Newmont expects strong Q2 results for Batu Hijau mine

Denver based mining firm Newmont Mining Corporation announced Friday it expected the second quarter of this year to be the lowest production quarter for the year due to short-term changes in the mine production schedule at Yanacocha in Peru and reduced throughput due to annual roaster maintenance shutdown at the Nevada operations.

The company?s statement said that for the second quarter of 2001, Newmont had lower than anticipated gold sales of 1.22 million ounces resulting in a higher total cash cost of US$194 per ounce.

In the 2000-quarter, gold sales totaled 1.28 million ounces at a total cash cost of US$173 per ounce.

Newmont, however is upbeat on second quarter results of its Batu Hijau copper-gold mine in Sumbawa, West Nusa Tenggara.

?The second quarter will be our lowest production quarter of the year. This operating performance will adversely impact our financial results for the second quarter. However, our Batu Hijau copper-gold mine in Indonesia will report strong operating and financial results despite the weak copper price environment,? said Wayne Murdy, Newmonts?s president and CEO.

According to Newmont, full results for all properties and financial statements for the Company for the second quarter and six months will be released, on August 2, 2001. (alex)