Related topics

Newmont to Close Some Gold Mines

January 20, 2004

DENVER (AP) _ Newmont Mining Corp. will close gold mines in Australia, Bolivia and Indonesia over the next two years but expects to exceed their output with new mines in Nevada and Ghana.

Denver-based Newmont, the world’s largest gold producer, announced the Nevada and Ghana mines last month.

Newmont will close Bronzewhing in Western Australia in March 2004 and Kori Kollo in Bolivia in 2005. The Minahasa mine in Indonesia is in the process of being closed.

The mines accounted for 8 percent of Newmont’s total production, spokesman Doug Hock said.

``Mines close, and that is a natural part of the cycle; we are in a business where we are constantly depleting resources,″ Hock said.

The new mines, Ahafo in Ghana and Phoenix in Nevada, will go into production by 2006. They are expected to account for nearly 13 percent of Newmont’s total sales.

Newmont will announce its total gold reserves for 2003 in the first week of February. In 2002, its reserves stood at 83 million ounces.

Newmont shares rose $1.13, or 2.6 percent, to $44.21 in afternoon trading on the New York Stock Exchange.


On the Net: http://www.newmont.com

Update hourly