Newmont says Sumbawa gold and copper production up in Q2 2001

Denver based gold and copper mining firm Newmont Mining Corp said Thursday that its Batu Hijau mine in Sumbawa island produced 173.8 million pounds of copper (97.7 million equity pounds) and 138,000 ounces of gold (78,000 equity ounces) at a low total cash cost of US $ 0.34 per pound of copper, after gold credits, as a result of higher grade and an enhanced process recovery rate of 91 percent during the quarter.

In April, Newmont reported a first quarter production of 161.5 million pounds of copper and 125,400 ounces of gold from the Batu Hijau mine.

In only its second year of operation, Batu Hijau's mill throughput averaged approximately 119,000 metric tons per day during the quarter, while in June, the average monthly throughput exceeded the mill's rated capacity of 120,000 metric tons per day to reach 124,000 metric tons per day.

Newmont has revised the full year forecast for Batu Hijau to 320 million to 350 million equity pounds of copper at a total cash cost per pound of $0.43.

Newmont controls 56.25 percent interest (56.25 percent economic interest) in PT Newmont Nusa Tenggara, which runs the mine, while Sumitomo Corporation of Japan holds 35 percent (43.75 percent economic interest) and an Indonesian company, PT Pukuafu Indah, holds the remaining 20 percent. (alex)