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Newmont Mining Expecting Higher Costs and Lower Copper Production

Newmont Mining said that costs for mining gold and copper would rise this year. This will be due to higher labor and power costs in Australia. The company also said that it would expect a lower production of copper this year due to hitting low grade ores Indonesia.

The company also added that gold production for 2012 would be the same as it was in 2011. The announcement led to the Denver based company up by 3.5 % on the New York Stock Exchange in the morning trading.

Newmont Mining is the second biggest producer of gold in the world. It is said to have mined 5.2 million ounces of gold in 2011 and about 206 million pounds of copper as well. This is lower than the 5.4 million ounces of gold it mined in 2010 and the 327 million pounds of copper it mined that year as well.

The production guidance for 2012 for the company expects it to mine 5.2 million ounces of gold and between 150 to 170 million pounds of copper. The company expects the cost of mining gold to go up from $560 – 590 in 2011 to $625 – 675 per ounce in 2012. This will be in part due to the new carbon tax in Australia which will contribute to $15 per ounce extra production cost.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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