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Newmont Announces Third Quarter 2013 Results

Stocks in this article: NEM


Indonesia AISC for the third quarter were $1,071 per ounce, down 36% over the prior year quarter due to a 24% reduction in gold CAS per ounce.

Batu Hijau – Attributable gold and copper production during the third quarter at Batu Hijau in Indonesia was 4,000 ounces and 19 million pounds, respectively, at CAS of $846 per ounce and $2.74 per pound, respectively. Gold production decreased 44% due to processing lower grade ore, lower recovery, and lower mill throughput. Copper production was in line due to higher copper mill recovery. Total tons mined increased by 12% as Phase 6 waste removal continues as planned. Gold CAS decreased 24% per ounce due to lower costs allocated to gold on a co-product basis, lower operating costs and royalties, partially offset by lower production. Copper CAS increased 15% per pound due to higher costs allocated to copper on a co-product basis.

The Company is maintaining its 2013 attributable gold production outlook of between 20,000 and 30,000 at CAS of $2,100 to $2,300 per ounce including stockpile write-downs and $900 to $1,000 per ounce excluding stockpile write-downs. The Company now expects attributable copper production of between 70 to 75 million pounds. Copper production outlook has been revised due to lower than expected mill throughput and grades. The Company continues to expect copper CAS of $4.70 to $5.10 per pound including stockpile write-downs and $2.20 to $2.40 per pound excluding stockpile write-downs.


Africa AISC for the third quarter were $836 per ounce, down 22% over the prior year quarter. AISC were favorably impacted by a 9% reduction in gold CAS and 22% reduction in sustaining capital expenditures per ounce.

Ahafo – Attributable gold production during the third quarter was 144,000 ounces at CAS of $513 per ounce. Gold production increased 10% from the prior year quarter due to higher mill recovery partially offset by lower grade. CAS per ounce decreased 9% from the prior year quarter due to higher ounces produced partially offset by higher mining and milling costs. AISC at Ahafo were $801 per ounce, down 19% over the prior year quarter.

The Company is maintaining its 2013 attributable gold production outlook of between 525,000 and 575,000 ounces at CAS of $550 to $600 per ounce.

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