For 2012, the company sees copper production of roughly 150 million to 170 million pounds with costs of about $1.80 to $2.20 per pound. Newmont on Tuesday estimated it recorded copper production of 206 million pounds at a cost of $1.26 per pound in 2011. The company didn't offer reasons behind the 2012 forecast.
Newmont, the world's second-biggest gold producer after Barrick Gold Corp. (ABX), also predicted gold production for the year would come in mostly in line with estimated 2011 production levels. For 2012, the company predicted gold production of 5 million to 5.2 million ounces, compared with estimated production of 5.2 million ounces in 2011.
Costs applicable to sales of the precious metal were forecast at $625 to $675 per ounce, up from the estimated $592 per ounce cost recorded last year.
Newmont also said Tuesday it expects to spend roughly $3 billion to $3.3 billion on capital expenditures this year. About 60% of that estimate is allocated to growth project initiatives, including further development of the Akyem project in Ghana.
While benefiting from high-flying prices for copper and gold, the company has in recent quarters seen lower production work against gains from surging prices. Third-quarter earnings slipped 8.2% as a decline in production and a steep acquisition charge weighed down profits for the period.
Shares were recently off $1.06 cents to $62.33 in recent trade. The stock is up 3.8% since the start of the year (source http://www.marketwatch.com ) For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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