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Newmont Completes Exodus Northwest Project In Nevada

Kitco News

Newmont Mining Corp. (NYSE: NEM) announces the completion of the Northwest Exodus project in Nevada. This should add between 50,000 and 75,000 ounces of gold production per year and lower Carlin’s all-in sustaining costs by approximately $25 per ounce during the first five years of operation, Newmont says. The underground infrastructure also provides exploration platforms for potential future supply growth. Newmont says the project is expected to extend the mine life from the Exodus underground operation in the Carlin North area for 10 years. Officials say the project was completed ahead of schedule and within budget for $69 million. “Northwest Exodus leverages fit-for-purpose technologies, existing infrastructure and higher-grade ore to lower costs, extend mine life and deliver an internal rate of return of more than 40%,” says Tom Palmer, executive vice president and chief operating officer.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Guyana Goldfields Trims Guidance, Names New Mine Manager

Tuesday July 17, 2018 09:50

Guyana Goldfields Inc. (TSX: GUY) has trimmed its 2018 production guidance and hired a new manager for the Aurora Gold Mine. Aurora provided 28,250 poured ounces and 31,300 recovered ounces in the second quarter. Scott A. Caldwell, president and chief executive officer, reports that second-quarter mining was adversely impacted by the late arrival of an expanded haulage fleet and a later-than-planned mobilization of the contractor. “The equipment and contractors are now on site and production during the second half of 2018 will increase; however, this will not be able to make up the shortfall in production by year end and therefore we are revising guidance,” he says. “We are adjusting our 2018 annual production and cost guidance to 175,000-185,000 ounces of gold (from 190,000-210,000 ounces) and [the] all-in sustaining cost to $945-$995 per ounce (from $830-$880 per ounce).” He adds that the mill is performing “exceedingly well” following completion of the first phase of an expansion, with both throughput and recoveries above budgeted levels. The company also reports that Brennan Lang will become the new general manager of the Aurora Gold Mine at the end of July. The company describes him as a professional mining engineer with over 30 years diversified experience at open-pit and underground gold mines in Canada, the U.S., South America and the Asia-Pacific region. 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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