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Newmont surges despite Hope Bay blip

24th Feb 2012
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DENVER, Feb 24 – A $1.6B writedown on the Hope Bay project in Canada is the only blip on the screen of record results for Newmont Mining in the year to December 2011.

The writedown dropped the mining giant’s income from continuing operations to US$0.5B from the 2010 result of $2.3B.

Apart from that, operating cash flow was a record $3.6B, up 13%, and total revenue was $10.4B, up 9%.

The gold operating margin was $971/oz, up 32%.

The record level of gold and copper prices during the year offset a decline in attributable production – gold output was 4% lower at 5.2M oz and copper output fell 37% at 206M lb.



Also in the February 22 - 28, 2012 edition

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Shaw certain Otjo will be worth the wait
The only way is up
Lynch looks for year of the tortoise
Fixing China’s property market a key test
Take two
Read takes on Scandinavian mission
Scotgold helps change UK mining landscape
Indochine keen on Hidden Valley model
Signs point to a copper project
Nuclear power potential damaged by industry track record
Gold safe for now: WGC
Polish coal miners return to ploughs
African Rainbow profit up
Alberta Coal IPO flagged
Alchemy expands in Bryah Basin
Alkane begins funding drive
AMS wins contract extension
Atlas buttressed for growth
Ausdrill wins more Ensham work
Axiom bid turned down
Azumah looks for Wa connection
Balamara to start Monty infill work
Bandanna moves forward at Springsure Creek
Belinau signs good for Sumatra
Berkeley to miss JV target
Bulletin outlines drilling target at Nicolson's
Carpentaria welcomes Bonython action
Casino a winner, says study
Castlemaine makes grade
Centerra profit up despite lower output
Coalspur has Vista covered
Coeur lifts exploration spending
Coffey appointed to review Sherwin project
Copler output could grow
DeGrussa underground underway
Dutwa fundraising starts
Eldorado to lay down asset plan
Elementos grows profile
Endeavour to up West African spend
Endocoal resource upgrade
ERA aiming to solve Ranger problems
Exxaro expected to speed Mayoko devt
Fahiakoba exploration to begin
Falcon to acquire Templer's silver
Firestone talks up Smitspan plan
FLSmidth presses on
Forecariah start-up close
GGG takes Bullabulling to 3.2Moz
Gippsland starts tin mining
Gold Anomaly talking big
Gold Fields expands reserves
Gold One delivers to targets
Golden Star cuts its losses
Grange profit surges
Hannans looks to consolidate
High margins boost New Gold profit
Ikwezi on track at Newcastle
Iluka profit on the rise
Impala issues ultimatum
IMX on track to complete Snaefell studies
Issue to back Obotan funding
Katanga power cuts disrupt Anvil ramp-up
Khumani heads African Rainbow growth plan
Kingsgate raises $A70M
Lachlan Star targets one-pit plan
Ludowici investors to be compensated
Ludowici test for panel
Major turnaround for Coeur d'Alene
Mandalay boosts reserves
Matilda makes steady progress
Mineral Ridge potential grows
Miranda may pursue new opportunities
More warnings for foreign firms in Zim
Murchison hopes rise at Kentor
NAP to awaken after mine shutdown
New Dawn defends Zimbabwe move
New Hope shuts door
New Mokambo view of old core
Newmont to spend more than $3B in 2012
Northern Manganese targets base metals
NRE longwall start date pinned
NRW profit rise
NuCoal to go to school
Nullagine on track
OM back on track
Orica plant restarts
PanAust looks to lift Phu Kham returns
Peak rises on Ngualla resource
Platinum miner's profit surges
Reed winds up Meekatharra BFS
Rio clears final Hope Downs hurdle
Saracen forecasts rising costs
Siana generally on track, says Red5
Sintang will be dredged, says Wavenet
Snake Hill promise for Northern
Solid return at Spring Creek
Straits loss
Sun shines for St Barbara's day
Sylvania in iron ore sale talks
TAM Q buys 15% of QMC
Tao extension for Canyon
Teranga raises Sabodala sights
Toro lifts Centipede resource
TRS resource hike for Deep Yellow
Underdale wins Five Mile Creek work
Wa funds in place
Webbs upgrade a standout
WorleyParsons profit up
ZYL may opt to truck coal
Flying or digging – it’s all tiring work
People on the move: Continental Coal, A-Cap, Atlas Iron
Reaction a sign of muddled market
Sticking with the planner
Rio doubles up on simulators
Technology firm wins Rio contract
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