Newmont's gold, copper output declines in Q2
Saturday, July 27 2013 - 04:54 AM WIB
US mining giant Newmont Mining Corp reported on Friday its gold and copper production from Batu Hijau as 6,000 ounces and 18 million pounds in the second quarter, respectively.
The company said that costs applicable to sales (CAS) of gold was $5,299 per ounce and copper was $11.23 per pound.
CAS increased 462% per ounce and 410% per pound due to stockpile write-downs of $4,083 per ounce and $8.63 per pound as a result of lower gold and copper prices, respectively, and lower production.
Gold and copper production decreased 25% and 10%, respectively, due to processing lower grade stockpile ore and lower mill throughput.
The Company continues to expect 2013 gold and copper production of between 20,000 and 30,000 ounces and 75 and 90 million pounds.
Editing by Adianto P. Simamora