Member access

4-Traders Homepage  >  Shares  >  Nyse  >  Newmont Mining Corp    NEM   US6516391066

SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll news 

Newmont Mining Corp : Newmont's New Zealand Operation Gets Go Ahead for US$200 Million Mine

05/06/2013 | 05:34pm US/Eastern
   By Lucy Craymer 
 

WELLINGTON, New Zealand--Newmont Waihi Gold Ltd., part of Newmont Mining Corp. (NEM), has been given permission to mine gold and silver below a residential area on the east coast of New Zealand's North Island, a company spokesman confirmed Tuesday.

The company spokesman said the company had been granted permission Monday for the Correnso underground mine in Waihi East, valued at 200 million U.S. dollars.

According to the company an area between 130 meters and 350 meters below the surface will be mined for ore. Construction of the mine is expected to start in mid-2013 and it could operate until the end of 2020.

Newmont produces on average around 100,000 ounces of gold and around 750,000 ounces of silver annually in the Waihi area. Last year, Newmont Mining Corp. announced plans to cut about 20 jobs and scale back its New Zealand exploration program due to rising costs and weak commodity prices but has continued to move ahead with the Correnso project.

The Denver, Colo.-based company produced 5.0 million ounces of gold and 143 million pounds of copper in total in 2012. Aside from New Zealand, the company has operations in the U.S., Australia and Indonesia as well as other countries.

-Write to Lucy Craymer at lucy.craymer@wsj.com

React to this article
Latest news on NEWMONT MINING CORP
1d ago NEWMONT MINING : Welcomes Suriname's Decision to Participate in the Merian Gold ..
2d ago NEWMONT MINING : continues to look for support for mine in Peru
3d ago NEWMONT MINING : Prepays $100 Million of $575 Million Term Loan Maturing in 2019
5d ago NEWMONT MINING : Partnership between BLM and Newmont Mining Corp. reduces hazard..
11/19 NEWMONT MINING : BLM and Newmont Mining Reduce Hazards at Bailey Day Mine
11/17 NEWMONT MINING : Welcomes Suriname’s Decision to Participate in the Merian..
11/15 NEWMONT MINING : Shares Ride Gain in Gold Price to Big Percentage Gain
11/05 NEWMONT MINING : Declares Quarterly Dividend of $0.025 per Share
10/31 NEWMONT MINING : DE/ : Results of Operations and Financial Condition, Financial ..
10/30 NEWMONT MINING : tops Street 3Q forecasts
Advertisement
Chart
Duration : Period :
Newmont Mining Corp Technical Analysis Chart | NEM | US6516391066 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF