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James Turk says gold breaks out against British pound; and a correction
Newmont Says Oil Prices Will Hurt Profits
By The Associated Press
Friday, July 29, 2005
http://biz.yahoo.com/ap/050729/indonesia_newmont_mining.html?.v=1
BATU HIJAU, Indonesia -- U.S.-based mining company Newmont said
Friday that rising oil prices will increase its costs by as much as
US$30 million at its massive copper and gold mine in Indonesia.
"You better believe that fuel prices cut into our operating profit,"
said Phil Brumit, the general manager at Newmont's Batu Hijau mine
on the Indonesian island of Sumbawa. "Next year, the losses will be
substantially more."
Newmont on Thursday reported that second-quarter profit rose 35
percent to US$50 million (euros41.4 million) based on the strength
of rising gold prices.
In the April-June quarter, Newmont Mining Corp. reported net income
of 11 cents per share, up from US$37 million, or 8 cents per share,
in the previous second quarter. Analysts surveyed by Thomson
Financial had predicted earnings of 17 cents a share.
But the company also reported that output at some of its mines --
including Batu Hijau -- had fallen compared to a year ago and that
production costs overall had climbed 8.4 percent to US$244 an ounce
of gold.
The company also reported that its net income was hurt by a number
of factors, including the US$8 million it spent defending itself
over alleged pollution at one of its minds on the island of Sulawesi.
The company's local unit, Newmont Minahasa Raya, and its chief
executive in Indonesia, American Richard Ness, go on trial Aug. 5
for allegedly polluting the environment and sickening villagers near
its gold mine on Buyat Bay on Sulawesi island.
The government also has filed a US$133.6 million civil lawsuit
against Newmont in connection with the same mine.
It also has had trouble at its mine in Batu Hijau, reporting that
applicable to sales per pound of copper and per ounce of gold each
increased 18 percent during the second quarter due primarily to
lower production and increased maintenance, consumable and labor
costs.
Access to ore was also temporarily restricted due to a several pit
wall slides.
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