Proactiveinvestors recommends
Additional Information
Market: TSX NYSE ASX
Sector: Gold Mining
EPIC: NMC
Latest Price: 61.70  (0.02% Ascending)
52-week High: 73.35
52-week Low: 50.02
Market Cap: 3,447.41M
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
Newmont Mining
www.newmont.com/en

Employing approximately 34,000 employees and contractors worldwide, Newmont Mining operates core assets in North America, South America, Australia, Indonesia, and Ghana, with new mine projects currently being developed.  Newmont Mining is one of the world's largest gold producers.

Full Newmont Mining profile here
Pdf

Newmont Mining's Boddington Mine on track to hit 1 million ounces per annum

15th Mar 2010, 10:51 am
Newmont Mining's Boddington Mine on track to hit 1 million ounces per annum

By Ross Louthean, Mineweb.com

Production at Australia's new one million ounce per year super gold mine at Boddington south of the Perth metropolitan area in Western Australia, is expected to reach full production by the end of this calendar year.

The "on track" ramp-up forecast was announced at the opening day of the Paydirt Australian Gold Conference by owner Newmont Mining Corporation..

Newmont Asia Pacific's regional group executive-operations, Philip Stephenson said in the conference keynote address that the planned 12 month ramp-up schedule at Boddington, 130 kilometres southeast of Perth, is "on track and is currently about 70% complete".

Stephenson said the first gold at Boddington for "Newmont's cornerstone asset for many years to come", was poured and shipped in September last year "with recoveries for both gold and copper above design expectations".

"The ramp-up is at about 70% and climbing and we anticipate reaching full capacity late  in 2010 as this is a mega project and will correspondingly take time to ramp-up," said.

"Newmont will, however. continue to further develop this under-explored and highly prospective greenstone belt - so do not be surprised if this operation goes for at least 30, maybe 40 years."

Newmont is also a 50% owner in Western Australia's giant Superpit gold mine at Kalgoorlie, as well as the Jundee mine in Western Australia's north eastern goldfields, Tanami mine in the Northern Territory and Waihi gold operations on New Zealand's North Island.

On global gold equity markets, Stephenson said there had been a huge growth in Exchange Traded Fund (ETF) holdings with almost 600 tonnes of gold going into ETF holdings in 2009 as investors sought greater insurance against global economic uncertainty by boosting physical stocks of gold.

"This has increased ETF holdings to just below 45 million ounces or around 75% of annual mine production globally for the entire industry," he added.

"To put this gold movement into perspective, the flight to gold in 2009 was twice what we saw in 2007 and 2008."

He said the operating outlook for Newmont for 2010 was total gold output of 5.3 million to 5.5 M oz at around $US450-480/oz which is expected to improve to around $US310-340/oz with copper credits for Boddington and Batu Hijau in Indonesia taken into account.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.