghana since 2003.
Managing Director Peter De Leo said he is pleased with the new contract.
“Our support of Newmont in the development of its Ahafo operations in Ghana spans many years, commencing with the Ahafo South Project, and our initial scope completed on the Ahafo North Project places us in good stead to continue to support Newmont in the successful expansion of its operations at Ahafo,” he said.
On market close for the day, Lycopodium is up 0.36 per cent and is trading at $5.54 per share.