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Wednesday, 28th January 2009 (873 views)

Newmont Mining has announced that it sold 5.2 million ounces of gold during 2008, a figure which it is expecting to improve upon in the coming year.

The precious metal was sold at $440 (£308) per ounce, with consolidated capital expenditure for last year priced at $1.9 billion.

Newmont is intending to complete its acquisition of the Boddington project in Australia from AngloGold Ashanti, which it has forecast will boost production further in 2009.

Richard O'Brien, president and chief executive officer, outlined the firm's intentions for year ahead, stating: "We expect equity gold sales to increase to between 5.2 and 5.5 million ounces at costs applicable to sales of between $400 and $440 per ounce, assuming the completion of the Boddington acquisition."

Newmont announced a definitive purchase agreement to acquire the remaining 33.3 per cent of the Boddington project yesterday, a deal which is expected to be finalised in March.

 

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