Newmont Pours First Gold at Boddington, Delivers First Shipment of Copper Concentrate
Denver, September 30, 2009 — Newmont Mining Corporation (NYSE: NEM) ("Newmont" or "the Company") announced today the first gold pour at its Boddington mine in Western Australia. In addition, the Company has trucked its first shipment of copper concentrate from the mine to the port in Bunbury. The event marked the commencement of gold production at Boddington after the first production of copper concentrate in August.
At full production, Boddington will be Australia's largest gold mine. Annual gold production is estimated at approximately one million ounces a year for the first full five years with costs applicable to sales of about US$300 per ounce (including copper credits).
"The first gold pour is a significant milestone and an exciting time for our Company," said Richard O'Brien, President and Chief Executive Officer. "As we look to the future, the world-class Boddington gold mine will prove to be a cornerstone asset, providing a stable production base for many years. I am proud of the Company's ongoing commitment and hard work, and am especially grateful for the efforts of our development team for completing this state-of-the-art facility while maintaining our industry leading safety performance."
About Newmont Boddington Gold:
Newmont Boddington Gold is a large, open pit mine in Western Australia located 130 kilometers southeast of Perth within the Saddleback Greenstone Belt. Newmont believes Boddington has significant exploration potential, with gold reserves increasing from 16.6 million ounces in 2007 to 20.1 million ounces in 2008 (on a 100% basis) and an expected mine life in excess of 24 years.
This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the safe harbor created by such sections and other applicable laws. Words such as "expect(s)", "feel(s)", "believe(s)", "will", "may", "anticipate(s)", "estimate(s)", "should", "intend(s)" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements include, without limitation, (i) estimates of future mineral production and sales; (ii) estimates of future costs applicable to sales; (iii) estimates of future capital expenditures, construction, and production activities; (iv) statements regarding future exploration expenditures, results and reserves; (vi) statements regarding potential cost savings, productivity, operating performance, and cost structure; and (vii) expectations regarding the start-up time, design, mine life, and production of the Boddington project and other projects or operations. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, political and operational risks in the countries in which we operate, and governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company's 2008 Annual Report on Form 10-K, filed on February 19, 2009, Current Report on Form 8-K filed on September 14, 2009, with the Securities and Exchange Commission, as well as the Company's other SEC filings. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
SOURCE Newmont Mining Corporation