Newmont Mining (NEM) Issues Preliminary FY11 Numbers; Sees FY12 Copper Production Lower

Newmont Mining Corporation (NYSE: NEM) announced preliminary attributable gold and copper production and costs applicable to sales in-line with its 2011 Outlook.

Full Year and Fourth Quarter Preliminary 2011 Operating Highlights:

• Attributable gold and copper production of 5.2 million ounces and 206 million pounds, and 1.3 million ounces and 48 million pounds for 2011 and the fourth quarter, respectively;
  
• Average realized gold and copper price of approximately $1,563 per ounce and $3.54 per pound, and $1,670 per ounce and $3.41 per pound for 2011 and the fourth quarter, respectively;
  
• Costs applicable to sales for gold and copper of $592 per ounce and $1.26 per pound, and $606 per ounce and $1.58 per pound, for 2011 and the fourth quarter, respectively; and
  
• Consolidated capital expenditures of $3.0 billion and $998 million for 2011 and the fourth quarter, respectively.

The Company announced that it anticipates 2012 attributable gold and copper production of approximately 5.0 to 5.2 million ounces and 150 to 170 million pounds, respectively, at CAS of approximately $625 to $675 per ounce and $1.80 to $2.20 per pound, respectively. The Company also announced that it currently expects to invest approximately $3.0 to $3.3 billion in attributable capital expenditures, of which approximately 60% is allocated to growth project initiatives, including further development of the Akyem project in Ghana and potentially the Conga project in Peru, with the remaining 40% expected to be spent on sustaining and maintenance capital.

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