Newmont's Q3 Indonesian copper sales down, gold sales up
Wednesday, October 26 2005 - 03:38 PM WIB
US top gold miner Newmont Mining Corp. announced on Wednesday during the third quarter of 2005 its copper sales from Batu Hijau mine in West Nusatenggara decreased by 4 percent to 190 million pounds, with 9-month production reached 444 million pounds versus 519 million pounds a year ago.
Gold sales from the mine during the quarter increased by 21 percent in the third quarter to 289,000 ounces from 239,000 a year ago, with 9-month gold production reached 540,000 ounces versus 536,000 ounces a year ago.
Costs applicable to sales per pound of copper remained constant at US$0.45 per pound while costs applicable to sales per ounce of gold increased 8% to 133 per ounce during the third quarter of 2005 from the third quarter of 2004. Overall, operating costs increased primarily as a result of increased fuel, maintenance, consumable, power and labor costs, said the company in its third quarter release.
Newmont has 52.88 percent interest in Batu Hijau mine. (alex)