Newmont Mining continues Acquisition and Growth Mode

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The following is an advisory by Industrialinfo.com (Industrial Information Resources Inc.; Houston, Texas). In step with an ongoing merger and acquisition trend among metal producers, Newmont Mining Corporation (NYSE: NEM) is continuing its rise to the top of the gold world. Most recently Newmont announced plans to buy Normandy Mining Limited (ASX: NDY) (Adelaide, Australia), and Franco-Nevada Mining Limited (TSE: FN) (Toronto, Ont). The company is awaiting shareholder and regulatory approval. The deal worth in excess of $5 billion surpasses an earlier offer by AngloGold Limited (NYSE:AU) (Johannesburg, South Africa) to acquire Normandy Mining. AngloGold has since made a counter offer as the battle for Normandy intensifies. If the acquisition takes place Newmont Mining will be an $8-9 billion company, and the number one producer of gold in the world surpassing AngloGold.

Newmont's rise to the top started in 1997 when it acquired Sante Fe Pacific Gold Corporation making it the second largest gold producer in the world and largest in North America. In January of 2001, Newmont finalized the acquisition of Battle Mountain Gold the fourth largest gold producer at that time. This included substantial reserves in Nevada, including the estimated $189 million Phoenix Gold project. This project has been put on the back burner until gold prices improve, but is an excellent long-term prospect with approximately six million ounces of gold reserves. Besides the Phoenix project, the company is also developing a new underground mine in Nevada and several other major development projects in Peru, Uzbekistan, and Brazil. Newmont has divested itself of Battle Mountain Gold's much maligned Crown Jewel project in Washington state, which was returned to 100% control of Crown Resources Corporation (Wheat Ridge, Co.).

Due to improved gold sales, cost reduction efforts and strong operating performance from the company's Batu Hijau copper-gold mine in Indonesia the company returned to profitability as reported in recent 3rd quarter earnings release. The company reported 3rd quarter net income of $21.5 million compared with a net loss of $36.5 million a year ago.