Wednesday, January 23rd 04:39 PM IST

Newmont sees 2012 Gold production at 5 million ounces

# Newmont  # Gold production  # Canada gold  

The company stated that the preliminary attributable gold and copper sales of 1.2 million ounces and 42 million pounds for the fourth quarter, respectively.

TORONTO(BullionStreet): Canada based Newmont Mining Corporation said it expects a sharp decline in gold and copper production in the last quarter of 2012.

In a statement, Newmont,one of the world's largest gold producers with significant assets or operations on five continents said, in the 4th quarter, company's total attributable gold production to reach 1.252 million ounces, down from 1.304 million ounces last year.

Copper production is expected to reach 35 million pounds, down from 47 million pounds reported a year-earlier. The company stated that the preliminary attributable gold and copper sales of 1.2 million ounces and 42 million pounds for the fourth quarter, respectively.

The company said that it expects full-year 2012 gold production of 5 million ounces and copper production of 143 million.

Looking ahead to 2013, the company expects attributable gold production of 4.8 million to 5.1 million ounces, and copper production of 150 million to 170 million pounds.

The company also anticipates 2013 all-in sustaining costs to be between $1,100 and $1,200 per gold ounce of production.

The company also said that it anticipates capital expenditures of $2.1 billion to $2.3 billion in 2013, primarily allocated to development and expansion of existing projects.

Newmont had seen solid revenue growth in recent quarters amid a decade-long surge in the price of the precious metal.

But the company reported last month its third-quarter earnings fell 26% as revenue slipped 9.6% amid lower output for gold and copper and higher expenses.

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