Newmont records increase in Batu Hijau's output
Thursday, February 8 2001 - 04:30 AM WIB
American mining giant Newmont Corp reported an increase in the copper and gold output at its Batu Hijau mine in West Nusa Tenggara for the fourth quarter of 2000.
The company said in its financial statement obtained by Petromindo. Com on Thursday that production in Batu Hijau was 168.4 million pounds of copper (94.7 million equity pounds) and 128,000 ounces of gold (72,000 equity ounces) for the fourth quarter of 2000.
This compares with the 125.4 million pounds of copper (70.5 million equity pounds) and 68,400 ounces of gold (38,500 equity ounces in the third quarter of 2000.
"The Batu Hijau copper and gold mine contributed US$4.8 million in equity income to Newmont in the fourth quarter of 2000, up from $700,000 in the prior quarter and a year-ago loss of $1.3 million, as a result of increased copper sales and lower operating costs," it said.
Newmont operates the mine through its 45 percent-owned subsidiary PT Newmont Nusa Tenggara in a partnership with Japan's Sumitomo Corporation (35 percent) and local firm Pukuafu Indah (20 percent).
The company further said production in 2000 reached 520.8 million pounds of copper (292.9 million equity pounds) and 320,100 ounces of gold (180,100 equity ounces), compared with 52.6 million pounds of copper (29.6 million equity pounds) and 11,300 ounces of gold (6,300 equity ounces) 1999.
Production at the Batu Hijau mine started late in the fourth quarter of 1999. (Bodega)