Newmont Mining Corp. posted preliminary 2013 operating results headlining 5.1 million gold oz and 144 million lb of copper — both exceeding forecasts. A 2014 outlook, with stable gold projections, and increased copper output accompanied Q4 reports.
Q4 gold production, moreover, stood at 1.5 million oz leading to 2013’s attributable 5.1 million oz production, both peaking guidance. Q4 copper production of 38 million lbs, meanwhile, led to full-year attributable production of 144 million lbs, meeting an updated guidance.
CEO Gary Goldberg was pleased with the results. “We significantly improved costs and efficiency while achieving exceptional safety performance in 2013,” he said in a statement.
In Q4 and full-year 2013, officials at the Colorado-based miner spoke of portfolio strengthening by delivering the Akyem and Phoenix Copper Leach projects “on time and on budget, and divesting more than $600 million of non-core assets.”
The company recorded strong performance across operations along with productivity increases at Tanami and Waihi in Australia and New Zealand; while recovering from early 2013 shortfalls in Nevada.
Akyem began production in Q4 2013 and surpassed guidance by producing 129,000 gold oz; strong performance at Tanami, Waihi and Kalgoorlie continued in Q4 with full-year production surpassing guidance.
Newmont expects consolidated 2014 gold and copper production at 5 to 5.3 million oz and 160 to 175,000 tons, respectively. Projects creating value, lower cost and extend mine life, such as the Turf Vent Shaft in Nevada, will be prioritized by up to $1.4 billion in investments in line with portfolio-strengthening.
A Phase 6 stripping campaign at Batu Hijau in Indonesia is also expected to be completed by Q4 2014, when production is forecast to increase significantly. However, this is subject to operating modifications based on the export regulations issued by the Indonesian government in mid-January, officials added.