A $420 million(US) expansion program at its Carlin, Nev., operations is paying off for Newmont Mining’s 90% owned subsidiary Newmont Gold. Net income for the first nine months of 1988 increased to $70.9 mill ion or 68 per share compared to $62 million or 60 per share during the same period in 1987, Newmont Gold says.
Third quarter net income also increased to $27.2 million or 26 per share from $23 million or 22 per share at the same time last year.
While gold sales during the quarter were a record 251,300 oz, the average price which the company received for its gold declined to $431 an oz from $462 an oz in the third quarter of 1987.
During the third quarter, several new facilities came into production at the Carlin operations where Newmont is planning to produce about 830,000 oz gold this year.
They include the 2,100-ton-per- day mill Number 3 facility and a new one million ton-per-year leach system at the Rain mine site.
At Newmont’s Number 5 mill near the Gold Quarry mine site, the company has increased the facility’s capacity to 12,000 tons per day from 9,000 tons per day by linking one of the Number 5 ball mills into the Number 2 mill circuits.
Combined throughput of mills Number 2 and 5 is expected to reach 25,000 tons per day (more than double the previous milling capacity in this area) when work is complete.
Newmont says it is currently treating ore from five of its 16 Carlin deposits.
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