Newmont Mining Corporation (NYSE: NEM) announced preliminary attributable gold and copper production and costs applicable to sales in-line with its 2011 Outlook.
Full Year and Fourth Quarter Preliminary 2011 Operating Highlights:
- Attributable gold and copper production of 5.2 million ounces and 206 million pounds, and 1.3 million ounces and 48 million pounds for 2011 and the fourth quarter, respectively;
- Average realized gold and copper price of approximately $1,563 per ounce and $3.54 per pound, and $1,670 per ounce and $3.41 per pound for 2011 and the fourth quarter, respectively;
- Costs applicable to sales (“CAS”) for gold and copper of $592 per ounce and $1.26 per pound, and $606 per ounce and $1.58 per pound, for 2011 and the fourth quarter, respectively; and
- Consolidated capital expenditures of $3.0 billion and $998 million for 2011 and the fourth quarter, respectively.
“I am pleased to report 2011 production, operating costs and capital expenditure performance in line with our original guidance for the year,” said Richard O’Brien, President and CEO. “Combined with higher metal prices, our strong financial performance allowed us to return significant capital to shareholders in the form of a gold price-linked dividend,” added Mr. O’Brien.
2012 Outlook
The Company announced that it anticipates 2012 attributable gold and copper production of approximately 5.0 to 5.2 million ounces and 150 to 170 million pounds, respectively, at CAS of approximately $625 to $675 per ounce and $1.80 to $2.20 per pound, respectively. The Company also announced that it currently expects to invest approximately $3.0 to $3.3 billion in attributable capital expenditures, of which approximately 60% is allocated to growth project initiatives, including further development of the Akyem project in Ghana and potentially the Conga project in Peru, with the remaining 40% expected to be spent on sustaining and maintenance capital.
About the company: Newmont Mining Corporation is primarily a gold producer, with significant assets or operations in the United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico. Founded in 1921 and publicly traded since 1925, Newmont is one of the world’s largest gold producers and is the only gold company included in the S&P 500 Index and Fortune 500. Headquartered near Denver, Colorado, the company has over 34,000 employees and contractors worldwide.
In 2007, Newmont became the first gold company selected to be part of the Dow Jones Sustainability World Index. Newmont’s industry leading performance is reflected through high standards in environmental management, health and safety for its employees and by creating value and opportunity for host communities and shareholders.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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