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Newmont Mining Corp

Publié le 24 février 2012

Newmont Increases Gold Reserves ~6% to Record 99 Million Ounces; Copper Reserves Also a Record at ~1

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Mots clés associés :   Burkina Faso | Copper | Dollar | G Mexico | Ghana | Suriname |
Newmont has added a new press release to its web site.


DENVER, Feb. 23, 2012 /CNW/ - Newmont Mining Corporation (NYSE: NEM) ("Newmont" or "the Company") today announced it increased attributable gold reserves by 5.3 million ounces, net of depletion, to 98.8 million ounces in 2011. Highlights include:

(Photo: http://photos.prnewswire.com/prnh/20120223/LA58701-a)

(Photo: http://photos.prnewswire.com/prnh/20120223/LA58701-b)

(Photo: http://photos.prnewswire.com/prnh/20120223/LA58701-c)

  • Record gold reserves of 98.8 million ounces, an increase of 5.6% from 2010;
  • Record copper reserves of 9.7 billion pounds, an increase of 3.2% from 2010; and
  • Reserves calculated at $1,200 per ounce and $3.00 per pound, respectively.

"We are pleased to report a 6% increase in our gold reserves to a record 98.8 million ounces and a record 9.7 billion pounds of copper in 2011, highlighting the potential of our extensive land positions in each of our four operating regions," commented Richard O'Brien, President and CEO. "Over the last 10 years, we have added an industry leading 85 million ounces of reserves through organic growth alone, more than offsetting the 75 million ounces of depleted reserves through production."

North America was the largest contributor to higher gold and copper reserves in 2011, up 10% and 24%, respectively, as exploration activity drove increases in gold reserves at Carlin, Phoenix, and Turquoise Ridge, and copper reserves at Phoenix.

Attributable gold Measured and Indicated non-reserve mineralization ("NRM")(1) for 2011 was 1.4 billion tons at an average grade of 0.019 ounces per ton, up from 1.3 billion tons at an average grade of 0.019 ounces per ton for 2010. In addition, attributable gold Inferred NRM was 650 million tons at an average grade of 0.024 ounces per ton. Attributable copper Measured and Indicated NRM for 2011 was 1.0 billion tons at an average grade of 0.14%, up from 849 million tons at a grade of 0.15% from 2010. In addition, attributable copper Inferred NRM was 410 million tons at an average grade of 0.15%. Gold and copper NRM were calculated using prices of $1,400 per ounce and $3.50 per pound, respectively. Total gold and copper NRM increased 12% and 9%, respectively, over 2010 on a contained metal basis. Attributable silver Measured and Indicated NRM for 2011 was 690 million tons at an average grade of 0.92 ounces per ton, with additional inferred NRM of 520 million tons at an average grade of 0.10 ounces per ton.

Exploration: 2011 Highlights and 2012 Planned Activity

Newmont's 2011 exploration program produced strong results for a fourth consecutive year from more than 125 drill rigs and approximately 1.3 million meters of drilling. Drill programs focused on the entire resource pipeline and led to success in early-stage exploration while converting more than enough reserves to replace depletion. With more than 150 projects in 2011 and 175 projects in 2012, our exploration programs are gaining momentum and are designed to fully support our strategic growth plan not only to 2017, but also for years beyond.

Our North American region converted the largest gold reserve (6.2 million ounces) and NRM (5.5 million ounces) led by open pit expansions at Gold Quarry, Phoenix, and underground expansion at Turf-Leeville. We continue to expect strong exploration results from the North America region again in 2012 as we expect to declare the first NRM ounces at our newly acquired Long Canyon asset. Early stage exploration yielded very encouraging results at Long Canyon, Leeville, Carlin Mine area, Mike, Phoenix and Fiber Line, and we will further advance these opportunities in 2012. Outside Nevada in 2011 we have further built our land position and advanced our target generation programs in Mexico, Alaska and BC/Yukon that we expect to continue this effort as well as to complete some scout drilling in 2012.

Our South America region converted 0.25 million ounces of gold reserves and 0.97 million ounces of gold NRM primarily from the Conga region. A number of exploration targets have been generated at the Yanacocha district and are planned for drilling in 2012. A number of targets have also been generated in the Conga region that await development outcomes. Extensive infill drilling at the Merian project in Suriname is targeted to add reserves in 2012 while follow-up drill programs at the nearby Sabajo project are accelerating with promising results.

