Newmont does it again: new hole grades 350 ft of 0.77 oz gold

The development program, now almost complete, has boosted Newmont’s gold production by 91%.

As a result, Newmont Gold’s second-quarter net income was up to $27.8 million or 27 cents per share from the $24.5 million or 23 cents per share reported at the same time last year.

Newmont gold produced 371,500 oz gold during the quarter, compared with 194,500 during the same period in 1988.

The production increase brought Newmont Gold’s first-half net income to $44.4 million or 42 cents per share compared to $43.7 million or 42 cents per share at the same time last year.

The increase in first-quarter and first-half income came despite a significant decline in the price that Newmont received for its gold output. The price averaged $385 per oz in the first half of 1989, down sharply from $455 per oz in the same period of 1988.

Newmont Gold currently has five mills operating on the 45-mile Carlin trend where the company is producing gold from five open pit deposits. Mill No 4 went into production June 1, at a rate of 4,500 tons per day.

Cash cost of production was $239 per oz in the first half of 1989, compared with $241 per oz in the first six months of 1988.

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