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MEI Online: Commodities: Metallic Ores: Copper: Latest News: August 21st 2009


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:: Newmont Announces First Production at Boddington; Ramp-up To Full Production Continues

Newmont Mining Corporation announce that its Boddington mine in Western Australia successfully produced its first gold and copper concentrate, processing approximately 100,000 tonnes of ore during the first two weeks of August.

Richard O'Brien, President and Chief Executive Officer of Newmont said, "I am proud to have been at site to witness the production of our first concentrate, which is a testament to the dedication and focus of the talented Newmont employees and contractors who have worked so diligently to safely complete this project. As we continue to ramp-up toward commercial production, Boddington will become a cornerstone asset in our portfolio."

Key operating highlights for Boddington are expected to 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;
  • Proven and probable gold reserves: 20.1 million ounces; and
  • Estimated mine life in excess of 24 years.

Boddington is a large, open pit mine in Western Australia, located 130 kilometers southeast of Perth. The Company continues to expect total capital costs to be between $2.8 and $2.9 billion on a 100% basis.

Boddington will be Australia's largest gold producer upon completion. Newmont believes Boddington has significant exploration potential with gold reserves increasing from 16.6 million ounces in 2007 to 20.1 million ounces in 2008.

In June, Newmont completed the acquisition of the remaining 33.33% interest in the Boddington project from AngloGold Ashanti Australia Limited, a wholly-owned subsidiary of AngloGold Ashanti Ltd.




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