Newmont Mining Corp. (NEM: Quote) announced that it expects fourth quarter sales and production of gold and copper to decline compared with the prior year, but copper production is expected to grow in 2013.
For the fourth quarter, Newmont expects its 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.
Additionally, the company stated that Gary Goldberg will become President and Chief Executive Officer and join its Board on March 1, 2013.
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by RTT Staff Writer
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