Newmont reports higher gold output, lower copper production
Thursday, July 21 2016 - 04:09 AM WIB
US-based Newmont Mining Corp said that gold production at the Batu Hijau mine, in Sumbawa, West Nusa Tenggara Province, slightly increased to 189 ounces in the second quarter from 181 ounces in the corresponding period of last year.
The company said in a statement obtained Thursday that copper production, however, slightly declined to 53 tons during the quarter from 57 tons in the same period of 2015.
The Batu Hijau mine is operated by PT Newmont Nusa Tenggara (PTNNT).
On June 30, Newmont announced an agreement to sell its interests in PTNNT. The total consideration of US$1.3 billion for Newmont?s 48.5 percent economic interest includes cash proceeds of $920 million expected to be paid at closing and contingent payments of $403 million tied to metal price upside and development of the Elang deposit.
Newmont said in the statement the transaction is expected to close in the third quarter following receipt of regulatory approvals and satisfaction of other conditions precedent.
Editing by Reiner Simanjuntak