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.