Top U.S. gold miner Newmont Mining Corp. has reported a Q3 production decrease to 1.15 million gold oz, down from 1.28 million year-on-year with 13,700 copper tons, 15,500 less during the same year period; continuing operations, meanwhile, netted $210 million, down from $419 million.
Nonetheless, in guidance terms, “we remain on track,” CEO Gary Goldberg said in a statement. September’s 2014 forecast included 5 million gold oz and up to 90,000 copper tons; company cost-cuts and layoffs continued following gold’s 30% slump since 2011.
In late September, copper concentrate shipments resumed from Indonesia, with the end of a suspension at Batu Hijau that began in Q1 after the government imposed steep taxes; the Colorado-based firm called the tariff a contractual violation.
Startup at Ghana’s Akyem project beginning Q4 2013 partly offset lower U.S. production from stripping at the Carlin and Twin Creeks operations through 2015; Australian output, on the other hand, fell following the Q3 Jundee complex sale and lower grades at Tanami.