Our Australia-Pacific region converted 2.3 million ounces of gold reserves and 1.6 million ounces of gold NRM with the largest contributions coming from our Callie underground mine in the Tanami and at KCGM. Jundee and Waihi drill programs added new underground mine life from surface and underground drill programs. Boddington successes were seen in early-stage work expected to be reflected in potentially new NRM in the near future. Each of these sites has significant exploration upside that we expect to aggressively test in 2012. Outside Australia, drill programs will accelerate at the Elang project in Indonesia and we will continue the target generation and scout-drilling in New Zealand, Papua New Guinea and Solomon Islands.

Our Africa region converted 2.8 million ounces of gold reserve and 2.0 million ounces of gold NRM primarily from Ahafo open pit layback expansions and from the Subika underground. Drill programs successfully expanded the wingspan of early-stage Subika underground mineralization and we began drilling extensions of the Apensu open pit. Early-stage exploration around Ahafo North demonstrated potential for additional open pit and underground mineralization near the existing reserve. Drill programs at Akyem suggest potential for underground mineralization that will be further explored in 2012. Future reserve and NRM growth looks promising and will be addressed by more than doubling the Ghanaian exploration budget in 2012. Outside Ghana we have a potential new discovery in Guinea and have scout-drilled a number of targets in Burkina Faso with encouraging results that will be followed up in 2012.

Newmont's 2012 attributable exploration budget increased 9% over the prior year to $369 million with the largest portion assigned to North America (~$138 million). Budgets for 2012 in Australia-Pacific (~$87 million), Africa (~$58 million) and South America (~$54 million) have seen a significant increase relative to 2011 due to growth-related opportunities. Approximately $32 million is allocated to other strategic programs. Of the total attributable exploration budget, approximately two-thirds is expected to be directed towards brownfields exploration activity, with the balance of approximately one-third to be spent on greenfields programs.

(1) For detailed information on the Company's year-end attributable Proven and Probable Reserves and Measured, Indicated and Inferred NRM, please refer to the Supplemental Information below and the cautionary statement at the end of this release.

Proven and probable reserves are based on extensive drilling, sampling, mine modeling and metallurgical testing from which we determined economic feasibility. Metal price assumptions follow SEC guidance not to exceed a three year trailing average. The price sensitivity of reserves depends upon several factors including grade, metallurgical recovery, operating cost, waste-to-ore ratio and ore type. Metallurgical recovery rates vary depending on the metallurgical properties of each deposit and the production process used. The reserve tables included in this release list the average metallurgical recovery rate for each deposit, which takes into account the relevant processing methods. The cut-off grade, or lowest grade of mineralized material considered economic to process, varies with material type, price, metallurgical recoveries, operating costs and co- or by-product credits. The proven and probable reserve figures presented herein are estimates based on information available at the time of calculation. No assurance can be given that the indicated levels of recovery of gold and copper will be realized. Ounces of gold or pounds of copper included in the proven and probable reserves are calculated without regard to any losses during metallurgical treatment. Reserve estimates may require revision based on actual production. Market fluctuations in the price of gold and copper, as well as increased production costs or reduced metallurgical recovery rates, could render certain proven and probable reserves containing relatively lower grades of mineralization uneconomic to exploit and might result in a reduction of reserves.

We publish reserves annually, and will recalculate reserves at December 31, 2012, taking into account metal prices, changes, if any, in future production and capital costs, divestments and depletion as well as any acquisitions and additions during 2012.

Attributable Proven, Probable, and Combined Gold Reserves(1)








December 31, 2011

December 31, 2010


Deposits/Districts by Reporting Unit



Proven Reserves

Probable Reserves

Proven and Probable Reserves

Metallurgical Recovery

Proven + Probable Reserves






Newmont Share

Tonnage

Grade

Gold

Tonnage

Grade

Gold

Tonnage

Grade

Gold


Tonnage

Grade

Gold








(000 tons)

(oz/ton)

(000 ozs)

(000 tons)

(oz/ton)

(000 ozs)

(000 tons)

(oz/ton)

(000 ozs)


(000 tons)

(oz/ton)

(000 ozs)


North America


















Carlin Open Pits, Nevada(2)

