Newmont says it produced 1.5M oz. of gold in Q4, provides 2014 outlook

Newmont Mining (NEM) says its 2013 production results came in at the high end of forecasts, and projects stable gold production, increased copper production, and continued capital and overhead reductions for 2014.

Says attributable gold production of 1.5M oz. in Q4 resulted in FY 2014 output of 5.1M oz. vs. 4.8M-5.1M oz. guidance; attributable copper production of 38M lbs. of copper in Q4 resulted in full-year output of 144M lbs. vs. 135M-145M lbs. guidance.

Expects 2014 consolidated gold production of 5M-5.3M oz. of gold and 160K-175K metric tons of copper; will apply a gold price of $1,300/oz., down from $1,400 a year ago, for all asset impairment testing as well as in calculating its gold reserves.

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Comments (1)
  • turville
    , contributor
    Comments (70) | Send Message
    A question for anyone - at what price relative to the LBMA acceptable bullion price (market price)or other acceptable bullion (e.g.99.999% purity) do miners sell either dore or bars ex mine? I assume that one or the other are at a discount to the market price but what is the % - to use the market price is surely a fallacy if it isn't what they actually receive.
    30 Jan 2014, 06:25 PM Reply Like
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