Newmont Explorationserfolg in Ghana, 33% mehr Ressourcen - 500 Beiträge pro Seite

[mickefett]

Newmont unveils reserves, blasts critics
By: Dorothy Kosich
Posted: `29-SEP-04 02:00` GMT © Mineweb 1997-2004



DENVER--(Mineweb.com) Newmont Chairman and CEO Wayne Murdy Tuesday lashed out at the company`s detractors during a presentation announcing a 33% increase in equity gold reserves at his company`s projects in Ghana.

During a presentation at the Denver Gold Forum, Murdy said that Newmont had been the victim of a "very organized campaign to attack us" in Peru. He referred to blockades and strikes at Newmont`s Yanacocha mine in Peru. However, he admitted that Newmont "some misjudgment as to how fast we could move" in the exploration and development of the Cerro Quilish deposit."

"We got more reaction than we expected" was Murdy`s understatement in the wake of a two-week protest, which blocked the main road to Yanacocha for two weeks. Anti-Cerro Quilish protests were also organized in the nearby town of Cajamarca.

He vowed that the company would take its time in convincing the communities to accept the potential mining of the deposit on a mountain, whose watershed is considered a major source of water for the area.

However, Murdy was less conciliatory in his assessment of the allegations being made that PT Newmont Minahasa Raya`s sub-sea mining tailings allegedly poisoned the waters of Buyat Bay, calling it "a blatant lie." He insisted the company has adhered to very stringent criteria for discharges to the bay. For example, Murdy said Newmont maintained an arsenic standard which was only one-tenth of the amount permitted to be discharged in the United States.

He was particularly vehement in his criticism of a recent New York Times front page story, which claimed Newmont`s tailings disposal had led to the death of an infant. In fact, Newmont executives met with the editorial board of the New York Times international edition Tuesday, seeking a correction.

GHANA RESERVES SOAR


Murdy`s remarks occurred during an analysts` and fund managers` luncheon highlighting a 33% increase in the company`s gold reserves in Ghana from 11.9 million ounces at the end of 2003 to 16 million ounces by the end of 2004. At Newmont`s Ahafo project, the company estimated year-end reserves will increase from 7.6 million ounces to in excess of 9 million ounces. At the 85% Newmont-owned Akyem project, the company estimates equity reserves will increase from 4.3 million ounces to 7 million ounces. Ahafo is expected to be completed and in production by the second half of 2006 while a de development decision regarding Akyem is anticipated by the end of this year.

Stephen Enders, Newont`s Vice President of Worldwide Exploration, outlined a four-pronged exploration strategy for Ghana, which the company considers its cornerstone of African mining. Ironically, the historical roots of Newmont once extended to the African continent. The company was also managed by South Africans for a number of years. The Ghanaian strategy emphasizes the continued expansion of Ahafo and Akyem, mining district exploration, establishing a significant land position in the country, and expanding the company`s focus to West Africa.

Enders said Newmont is effectively establishing a new mining district with a land package of 1,940 square miles, a skilled workforce, and greenstone-type gold belts. After 14 years of hard work in exploration and completion of feasibility studies, Newmont is finally ready to begin mining in Africa in the 21st Century.

The Ahafo project actually contains 11 ore bodies over a 30-mile strike length with 471 square miles for mining, prospecting and reconnaissance. Both Ahafo and Akyem are open-pit mining deposits. Akyem offers a 1, 470 square mile land package. The Ahafo mine is expected to produce 500,000 to 550,000 ounces of gold at an average cash cost of $200 per ounce. The Akyem project is awaiting the result of an updated feasibility project to determine production, cash costs, and capital required. Current estimates suggest an equity production of 380,000 to 425,000 ounces annually at average total cash costs of $220 to $220 per ounce.

Newmont Group Executive, African Operations William Zisch told analysts and institutional investors that Ghana is considered a good place for business. However, he added, the country is thinking about changing its already competitive mining law. Zisch said Newmont negotiated a Stable Investment Agreement with the Ghanaian Government, which also was unanimously approved by Parliament at Newmont`s request.

The agreement includes a 32.5% Corporate Tax Rate, a fixed royalty of 3% at Ahafo and 3.6% at Akyem, and the right for the government to acquire up to 20% of project equity at fair market value after 15 years of mine operation. Basically, the development of the Akyem project will follow the development of the Ahafo project by one year, according to Zisch.

Gruß Mickefett

[superman6]

Hauptsache der Kurs kommt auch.

[big_mac]

der kommt schon, keine sorge