Newmont's Q2 gold output decreases 68%
Friday, July 27 2012 - 01:56 AM WIB
US mining giant Newmont Mining Corp. reported that the second quarter gold and copper production at Batu Hijau mine site decreased by 68 percent and 25 percent, respectively, from the prior year quarter due to processing lower grade stockpile ore.
The company's quarterly report shows gold and copper production at Batu Hijau was 8,000 ounces and 20 million pounds, respectively, at costs applicable to sales (CAS) of $943 per ounce and $2.20 per pound, respectively.
CAS per ounce and per pound increased 92 percent and 79 percent, respectively, due to lower production and higher waste mining costs, partially offset by an increase in concentrate inventory.
The company is narrowing its outlook for 2012 attributable gold production of 30,000 to 40,000 ounces at CAS of between $925 and $975 per ounce and attributable copper production of 75 to 85 million pounds at CAS of between $1.80 and $2.20 per pound.
By Adianto P. Simamora