Newmont Mining Corporation (NYSE: NEM) (“Newmont” or the “Company”) announced today that its Akyem project in Ghana and its Phoenix Copper Leach project in Nevada have safely achieved commercial production, on schedule and on budget.
"Our employees and contractors in Ghana and Nevada did a great job delivering these projects into full production safely and efficiently,” said Gary Goldberg, President and Chief Executive Officer. “Akyem is a core asset that will deliver profitable gold production at competitive costs and the copper we produce at Phoenix from what was once classified as waste will improve our copper cost position.”
Phoenix Copper Leach Highlights
- Estimated development capital of approximately $950 million, of which $920 million has been incurred through September 30, 2013;
- First five year average annual gold production of 350,000 to 450,000 ounces at costs applicable to sales of $500 to $650 per ounce;
- First five year average all-in sustaining costs of $750 to $850 per ounce; and
- 2013 attributable gold production outlook of 50,000 to 100,000 ounces.
- Estimated development capital of approximately $175 million, of which $156 million has been incurred through September 30, 2013;
- First five year average annual copper production of approximately 20 million pounds at costs applicable to sales of $1.75 to $2.00 per pound; and
- 2013 attributable copper production outlook of 4 to 5 million pounds.
Akyem is a large, open pit mine in the Birim North District in the eastern region of Ghana, located about 180 kilometers northwest of the capital city of Accra. At December 31, 2012, the project had proven and probable gold reserves of 7.4 million ounces and an estimated mine life of approximately sixteen years.