Newmont?s N. Sulawesi gold production down in Q1
Wednesday, May 7 2003 - 04:26 PM WIB
World?s top gold producer Newmont Mining Corp. announced Wednesday gold production from its Minahasa unit in North Sulawesi reached 31.700 ounces in the first quarter of 2003, lower than year ago corresponding quarter production of 41,800 ounces.
Newmont said production decrease was due to lower ore grade milled.
Total cash costs were $236 per ounce, 29 percent higher than the year ago quarter due to reduced production and increased closure-related costs. Mining ceased at Minahasa in October 2001, however, processing of stockpiled ore is expected to continue through the end of the year.
Newmont operates North Sulawesi mine through its subsidiary Newmont Minahasa Raya. (alex)