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Newmont (NYSE: NEM) Announces Commercial Production at Boddington
Category: Investment, Gold, Mining
DENVER - November 20, 2009 - Newmont Mining Corporation (NYSE: NEM) announced today that its Boddington operation in Western Australia has achieved commercial production.
"I would like to thank the thousands of employees and contractors for their dedication to bringing Boddington into operation in a safe and responsible manner," said Richard O'Brien, President and Chief Executive Officer. "This world-class mine will remain a core asset in our portfolio for many years to come by providing a large, low cost production base in a AAA-rated country."
Upon ramp up to full production, key operating highlights for Boddington include:
- First five year average annual gold production: ~1,000,000 ounces;
- First five year average costs applicable to sales (net of by-product credits): ~$300 per ounce; and
- Estimated mine life in excess of 24 years.
"The team at Boddington has done an outstanding job delivering this large and complex project into commercial production so quickly after start-up," said Brian Hill, Executive Vice President, Operations. "We are pleased with the ramp up status of the mine and look forward to achieving full production in 2010."
Cautionary Statement
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the safe harbor created by such sections and other applicable laws. Such forward-looking statements include, without limitation, (i) estimates of future mineral production and sales; (ii) estimates of future costs applicable to sales, other expenses and taxes, for specific operations and on a consolidated basis; and (iii) expectations regarding the ramp-up, design, mine life, production and costs applicable to sales and exploration potential of the Boddington project and other projects and operations. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, political and operational risks in the countries in which we operate, and governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company's 2008 Annual Report on Form 10-K, filed on February 19, 2009, with the Securities and Exchange Commission, and its other SEC filings. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
SOURCE Newmont Mining Corporation
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