Newmont closing gold mines in Indonesia, Australia and Bolivia: Report

The world?s largest gold producer Newmont Mining Corp will close gold mines in Indonesia, Australia and Bolivia over the next two years, but expects to exceed their output with new mines in Nevada and Ghana, Dow Jones reported on Wednesday.

Denver-based Newmont announced the Nevada and Ghana mines last month.

Newmont will close Bronzewhing in western Australia in March 2004 and Kori Kollo in Bolivia in 2005. The Minahasa mine in Indonesia is in the process of being closed.

The mines accounted for 8 percent of Newmont's total production, spokesman Doug Hock said.

"Mines close, and that is a natural part of the cycle. We are in a business where we are constantly depleting resources," Hock said.

The new mines, Ahafo in Ghana and Phoenix in Nevada, will go into production by 2006. They are expected to account for nearly 13 percent of Newmont's total sales.

Newmont will announce its total gold reserves for 2003 in the first week of February. In 2002, its reserves stood at 83 million ounces.

Newmont shares rose $1.05, or 2.4 percent, to $44.13 in afternoon trading on the New York Stock Exchange.

Newmont has another copper and gold mining site on Sumbawa Island in West Nusa Tenggara. (*)