Newmont Mining Continues Growth Initiative with Nevada Gold Mine Completion
SUGAR LAND--November 14, 2016--Researched by Industrial Info Resources (Sugar Land, Texas)--Newmont Mining Corporation (NYSE:NEM) (Greenwood Village, Colorado) has completed construction and started operations at the Long Canyon open pit gold mine located near Wells, Nevada. The $225 million project was completed early and under budget and will represent one of the lowest cost mines in the Newmont stable, with all in sustaining costs estimated to average between $500 and $600 per ounce. With Friday's market gold price hovering around $1,234 per ounce, that's a healthy return on investment for the mine, which is expected to produce between 100,000 and 150,000 ounces per year for eight years. The price of gold has risen about 20% in the past year.
Within this article: Details of the Long Canyon open pit gold mine.
