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Researched by Industrial Info Resources (Sugar Land, Texas)--Newmont Mining Corporation (NYSE:NEM) (Greenwood Village, Colorado) reported strong second-quarter 2017 earnings as the company continues a series of capital projects, including grassroot mines and expansion projects, throughout the world. Newmont increased its gold production 13% from the prior-year quarter to 1.4 million ounces. Newmont reported second-quarter 2017 net income of $177 million, compared with $23 million in second-quarter 2016. Industrial Info is tracking $8.2 billion in Newmont projects throughout the world.
Among the largest Newmont projects being tracked by Industrial Info is the planned $4.8 billion grassroot above-ground copper/gold mine and concentrator near Cajamarca, Peru. The project will include a 65,000-ton-per-day concentrator to produce 750,000 ounces per year of gold and 95,000 tons per year of copper over a 19-year mine life. The project is expected to kick off in the second half of next year and be completed by the end of 2020. For more information, see Industrial Info's project report.
"During the second quarter, we strengthened our portfolio by funding the Twin Underground project in Nevada, a profitable expansion of a well-known resource," Gary Goldberg, chief executive officer of Newmont, said during the company's conference call. The Twin Underground expansion is occurring at the site of the company's Twin Creeks 32 million-ton-per-year open pit mining operation in Nevada. The project is expected to add 30,000 to 40,000 ounces per year of gold production to the operation. "The mine will also create an opportunity to explore and potentially extend the deposit," said Goldberg. For more information, see Industrial Info's project report.
"In May, we announced an agreement to acquire a 19.9% stake in Continental Gold (Medellin, Colombia) for $109 million," said Goldberg. "This investment supports development of the high-grade Buritica [Colombia] gold project and gives us exposure to Continental's other exploration properties in Colombia. Buritica includes two major vein systems that are open to long strike and at depth with declared gold reserves of 3.7 million ounces at grades of more than eight grams per ton. The project is permitted, and construction is expected to begin later this year, with commercial production in 2020." For more information, see Industrial Info's project reports on the Buritica mine and processing plant.
In Colorado, the company is planning to extend the mine life of its existing Victor Cresson Gold Mine near Florissant, Colorado. The project will extend the mine life of the 300,000-ounce-per-year mine to 2034. The project has an estimated total investment value of $200 million and is expected to kick off in the first half of next year for completion in early 2020. For more information, see Industrial Info's project report.
Goldberg said the company's total capital expenditures for the year would be between $890 million and $990 million.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
Among the largest Newmont projects being tracked by Industrial Info is the planned $4.8 billion grassroot above-ground copper/gold mine and concentrator near Cajamarca, Peru. The project will include a 65,000-ton-per-day concentrator to produce 750,000 ounces per year of gold and 95,000 tons per year of copper over a 19-year mine life. The project is expected to kick off in the second half of next year and be completed by the end of 2020. For more information, see Industrial Info's project report.
"During the second quarter, we strengthened our portfolio by funding the Twin Underground project in Nevada, a profitable expansion of a well-known resource," Gary Goldberg, chief executive officer of Newmont, said during the company's conference call. The Twin Underground expansion is occurring at the site of the company's Twin Creeks 32 million-ton-per-year open pit mining operation in Nevada. The project is expected to add 30,000 to 40,000 ounces per year of gold production to the operation. "The mine will also create an opportunity to explore and potentially extend the deposit," said Goldberg. For more information, see Industrial Info's project report.
"In May, we announced an agreement to acquire a 19.9% stake in Continental Gold (Medellin, Colombia) for $109 million," said Goldberg. "This investment supports development of the high-grade Buritica [Colombia] gold project and gives us exposure to Continental's other exploration properties in Colombia. Buritica includes two major vein systems that are open to long strike and at depth with declared gold reserves of 3.7 million ounces at grades of more than eight grams per ton. The project is permitted, and construction is expected to begin later this year, with commercial production in 2020." For more information, see Industrial Info's project reports on the Buritica mine and processing plant.
In Colorado, the company is planning to extend the mine life of its existing Victor Cresson Gold Mine near Florissant, Colorado. The project will extend the mine life of the 300,000-ounce-per-year mine to 2034. The project has an estimated total investment value of $200 million and is expected to kick off in the first half of next year for completion in early 2020. For more information, see Industrial Info's project report.
Goldberg said the company's total capital expenditures for the year would be between $890 million and $990 million.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
