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To: long-gone who wrote (1)	2/5/1999 11:05:00 AM
From: long-gone	Respond to of 762

From the Rocky Mountain News Today 4 million ounces golden for Newmont Mining Company posts profit; announces land swap By Richard Williamson News Staff Writer Denver-based Newmont Mining Corp. became the first North American company to produce 4 million ounces of gold in 1998, struggling through one of the leanest years in two decades with an operating profit. Newmont also announced a major land swap with Toronto-based Barrick Gold Corp. in northern Nevada, where both companies operate. Barrick was North America's largest gold producer until Newmont took the lead through an acquisition in 1997. The swap represents an even split of 4 million ounces of reserves and simplifies the land holdings of the two companies, officials said. A writedown of Newmont assets impaired by low gold prices and a new accounting standard left the company with a loss on paper of $393 million, or $2.47 per share, for the full year. Profit before special charges fell to $5.8 million, or 3 cents per share, from $41.6 million or 27 cents per share in the same quarter a year earlier. The earnings were in line with the expectations of analysts surveyed by First Call Corp.(cont.) insidedenver.com

To: long-gone who wrote (1)	2/8/1999 7:07:00 AM
From: long-gone	Respond to of 762

Homestake 1998 net loss US$218.33 mln SYDNEY, Feb 8 (Reuters) - Homestake Mining Co reported on Monday a net loss of US$218.33 million for calendar 1998 versus a loss of $230.60 million in 1997. But the U.S.-based miner reported a swing to a net profit of $1.42 million in the fourth quarter of 1998 from a a loss of $58.44 million in the same period a year earlier. Homestake is also listed on the Australian Stock Exchange. The 1998 loss included write-downs and abnormal charges net of tax and minority interests of $195 million, or 91 cents a share, Homestake said. The latest quarter's results included after-tax write-downs and abnormal charges of about $2.8 million, or one cent a share, relating mainly to the suspension of operations at the Pinson mine in Nevada last year. Homestake said it sold 2.6 million ounces gold equivalent at an average price of $312 an ounce in 1998 compared to sales of 2.5 million ounces in 1997 at an average price of $353 an ounce. Average cash costs of producing gold in 1998 declined by $44 to $202 an ounce from $246 an ounce in 1997, the company said. Reduced cash costs help soften the impact of an average $41 an ounce decline in the gold price in 1998, Homestake said. Major improvements in cash costs were recorded during the year at the Homestake, McLaughlin and Eskay Creek mines in North America and the Kalgoorlie, Darlot and Lawlers lodes in Australia, the company said. About 43 percent, or $19 an ounce of the cash cost reduction in 1998 was due to a decline in the Australian and Canadian dollar compared to the U.S. dollar, Homestake said. Equivalent gold production in the fourth quarter declined to 614,600 ounces from 659,100 ounces in the same period a year earlier, Homestake said. Homestake attributed the decline to lower yields from the Homestake, David Bell Mt Morgans and Kalgoorlie mines, partially offset by higher output from the Plutonic, Ruby Hill, Darlot and Lawlers lodes. Cash costs over the same period declined to $201 an ounce from $237 an ounce, it said.