NEM to Deliver Akyem Project on Time - Analyst Blog
10 Febbraio 2012 - 7:29PM
Zacks
Newmont Mining Corp.’s (NEM) Akyem project in
Ghana is expected to be completed on time and under budget.
The company’s Akyem project (100% owned) is located
approximately 80 miles (125 kilometers) northwest of Accra. In
January 2010, Newmont received the mining lease. Upon permit
approval, production is slated to begin in late 2013 or early 2014.
On December 31, 2010, Newmont reported 7.2 million ounces of gold
reserves.
The Akyem reserve is one of West Africa's underdeveloped
resources and has the potential to double gold output from the
region.
Newmont had estimated annual production output at 400,000 -
550,000 ounces in the first five years of production, which is a
boost to Africa's second-biggest gold producer after South Africa,
Ghana, with 2,97 million ounces in 2010.
In late October 2011, Newmont released its third-quarter 2011
results. Newmont reported attributable gold and copper production
of 1.3 million ounces and 58 million pounds, respectively, in the
quarter, at costs applicable to sales (CAS) of $622 per ounce, and
$1.10 per pound on a co-product basis.
For fiscal 2011, the company reiterated its previous expectation
of attributable gold production of approximately 5.1 million to 5.3
million ounces, with attributable copper production of 190 to 220
million pounds. Costs applicable to sales are expected to be
between $560 and $590 per ounce for gold. Costs applicable to sales
are anticipated to be between $1.25 and $1.50 per pound for
copper.
The company currently plans to spend $2.1 to $2.5 billion in
attributable capital expenditures in 2011, or $2.7 to $3.0 billion
on a consolidated basis.
Newmont is slated to release its fourth-quarter 2011 and fiscal
year 2011 results either on 15th February 2012 or on
24th February 2012.
The company faces stiff competition from Posco
(PKX) and Arcelor Mittal (MT).
Newmont has a short-term (1 to 3 months) Zacks #3 Rank (Hold)
and a long-term Neutral recommendation.
ARCELOR MITTAL (MT): Free Stock Analysis Report
NEWMONT MINING (NEM): Free Stock Analysis Report
POSCO-ADR (PKX): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
Grafico Azioni Arcelor Mittal (NYSE:MT)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni Arcelor Mittal (NYSE:MT)
Storico
Da Ott 2023 a Ott 2024