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Tuesday, 20th April 2004 (4233 views)

Newmont Mining Corp has revealed it is planning to sell its Golden Grove zinc mine in Western Australia and will make a decision over the next three months.<BR/><BR/>The move is a bid by the company to focus more on its international gold mines, according to John Dow, Newmont's managing director for Australia, reports Forbes.<BR/><BR/>In addition Mr Dow revealed that the miner was regretful over not moving into the gold mining market in China.<BR/><BR/>He said: "I think we neglected China and it's the world's fourth-biggest gold mining country and not well-explored. We want to decide what to do with Golden Grove. We would like to make a decision within the next three months"<BR/><BR/>Newmont purchased the mine in 2002, during which it yielded 124,672 tonnes which were shipped to smelting firms in Asia.<BR/> <BR/>Although up until now a large number of small gold mines in China had prevented Newmont moving into the market, new mining laws are reportedly now boosting appeal for international gold mining there.

 

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