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UPDATE 1-Gold miner Newmont to expand Tanami mine in Australia

Published 2015-10-28, 04:30 p/m
© Reuters. UPDATE 1-Gold miner Newmont to expand Tanami mine in Australia
NEM
-

(Adds cost of expansion, production, cost impact)
Oct 28 (Reuters) - Newmont Mining Corp (N:NEM) NEM.N on Wednesday
announced plans to expand its Tanami gold mining operation in
Australia by building a second decline in the underground mine
and adding plant capacity.
Newmont, the biggest U.S.-based gold miner, said the
expansion will add gold production of about 80,000 ounces a year
and reduce Tanami's all-in sustaining costs by 5 percent to 10
percent in the first five years.
The expansion will extend the mine's life by three years.
Newmont said it will require between $100 million and $200
million in capital for the project, which it will fund from
internal cash. First commercial production is expected in the
second half of 2017.
Once the expansion is complete, Tanami will produce between
425,000 ounces and 475,000 ounces of gold a year at all-in
sustaining costs of between $700 and $750 an ounce in the first
five years of production.
Last year Tanami, located 350 miles (560 kilometers)
northwest of Alice Springs in the Northern Territory, produced
about 345,000 ounces of gold at all-in sustaining costs of
$1,038 an ounce.

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