Newmont Mining Continues Growth Initiative with Nevada Gold Mine Completion

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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.

Newmont Mining is developing a continuing portfolio of mining projects ranging from early stage exploration projects to projects under construction. Industrial Info is monitoring more than $10 billion worth of mining projects for Newmont Mining worldwide as part of its Mining Market Intelligence Platform.

Just last month, Newmont began operation of the Merian gold mine in Suriname.

Industrial Info first reported on the Long Canyon project in 2008, when it was being explored by Pilot Gold USA Incorporated. Fronteer Gold acquired the project in 2010. Newmont acquired the project in 2011 and completed the feasibility study by the end of 2014. Construction began in 2015. Ames Construction (West Valley City, Utah) did the earthwork. NA Dgerstrom (Spokane, Washington) served as the mine development contractor. Big-D Construction Incorporated (Salt Lake City, Utah) served as the general contractor for the surface facilities.

A second-phase expansion of Long Canyon mine is being studied to extend the mine life.

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