Gold reserves of 4.2 million ounces at an average grade of 1.22 grams per tonne
Indonesia's top copper miner hopes next month to ramp up production and restart concentrate shipments from Grasberg, one of the world's largest copper mines.
About $500 million of exports a month have been halted in Southeast Asia's biggest economy because of the minerals dispute.
The shipments, the first of their kind in six months, were allowed after Sebuku Iron Lateritic Ores (SILO) and Lumbung Mineral Sentosa agreed to pay the new 20% tax.
Move signifies departure for Vancouver-based miner.
Authorities are is planning to send a letter to the Colorado-based miner saying that it has defaulted on its contract and, therefore, is “negligent."
The Toronto-based firm has shown president and CEO Jamie Sokalsky the door two years into the job, and less than three months after a breakdown in merger talks with its largest rival.
The transaction would be worth over $2 billion.
Newmont, instead, was called to return to the negotiation table or face the consequences.
Sale of Candelaria mine could raise several billion dollars, according to people familiar with the matter quoted by WSJ.com.
Cajamarca region governor Gregorio Santos was ordered to jail for 14 months amid a corruption probe. Supporters claim he is being target of political repression for opposing Newmont's mine.
The parts agreed on basic framework for contract renegotiations for Grasberg mine.
The company is putting about 80% of its Batu Hijau mine employees on leave at reduced pay from Friday.
The miner said its concentrate storage facilities have reached full capacity and that it is still trying to delay putting its employees on paid leave at reduced compensation
Companies’ low valuation, the current focus on operational efficiency in the mining sector, and the chase for overseas assets by Chinese investors, are pushing deals up.
Jundee is expected to lift Northern Star's production from about 350,000 ounces a year to about 550,000 ounces a year by 2015.
Adjusted net earnings totalled $238 million or $0.20 per share, a dramatic drop from the $923 million or $0.92 per share logged last year.
"We read in the continuing reporting of the transaction in the financial press a pointed characterization of our company."
Not shareholder friendly and bureaucratic.
The new gold giant would have a market value of $33 billion, operations on five continents, and a gold output of well over 12 million ounces a year.
Newmont said the sale will generate more than $24 million in cash for the company.
Shares in world number two gold miner drop in heavy volume after missing on earnings and revenue and slashing gold and copper reserves.
Despite extreme measures taken by gold miners to balance their books, the sector continues to suffer the aftermath of last year’s precious metal price nosedive.
Analysts warn of increasing government pressure on miners in other jurisdictions as well.
We often hear that large gold producers are usually not the best explorers. As such, when it comes time to replenish or grow their resource base, they must look to M&A.
The company is reviewing its dividend policy and looking at possibly curtailing operations in Indonesia.
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