Newmont?s Indonesian units record production increase in Q3 2001

US based mining giant Newmont Mining Corp said Monday that its copper and gold operations in Batu Hijau, West Nusa Tenggara continued to exceed expectations in the third quarter with increased ore tons mined, increased mill throughput, higher mill head grades for both copper and gold and higher mill recovery rates.

Newmont said during the third quarter, Batu Hijau mine produced 184.4 million ponds of copper at the total cash cost of 0.29 per pound after gold credit, which represented 47 percent production increase and 52 percent decline in costs versus the year ago quarter.

During the quarter, Batu Hijau produced 187,000 ounces of gold, asignificant jump compared to the year ago quarter production of 68,400 ounces.

The company said Batu Hijau is on target to meet its full year production estimate of 320 million to 350 million pounds of copper and 260,000 ounces of gold.

Newmont controls 56.25 percent interest in PT Newmont Nusa Tenggara, which runs the mine, while Sumitomo Corporation of Japan holds 35 percent and an Indonesian company, PT Pukuafu Indah, holds the remaining 20 percent.

Meanwhile, Newmont said its gold production from North Sulawesi operations during the third quarter of the year was 88,400 ounces, slightly increased from 76,100 ounces in the year ago quarter.

The company said its North Sulawesi subsidiary, PT Newmont Minahasa Raya is set to produce 320,000 ounces of gold in 2001. (alex)