Isaac Essel
3 March 2004
Newmont Mining Corporation, a gold producing firm and a leader in processing technology and exploration, last week held an encounter and dinner for journalists in Accra, to give them an insight into the company's performance in Ghana and abroad.
Newmont was founded in 1921 and headquartered in Denver, Colorado in the United States. It has over 13,000 employees worldwide.
Mr. Bill Zisch, West Africa Manager of Newmont Mining Corporation described as excellent the company's exploration result for 2003. He said Newmont held gold reserves of 93.1 million ounces based on a calculated gold price of $325.
He praised Newmont Ghana for its contribution towards the development of the company.
"The company's net cash provided by operating activities stood at $589 million and cash exceeding debt at year end was $237 million. The Newmont Ghana project contributed significantly to record year-end equity god reserves of 91.3 million ounces.
The Ahafo and Akyem projects exceeded expectations increasing 143% from 4.9 million ounces in 2002 to 11.9 million equity ounces in 2003."
On community development, Mr. Zisch said Newmont seeks to positively impact on communities by providing jobs and training in new skill sets, enhancing health, education and improving local infrastructure.
He said on environmental responsibility, it is committed to employing the highest standards of environmental management.
The company's mission is to "develop a long term portfolio of quality exploration projects capable of delivering sustained reserve growth that maintains our leadership in good production."
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