Tuesday, 20th April 2004 (2681 views)

Newmont Mining Corp has revealed it is planning to sell its Golden Grove zinc mine in Western Australia and will make a decision over the next three months.

The move is a bid by the company to focus more on its international gold mines, according to John Dow, Newmont's managing director for Australia, reports Forbes.

In addition Mr Dow revealed that the miner was regretful over not moving into the gold mining market in China.

He said: "I think we neglected China and it's the world's fourth-biggest gold mining country and not well-explored. We want to decide what to do with Golden Grove. We would like to make a decision within the next three months"

Newmont purchased the mine in 2002, during which it yielded 124,672 tonnes which were shipped to smelting firms in Asia.

Although up until now a large number of small gold mines in China had prevented Newmont moving into the market, new mining laws are reportedly now boosting appeal for international gold mining there.

 

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