100%

92,600

0.058

5,410

239,100

0.030

7,210

331,700

0.038

12,620

77%

263,600

0.043

11,320



Carlin Underground, Nevada

100%

11,300

0.271

3,070

6,700

0.300

2,020

18,000

0.282

5,090

86%

14,600

0.307

4,480



Midas, Nevada

100%

300

0.315

80

500

0.177

80

800

0.226

160

95%

600

0.319

190



Phoenix, Nevada

100%

24,900

0.018

460

422,200

0.016

6,790

447,100

0.016

7,250

72%

329,800

0.018

6,090



Twin Creeks, Nevada

100%

10,600

0.097

1,020

37,700

0.073

2,760

48,300

0.078

3,780

80%

57,800

0.076

4,390



Turquoise Ridge, Nevada(3)

25%

1,700

0.444

740

2,300

0.440

1,020

4,000

0.442

1,760

92%

3,100

0.457

1,410



Nevada In-Process(4)

100%

23,000

0.020

460

0


0

23,000

0.020

460

65%

28,500

0.022

610



Nevada Stockpiles(5)

100%

65,100

0.053

3,440

3,100

0.028

90

68,200

0.052

3,530

76%

36,700

0.074

2,700





Total Nevada


229,500

0.064

14,680

711,600

0.028

19,970

941,100

0.037

34,650

78%

734,600

0.042

31,200



La Herradura, Mexico

44%

51,000

0.021

1,090

60,400

0.020

1,240

111,400

0.021

2,330

62%

105,700

0.022

2,290


TOTAL NORTH AMERICA


280,500

0.056

15,770

772,000

0.027

21,210

1,052,500

0.035

36,980

77%

840,300

0.040

33,490


South America



















Conga, Peru(6)


51.35%

0


0

303,400

0.021

6,460

303,400

0.021

6,460

75%

317,200

0.019

6,080



Yanacocha Open Pits(7)

51.35%

34,200

0.050

1,710

85,700

0.022

1,860

119,900

0.030

3,570

72%

142,300

0.031

4,440



Yanacocha In-Process(3)

51.35%

13,100

0.025

330

2,100

0.027

60

15,200

0.025

390

78%

21,300

0.025

540





Total Yanacocha, Peru


47,300

0.043

2,040

87,800

0.022

1,920

135,100

0..029

3,960

72%

163,600

0.030

4,980



La Zanja, Peru(8)



46.94%

7,300

0.016

120

14,100

0.015

210

21,400

0.016

330

66%

20,600

0.017

350


TOTAL SOUTH AMERICA


54,600

0.040

2,160

405,300

0.021

8,590

459,900

0.023

10,750

73%

501,400

0.023

11,410


Asia Pacific



















Batu Hijau Open Pit(9)

48.50%

127,600

0.017

2,110

196,100

0..005

1,040

323,700

0.010

3,150

75%

293,400

0.011

3,110



Batu Hijau Stockpiles(5)(9)

48.50%

0


0

156,900

0.003

490

156,900

0.003

490

70%

170,700

0..004

610





Total Batu Hijau, Indonesia

48.50%

127,600

0.017

2,110

353,000

0.004

1,530

480,600

0..008

3,640

75%

464,200

0.008

3,720



Boddington, Western Australia

100%

181,800

0.020

3,600

871,700

0.018

15,890

1,053,500

0.019

19,490

81%

1,067,700

0.019

20,300



Duketon, Western Australia (10)

16.85%

2,000

0.044

90

8,800

0.045

400

10,800

0.045

490

95%

6,300

0.055

350



Jundee, Western Australia


100%

3,100

0.160

490

700

0.237

160

3,800

0.174

650

91%

4,700

0.160

750



Kalgoorlie Open Pit and Underground

50%

13,300

0.059

790

41,700

0.056

2,350

55,000

0.057

3,140

85%

55,700

0.059

3,300



Kalgoorlie Stockpiles(5)

50%

53,900

0.023

1,260

0


0

53,900

0.023

1,260

78%

15,100

0.031

470





Total Kalgoorlie, Western Australia


50%

67,200

0.030

2,050

41,700

0.056

2,350

108,900

0.040

4,400

83%

70,900

0.053

3,780



Tanami, Northern Territories

100%

6,200

0.156

960

10,500

0.149

1,560

16,700

0.152

2,520

94%

14,400

0.142

2,040



Waihi, New Zealand

100%

0


0

3,200

0.112

360

3,200

0.112

360

89%

4,200

0.110

460


TOTAL ASIA PACIFIC


387,900

0.024

9,300

1,289,600

0.017

22,250

1,677,500

0.019

31,550

82%

1,632,300

0..019

31,400


Africa



















Ahafo Open Pits(11)

