Newmont Plans $1 Billion Suriname Gold Mine to Cut Costs
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Newmont Mining Corp. will build a mine in Suriname for as much as $1 billion as the largest U.S. gold producer continues efforts to reduce operating costs following the metal’s decline.
The Merian project will produce 300,000 to 400,000 ounces a year and is expected to start up in late 2016, the Greenwood Village, Colorado-based company said yesterday in a statement. The mine’s forecast costs in the first five years are $750 to $850 an ounce, as much as 29 percent less than Newmont’s total average in the second quarter of this year.