Newmont Q1 copper, gold output drop
Friday, April 27 2012 - 01:09 AM WIB
US mining giant Newmont Mining Corp. reported that copper and gold production from its Batu Hijau mine in Sumbawa island, West Nusa Tenggara decreased 76 percent and 49 percent, respectively in the first quarter this year compared to the same period of 2010.
It said that the decrease was due to lower throughput, grade and recovery as a result of processing lower grade stockpiled material as Phase 6 waste stripping continues.
The production of gold was 11,000 ounces and copper 21 million pounds, respectively, at costs applicable to sales of $913 per ounce and $2.00 per pound.
The company expect gold production to reach 45,000 to 55,000 ounces at CAS of between $800 and $850 per ounce and copper of 80 to 90 million pounds at CAS of between $1.80 and $2.20 per pound.
Editing by Adianto P. Simamora