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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: goldsnow who wrote (6869)	1/27/1998 8:17:00 PM
From: goldsnow	Respond to of 116762

Placer 2000 gold target falls short PERTH, Jan 27 (Reuters) - Canada-based Placer Dome Inc said on Tuesday it did not expect to achieve a previously anticipated annual gold production target of 2.7 million ounces until 2000. "The corporation now expects to maintain average gold production close to the current rate through the year 2000 at cash production costs below US$200 /oz," Placer said. Placer said it had exceeded operating targest in 1997 by producing 2.56 million ounces of gold compared with 1.9 million ounces in 1996. .....

To: goldsnow who wrote (6869)	1/28/1998 9:20:00 PM
From: goldsnow	Respond to of 116762

Go Figure.."An Outstanding Year: EPS Up 70% Before Merger Costs DENVER, Jan. 28 /PRNewswire/ -- Newmont Mining Corporation (NYSE: NEM) and Newmont Gold Company (NYSE: NGC) earned 27 cents per share in the 1997 fourth quarter and $1.07 per share for the full year before costs associated with the acquisition of Santa Fe Pacific Gold Corporation. This compares with 1996 earnings of 14 cents per share in the quarter and 63 cents for the year for the combined Newmont and Santa Fe entities. The Company also announced that it is taking further steps to optimize operations following the merger and to reduce discretionary spending to ensure profitability and strengthen cash flow during a period of low gold prices. Newmont's Chairman, President and Chief Executive Officer Ronald C. Cambre said 1997 was "an outstanding year. Despite a $41-an-ounce drop in the realized gold price, we achieved what we set out to accomplish -- and then surpassed those goals. Equally important, the company is positioned to maintain its leadership in the industry during a period of profound instability brought about by depressed gold prices." He said highlights for the past year included: * The successful and orderly integration of Santa Fe with the achievement of synergies that exceeded the original annual target of $80 million. * Record production of nearly 4 million equity ounces, a 27 percent increase from combined 1996 production of 3.1 million ounces, as each operation increased its output. * A 14 percent reduction in total cash costs to $187 per equity ounce, making Newmont the lowest cost producer among the world's senior gold companies. * And the start of construction at Batu Hijau in Indonesia, the largest undertaking in the company's history, following completion of $1 billion in project financing and negotiation of sales contracts for the copper concentrate. Looking forward, Mr. Cambre said Newmont expects to produce between 3.8 and 4 million ounces of gold annually through the year 2000 at a total cash cost of under $200 an ounce.....