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Gold/Mining/Energy : Newmont Mining(NEM) & Newmont Gold(NGC)
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To: Broken_Clock who wrote (141)5/6/1999 5:05:00 PM
From: Broken_Clock   of 587
 
Thursday May 6, 12:55 pm Eastern Time

Newmont sees Nevada gold output
declining

DENVER, May 6 (Reuters) - Newmont Mining Corp. expects
1999 Nevada gold production to decline 10 percent from
last year to 2.4 million ounces, Chief Executive Ron
Cambre said on Thursday

The company's total gold production this year is expected to slip to 3.9 million ounces from
last year's record 4.1 million ounces, Cambre told the annual shareholders meeting.

The company's wholly owned Newmont Gold subsidiary is the biggest U.S. gold producer.

''Total cash costs per ounce will remain in the $200 to $210 range as our cost-cutting
efforts balance higher costs of treating greater quantities of refractory ore,'' Cambre said
referring to the Nevada production.

Cambre also said he thought the pricing environment for gold might be changing, noting that
last week gold prices rose above $285 an ounce for the first time in two months.

''There's a stir in the market as money moves from Internet stocks into real assets, basic
industries, commodities and yes, gold,'' he said.

He also said gold buying in Asia was ''regaining strength.''

Every $10 rise in the price of gold translates into an $0.18--a-share rise in annual profits,
Cambre said.
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