Newmont Nusa Tenggara sees copper, gold output rise: Report
Friday, April 6 2001 - 08:50 AM WIB
Copper and gold miner PT Newmont Nusa Tenggara said on Friday it expected to produce 600 million pounds of copper and 400,000 ounces of gold from its Batu Hijau copper and gold mine on Sumbawa island, West Nusa Tenggara province in 2001, according to a report.
Reuters quoted company president Tom Enos as saying that the projected 2001 production represents an increase of about 20 percent in copper and 40 percent in gold over a 2000 production of 495 million pounds of copper and 280,000 ounces of gold.
"The gold production in 2001 is going to reach 400,000 ounces. As for copper, we are going to produce 600 million pounds," Enos told reporters.
"We are continuing to ramp up production at Batu Hijau and as we do so, our operating costs will decline."
Production costs for 2001 are targeted at 55 U.S. cents per pound for copper, after gold credits, and are expected to decline to between 45 and 50 U.S. cents by 2004.
Production costs for the first nine months of 2000 were 63 cents per pound, after gold credits.
Enos said the Batu Hijau mine contained reserves of around 10 billion pounds of copper and 11 million ounces of gold, and has a mine life of over 20 years.
PT Newmont Nusa Tenggara is 80 percent owned by Denver based Newmont Mining Corp and the rest is owned by local mining magnate Jusuf Merukh through PT Pukuafu Indah. (*)