100%

0


0

194,700

0.055

10,790

194,700

0.055

10,790

87%

148,300

0.064

9,540



Ahafo Underground (12)

100%

0

0.000

0

5,900

0.11

660

5,900

0.112

660

89%

0

0.000

0



Ahafo Stockpiles(5)

100%

21,000

0.030

630

0


0

21,000

0.030

630

86%

14,100

0.033

460





Total Ahafo, Ghana

100%

21,000

0.030

630

200,600

0.057

11,450

221,600

0.055

12,080

87%

162,400

0.062

10,000



Akyem, Ghana(13)

100%

0


0

144,500

0.051

7,390

144,500

0.051

7,390

88%

137,900

0.052

7,200


TOTAL AFRICA


21,000

0.030

630

345,100

0.055

18,840

366,100

0.053

19,470

87%

300,300

0.057

17,210


TOTAL NEWMONT WORLDWIDE


744,000

0.037

27,860

2,812,000

0.025

70,890

3,556,000

0.028

98,750

80%

3,274,300

0.029

93,500




(1) Reserves are calculated at a gold price of US$1,200, A$1,250, or NZ$1,600 per ounce unless otherwise noted. 2010 reserves were calculated at a gold price of US$950, A$1,100, or NZ$1,350 per ounce unless otherwise noted. Tonnage amounts have been rounded to the nearest 100,000 unless they are less than 50,000, and gold ounces have been rounded to the nearest 10,000.


(2) Includes reserves under development at the Emigrant deposits for combined total undeveloped reserves of 1.6 million ounces.


(3) Reserve estimates provided by Barrick, the operator of the Turquoise Ridge Joint Venture.


(4) In-process material is the material on leach pads at the end of each year from which gold remains to be recovered. In-process material reserves are reported separately where tonnage or contained ounces are greater than 5% of the total site-reported reserves and contained ounces are greater than 100,000.


(5) Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where tonnage or contained ounces are greater than 5% of the total site-reported reserves and contained ounces are greater than 100,000.


(6) Project is under development.


(7) Reserves include the currently undeveloped deposit at La Quinua Sur, which contains reserves of 0.8 million attributable ounces.


(8) Reserves estimates were provided by Buenaventura, the operator of the La Zanja project.


(9) Percentage reflects Newmont’s economic interest at December 31, 2011.


(10) Reserve estimates provided by Regis Resources Ltd, in which Newmont holds a 16.85% interest.


(11) Includes undeveloped reserves at Yamfo South, Yamfo Central, Techire West, Subenso South, Subenso North, Yamfo Northeast, and Susuan totaling 3.2 million ounces.


(12) Subika Underground project is under development.


(13) Project is under development.























Attributable Gold Mineralized Material Not in Reserves(1)(2)




December 31, 2011


Deposits/Districts



Measured Material

Indicated Material

Measured + Indicated Material

Inferred Material







Newmont Share

Tonnage

Grade

Tonnage

Grade

Tonnage

Grade

Tonnage

Grade








(000 tons)

(oz/ton)

(000 tons)

(oz/ton)

(000 tons)

(oz/ton)

(000 tons)

(oz/ton)


