Newmont Mining ( NEM) got Australian government approval for the acquisition of Newcrest Mining's 22.22% interest in the Boddington Project in Western Australia. Newmont will pay Australian $225 million for this acquisition and will increase its interest in Boddington to two-thirds. The company will undertake the development of Boddington with its partner AngloGold Ashanti to start initial production in late 2008. With a current estimated mine life of more than 15 years for the project, Newmont expects to have an annual production of about 700,000 ounces for the first five years and to average about 600,000 ounces over the life of the project. Costs applicable to sales, net of by-product credits, are expected to be about $210 per ounce, the company added.