Newmont Awaits Corporate Approval to Begin Detailed Engineering for Phoenix Gold Mine in Nevada

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Researched by Industrialinfo.com (Industrial Information Resources, Incorporated; Houston, Texas). With construction of the $180 million Leeville underground mine proceeding within schedule, Newmont Mining Corporation (NYSE:NEM) (Denver, Colorado) is continuing the development of a long list of capital expenditures to increase gold mining operations at its Carlin trend operations in Nevada.

AMEC Engineering & Construction (LSE:AMEC.L)(London, England) recently completed a feasibility study for Newmont's next big project in Nevada, the Phoenix Gold project (PEC 48000052). Located near Battle Mountain, Nevada, Newmont Mining has been exploring and extending the reserve base of the project since it was acquired as part of its takeover of Battle Mountain Gold in January of 2001. The project is now in corporate's hands, and an approval is expected by the beginning of 2004. Once that happens an engineering firm will be selected to complete the detailed engineering and construction of the mine. The Phoenix gold mine will have a mining rate of 130,000 tons per day of gold ore.

At the Leeville project (PEC 48000203), construction of surface facilities are complete and sinking of the ventilation and production shafts is continuing on schedule. Leeville is scheduled to begin gold production in the fourth quarter of 2004. For more information on Leeville see IIR Industry Alert: Newmont Mining Proceeds with New Underground Gold Mine Construction in Nevada

Engineering Work for a bio-flotation circuit for Mill 5 at Carlin, Nevada is underway with an expected start-up in the fourth quarter of 2004. The $18 million capital investment will increase bio-milling process recovery rate from 55% to about 75% and more importantly provide an economical process to treat mid-grade refractory material that would otherwise have been considered waste.

Newmont Mining represents about 20% of $633 million in planned capital projects in the metal and mineral sector with planned 2004 construction kick-off dates in the Rocky Mountain region. For details see IIR Industry Alert: Newmont Mining Leads Rocky Mountain Region Metal and Mineral Sector Planned $633 Million in Capital Projects Scheduled to Begin Construction in 2004