North America












Buffalo Valley, Nevada


70%

0

0.000

16,500

0.019

16,500

0.019

2,900

0.014



Carlin Trend Open Pit, Nevada

100%

28,200

0.035

84,400

0.022

112,600

0.026

15,300

0.020



Carlin Trend Underground, Nevada

100%

4,700

0.221

2,900

0.272

7,600

0.241

1,300

0.264



Lone Tree Complex, Nevada

100%

0


2,200

0.023

2,200

0.023

5,000

0.016



Sandman, Nevada

100%

0


600

0.050

600

0.050

2,100

0.048



Midas, Nevada

100%

10

0.094

100

0.066

110

0.070

100

0.049



Phoenix, Nevada

100%

0


216,400

0.012

216,400

0.012

132,300

0.012



Twin Creeks, Nevada

100%

3,600

0.081

42,400

0.042

46,000

0.045

13,500

0.026



Turquoise Ridge (3), Nevada

25%

400

0.358

400

0.338

800

0.348

500

0.451



Nevada Stockpiles (4), Nevada

100%

3,100

0.039



3,100

0.039

2,300

0.043





Total Nevada


40,010

0.065

365,900

0.020

405,910

0.025

175,300

0.018



La Herradura, Mexico

44%

200

0.016

400

0.015

600

0.016

38,300

0.016


TOTAL NORTH AMERICA


40,210

0.065

366,300

0.020

406,510

0.025

213,600

0.018


South America












Conga, Peru

51.35%

0


89,300

0.012

89,300

0.012

130,500

0.011



Yanacocha, Peru

51.35%

7,000

0.015

18,400

0.017

25,400

0.016

106,100

0.023



Merian, Suriname

50%

0


28,900

0.039

28,900

0.039

18,400

0.036



La Zanja(5), Peru

46.94%

300

0.004

300

0.004

600

0.008

2,100

0.015


TOTAL SOUTH AMERICA


7,300

0.014

136,900

0.018

144,200

0.018

257,100

0.018


Asia Pacific












Batu Hijau (6), Indonesia

48.50%

3,400

0.018

157,400

0.007

160,800

0.008

37,300

0.002



Boddington, Western Australia

100%

25,100

0.012

493,400

0.014

518,500

0.013

53,100

0.016



Jundee, Western Australia

100%

0


700

0.194

700

0.194

1,000

0..224



Kalgoorlie, Western Australia

50%

6,100

0.035

17,200

0.032

23,300

0.033

300

0.078



Duketon (7), Western Australia

16.85%

1,260

0.030

6,200

0.026

7,460

0.000

15,200

0.024



Tanami, Northern Territory

100%

500

0.113

3,600

0.109

4,100

0.109

10,400

0.168



Waihi, New Zealand

100%

0


2,100

0.243

2,100

0.243

900

0.195


TOTAL ASIA PACIFIC


36,360

0.019

680,600

0.014

716,960

0.014

118,200

0.029


Africa












Ahafo Open Pit, Ghana

100%

0


91,200

0.037

91,200

0.037

44,300

0.042



Ahafo Underground, Ghana

100%

0


0


0

0.000

14,500

0.116



Akyem, Ghana

100%

0


13,300

0..016

13,300

0.016

3,400

0.030


TOTAL AFRICA


0


104,500

0.034

104,500

0.034

62,200

0.059


TOTAL NEWMONT WORLDWIDE


83,870

0..040

1,288,300

0.018

1,372,170

0.019

651,100

0.024




(1) Mineralized material is reported exclusive of reserves.


(2) Mineralized Material calculated at a gold price of US$1,400, A$1,475, or NZ$1,850 per ounce unless otherwise noted. 2010 Mineralized material was calculated at a gold price of US$1150, A$1,350, or NZ$1,600 per ounce. Tonnage amounts have been rounded to the nearest 100,000.


(3) Mineralized material estimates were provided by Barrick, the operator of the Turquoise Ridge Joint Venture.


(4) Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans.


(5) Mineralized material estimates were provided by Buenaventura, the operator of the La Zanja Project.


(6) Percentage reflects Newmont's economic interest at December 31, 2011.


(7) Mineralized material estimates provided by Regis Resources Ltd, in which Newmont holds a 16.85% interest.


















Attributable Copper Reserves(1)



December 31, 2011

December 31, 2010








Proven Reserves

Probable Reserves

Proven + Probable Reserves


Proven + Probable Reserve


Deposits/Districts

Newmont Share

Tonnage

Grade

Copper

Tonnage

Grade

Copper

Tonnage

Grade

Copper

Metallurgical

Tonnage

Grade

Copper








(000 tons)

(Cu%)

(million pounds)

(000 tons)

(Cu%)

(million pounds)

(000 tons)

(Cu%)

(million pounds)

Recovery

(000 tons)

(Cu%)

(million pounds)


North America

















Phoenix, Nevada

100%

24,900

0.15%

70

425,400

0.15%

1,230

450,300

0.15%

1,300

61%

332,600

0.15%

1,030



Phoenix Copper Leach, Nevada (2)

100%

9,900

0.24%

50

160,300

0.21%

690

170,200

0.21%

740

52%

132,900

0.23%

610


TOTAL NORTH AMERICA


34,800

0.17%

120

585,700

0.16%

1,920

620,500

0.16%