Newmont hits commercial production at new Australian mine
miningweekly.com
By: Liezel Hill
20th November 2009
TORONTO (miningweekly.com) - Colorado-based Newmont Mining has achieved commercial production at its new Boddington mine, in Australia.
The mine, which is expected to operate for more than 24 years, will be the largest gold producer in the country.
In the first five years of full production, Boddington will produce an average of one-million ounces of gold, at an average cost, after by-products, of $300/oz sold.
"This world-class mine will remain a core asset in our portfolio for many years to come by providing a large, low cost production base in a AAA-rated country," Newmont CEO Richard O'Brien said in a statement.
The mine will continue to ramp up to full production in 2010, said Newmont's executive vice-president for operations, Brian Hill.
Earlier this year, Newmont bought the 33,33% of Boddington that it did not own from South Africa-based AngloGold Ashanti, for $1,09-billion.
Shares in Newmont slid 0,9% on Friday morning, to $52,20 apiece by 9:59 in New York. |
