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Gold/Mining/Energy : Newmont Mining(NEM) & Newmont Gold(NGC)

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To: Broken_Clock who wrote ()	10/30/1998 12:10:00 PM
From: RagTimeBand	Read Replies (1) of 587

Newmont Mining sees '99 capital spending up biz.yahoo.com Friday October 30, 2:37 am Eastern Time DENVER, Oct 29 (Reuters) - Newmont Mining Corp.'s total capital spending should rise to about $250 million in 1999 from $225 million this year as it completes its Batu Hijau Indonesian project, company executives said on Thursday. Chief Financial Officer Wayne Murdy said the company will spend about $125 million to $150 million on Batu Hijau alone, up from about $110 million this year. The project is 65-percent complete. Company executives also told a teleconference call after the release of lower third quarter earnings that there was no plan to issue equity at the current stock price, but that there was also no plan for a major write down of gold reserves from the current $350 an ounce. Newmont reported third quarter earnings at $0.04 a share, down from $0.28 a share in the year-earlier period, due largely to lower gold prices. ''We're optimistic gold prices will improve, but we are prepared to manage our business at a flat gold price and leave ounces in the ground,'' Chief Executive Officer Ron Cambre said. The company expects total gold output next year at at 3.7 million ounces if gold prices stay low. Earlier this month the projection stood at 3.6 million to 3.9 million ounces. Gold is priced at about $293 an ounce. Executives also said Newmont would like to offer 10-year-bonds for a ''couple hundred million dollars'' if the market were friendlier to natural resources companies, but it does not need to increase debt to cover spending for Batu Hijau. The Indonesian project is on schedule and expected to start operations in the fourth quarter of 1999.

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