Monday, 27th February 2006 (2868 views)

Newmont Mining posted earnings of $322 million for 2005, as well as record gold reserves.

Fourth quarter income at the US mining firm was $72 million, while income from continuing operations for 2005 as a whole was $374 million.

Proven and probable gold reserves reached a record level of 93.2 million equity ounces at the end of 2005, based on gold prices of $400 per ounce.

Consolidated gold sales in the fourth quarter amounted to 2.4 million ounces, with the figure for the year being 8.6 million ounces.

Newmont chairman and chief executive Wayne Murdy said: "For 2005, we again generated industry leading operating cash flow. We also achieved our goal of replacing depletion for the fourth straight year."

He continued: "As we look to 2006 and beyond, we are excited about the opportunities our newest initiatives will provide to improve our cost structure and competitive position in the industry."

Newmont Mining was given its name by founder Colonel William Boyce Thompson as a contraction of New York and Montana, because "he grew up in the latter and made his money in the former".

 

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