Newmount Cuts Gold Output Estimates For This Year On Falling Prices 21-Feb-2014

0
3

Newmont Mining Corp posted a fourth-quarter loss yesterday, hurt by lower gold prices and impairment charges. The company, one of the largest gold producers in the world, said it had reduced its gold reserves by 11% to 88.4 million ounces for 2013 due to reductions in gold pricing. The company also reported a 15 percent fall in copper reserves. Newmount noted that its capital expenditure in 2014 would be 25% lower than last year. The company said it expects gold output of 4.8 million to 5.2 million attributable ounces in 2015 and 2016. All-in sustaining costs for gold were $1,032 an ounce in the quarter, down 14% from the prior year quarter. Newmont expects to produce between 4.6 million and 4.9 million ounces of gold this year, down from the 5.1 million ounces it produced in 2013.