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Gold/Mining/Energy : Mining News of Note
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To: LoneClone who wrote (74359)1/22/2011 3:18:07 PM
From: LoneClone  Read Replies (1) of 193043
 
Newmont gold output up slightly; copper output up 45%

The gold miner reported that gold output for 2010 came in at the higher end of its November forecast and added that operating margins for the metal had increased
Posted: Friday , 21 Jan 2011

SAN FRANCISCO (Reuters) -

mineweb.com

Newmont Mining Corp (NEM.N: Quote) reported 2010 gold production at the high end of its previous outlook and said operating margins for the precious metal had increased.

The company said on Thursday that its 2010 gold production rose "slightly" to 5.4 million ounces, compared with an early November forecast of 5.3 million to 5.4 million. Copper output climbed 45 percent over 2009 levels to 327 million pounds.

"Our gold operating margin also increased from $566 per ounce in 2009 to $737 per ounce in 2010 ... highlighting our increasingly attractive gold price leverage in a rising metal price environment," Chief Executive Officer Richard O'Brien said in a statement.

In the fourth quarter, Denver-based Newmont produced 1.4 million ounces of gold and 74 million pounds of copper. It sold 1.3 million ounces of gold at an average realized price $1,368 each and 57 million pounds of copper at $4.52 each.

Newmont shares were down 0.3 percent at $55.31 in afternoon trading on a generally weak day for U.S. stocks. Rival Freeport-McMoRan Copper & Gold (FCX.N: Quote) was down 4 percent on its expectations of lower sales and higher costs. [ID:nN2043728] (Reporting by Braden Reddall; Editing by Lisa Von Ahn)
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