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UPDATE 1-Gold miner Newmont sees costs below $1,000/ounce for next 5 yrs

Published 2015-12-02, 04:40 p/m
© Reuters. UPDATE 1-Gold miner Newmont sees costs below $1,000/ounce for next 5 yrs
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(Adds quotes from chief exeutive, more detailed forecasts)
Dec 2 (Reuters) - Newmont Mining Corp (N:NEM) NEM.N said on
Wednesday it expects to maintain profitable production of
between 4.5 million and 5 million ounces of gold a year over the
next five years and keep all-in sustaining costs below $1,000 an
ounce.
Releasing a long-term operating outlook, Newmont, the
biggest U.S.-based gold producer, said all-in sustaining costs
are expected to decline from between $900 and $960 an ounce of
gold in 2016 to between $850 and $950 an ounce in 2017.
"Higher margin ounces will be added with the completion of
Merian, Long Canyon and expansions at Cripple Creek & Victor and
Tanami," Newmont Chief Executive Gary Goldberg said, listing a
number of Newmont's new projects and mines in North and South
America and Australia.
"We will also progress the next projects in our pipeline -
including expansions at Carlin and Ahafo - to further improve
profitability," he said in a statement a day before Newmont
holds an investor day. Carlin is in Nevada and Ahafo in Ghana.
Attributable gold production is expected to rise to between
5.2 million and 5.7 million ounces of gold by 2017, Newmont
said.
The miner is expecting attributable gold production of
between 4.7 million and 5.1 million ounces of gold this year and
all-in sustaining costs of $880 to $940 an ounce.
Attributable copper production is expected to be between
120,000 and 160,000 tonnes in 2016 and 2017 before decreasing to
between 70,000 and 110,000 tonnes by 2018. The decline is due to
the depletion of a higher grade phase at Newmont's Batu Hijau
mine in Indonesia in 2018.

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