Newmont Gold steps up production

During the period, the company mined 28 million tons of waste and ore, up from 19.2 million tons mined in the 1988 first quarter.

As a result, gold sales increased to 271,600 oz compared with 139,000 oz in the first quarter of 1988. The average gold price fell to $398(US) per oz in the latest quarter, a sizeable drop from the $457 realized in the 1988 first quarter.

The company’s first-quarter net income declined to $16.5 million or 16 cents per share from $19.2 million reported in the first quarter of 1988.

Earlier this year, Newmont Gold announced that gold reserves had increased by 1.34 million oz to 16.3 million oz. Newmont said it believes that th is is the largest North American gold reserve position announced by any company.

At the same time, the company announced that its exploration program had expanded total geologic resources 20% over previous estimates to 37.1 million oz of gold.

Newmont is projecting sales of 1.4 million oz in 1989, making it the largest gold producer in North America.

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