Newmont?s Batu Hijau Q3 copper sales up

World?s top gold miner Newmont Mining Corp. announced on Tuesday that during the third quarter of this year, its Batu Hijau mine in Sumbawa island, West Nusa Tenggara sold 203.5 million pounds of copper at net cash costs of US$0.24 and total costs of $0.38 per pound, after by-product credits of 97,000 ounces of gold, compared to 199.1 million pounds at $0.29 net cash cost per pound a year ago.

Third quarter average realized price per pound was $0.62, compared to $0.67 in last year's third quarter.

Newmont said lower cash costs were the result of increased mill throughput and higher average ore grades. In the third quarter, ore grades averaged 0.85 percent copper (compared to 0.80 percent copper for the 2001 third quarter) due to accelerated mining in the deeper portions of the ore body. The copper grade is expected to decrease in the fourth quarter.

For 2002, Batu Hijau is expected to sell between 350 and 360 million pounds of copper at a net cash cost of $0.36 per pound.

Newmont also said at Batu Hijau, a deep drilling program is augmenting an on-going, in-fill drilling effort. Lower operating costs combined with improving geotechnical conditions, positive model reconciliations and the current drilling program suggest a possible increase in Batu Hijau's copper and gold reserves at year-end, despite lowering the copper price to calculate reserves from $1.00 to $0.75 per pound.

Newmont has 56.25 percent of equity investment in Batu Hijau. (robert)

Batu Hijau production and cost summary

?	Three Months Ended September 30		Nine Months Ended September 30
	2002	2001	2002	2001
Tons mined (000)	67,634	49,222	185,261	133,351
Dry tons processed (000)	14,226	12,320	39,026	35,317
Average copper grade (%)	0.85	0.80	0.73	0.80
Average recovery rate (%)	90.4	92.1	89.3	90.4
Copper pounds produced (000)	219,645	184,415	505,375	519,657
Realized copper price ($/lb)	$0.62	$0.67	$0.70	$0.71
Copper net cash cost ($/lb)	$0.24	$0.29	$0.31	$0.35