Newmont Gold opts to write down Grassy Mountain

After losing nearly a million ounces from its reserve base last year, Newmont Gold (NYSE) chose to write down its investment in the Grassy Mountain property in eastern Oregon.

The major acquired the property from Atlas (NYSE) in 1992, but, after spending US$5 million in additional exploration, was unable to confirm the previous reserve estimate of 996,000 oz. gold.

The decision to write off its US$33.8 million investment will reduce 1995 earnings by about US$22 million, after taxes.

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