Gary Goldberg, President/CEO of Newmont Mining Corp. (NEM), said the company’s key Batu Hijau mine in Indonesia is on track for a restart. The location has been tied up in a dispute over exports with the Indonesian government and was temporarily shut down.
Goldberg, speaking at the Denver Gold Forum in Denver, Colorado, said a memorandum of understanding was signed with the Indonesian government on September 3, with export shipping expected to begin upon receipt of the export permit. The mine and mill is expected to be operating at full capacity within eight weeks of that, Goldberg said.
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Newmont Mining Corporation is one of the world’s largest gold producers, with assets or operations in the United States, Australia, Peru, Indonesia, Ghana, New Zealand and Mexico. Founded in 1921, it is the only gold company included in the S&P 500 Index and Fortune 500.
Goldberg also highlighted securing the rights of exploitation to the Merian mine in Suriname, with an anticipated start date of late 2016. The Merian agreement covers 500,000 hectares for exploration, and provides a government option to acquire a 25% fully-funded equity stake.
Goldberg also pointed to the on-schedule and on-budget production of 113,000 ounces of gold at its Akyem mine in Africa, and an increase in production by 53% at its Tanami mine in Australia/New Zealand.
Newmont has $5 billion US in cash, marketable securities and revolver capacity as of the end of June, 2014, with no significant debt due until 2019.
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