Newmont’s gold output to go up by 81%

February 28, 2009

Commodity Online
MUMBAI: Gold mining companies are all set to hike their output in the coming months. In a new disclosure, Indonesian unit of Newmont Mining said its gold output will rise by 81 per cent this year.

Newmont Nusa Tenggara stated that the company expects gold production to increase this year to 486,000 ounces, up from 269,000 ounces last year, because it has been able to mine higher grade ore.

Newmont Mining owns a 45 per cent stake in Newmont Nusa Tenggara, which operates the Batu Hijau gold and copper mine located on Sumbawa island.

The mine is a joint venture with Nusa Tenggara Mining of Japan, an affiliate of Sumitomo and Pukuafu Indah of Indonesia, employing around 4,200 people and 4,800 contractors in Indonesia.

Equity sales in 2007 were around 230,000 ounces of gold and estimated equity reserves are 4.2 million ounces of gold.

Founded in New York City in 1921, gold producer Newmont Mining has operations in America, South America, Australia, Indonesia and Ghana.

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