The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
NMC: TSX
Chairman and CEO: Richard O'Brien
Executive Vice President, Discovery and Development: Guy Lansdown
Vice President, Generative Exploration: Grigore Simon
Newmont Mining Corp. of Canada Ltd. is a subsidiary of Denver-based Newmont Mining Corp., one of the world's largest gold producers and the only gold mining company included in the S&P 500 Index and Fortune 500.
Newmont acquired one of the largest undeveloped greenstones in North America in 2008 from Miramar Mining Ltd. and has worked since to advance exploration at the Hope Bay Project.
To date, three significant gold deposits have been discovered in this greenstone belt: Doris North, a few miles from the Arctic Ocean; Madrid, about 5 miles inland from Doris; and Boston, about 27 miles south of Madrid.
Doris and Boston are smaller high-grade (4.0-8.0 grams-per-metric-ton cut-offs) lode deposits.
Madrid is a low-grade (average 4 g/t) deposit with high-tonnage potential.
Together, these deposits contain indicated and inferred resources of more than 10 million ounces of gold.
In 2009 and 2010, Newmont re-evaluated the 80-kilometer-long greenstone belt as a whole, and conducted additional drilling and mapping.
The company is considering an underground exploration program proposed for the Doris deposit.
An extensive assessment of responsible, long-term development of the Hope Bay district revealed that waiting to proceed with developing the Doris North deposit would ensure a longer mine life, and enhance community investment and infrastructure development. It also would allow for a more comprehensive job skills training program to be developed. Despite the delay, Newmont is working to complete some of the permitted infrastructure to provide improved environmental, safety and operational practices at the site. The company has said it wants to ensure that it has safe, functional and comfortable facilities for a large number of personnel in a remote Arctic setting.
Cash and short-term deposits: US$1.48 billion (at June 30, 2010)
Working capital: US$1.6 billion (at June 30, 2010)
Market capitalization: C$3.55 billion (Sept. 1, 2010)
Fiddler's Green Circle Greenwood Village, Colo. 80203
Tel: 303-863-7414 Fax: 303-837-5837
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