Tags: Newmont | Lower | Copper | Output

Newmont Sees Lower Copper Output in 2012

Tuesday, 17 Jan 2012 11:19 AM

 

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Newmont Mining Corp. said on Tuesday it produced less gold and copper in 2011 and the fourth quarter than a year earlier and forecast its 2012 copper production will fall short of last year's.

The Denver-based mining company, the world's second-largest gold producer, said preliminary results showed it produced 5.2 million ounces of gold and 206 million pounds of copper in 2011.

That compares with 5.4 million ounces of gold and 327 million pounds of copper produced in 2010.

In the fourth quarter of 2011, Newmont said it produced about 1.3 million ounces of gold and 48 million pounds of copper — down from 1.4 million ounces of gold and 74 million pounds of copper in the same quarter of 2010.

In November, Newmont said lower output in Nevada and higher costs at its Boddington mine in Australia could affect results.

Looking ahead, the company said it expects 2012 gold production of about 5.0 million to 5.2 million ounces and copper production of 150 million to 170 million pounds

It gave no reason for the lower copper target.

The company said it expects to invest about $3.0 billion to $3.3 billion in capital expenditure this year.

Newmont stock fell 0.9 percent to $62.80 in early trading on the New York Stock Exchange.

© 2014 Thomson/Reuters. All rights reserved.

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