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This is from "infobeat's Precious Metals Report" today.
Stig
***
Gold prices may be at 20-year lows, but Newmont Mining Corp. Chief
Executive Officer Wayne Murdy, speaking to shareholders on Thursday,
said he still sees reasons for optimism.
``Demand remains strong, production is falling and central bank
selling and lending is expected to moderate in the future,'' Murdy
told the company's annual meeting.
He told reporters later that those reasons may be why shares of
Denver-based Newmont, North America's biggest gold producer, have
gained about 6 percent this year.
Newmont said earlier this week it will cut staff by 5 percent from
last year's levels and implement other cost cutting measures.
``While we have no uneconomic mines, we will continue to weed out
high-cost components of our operations or bottlenecks within our
mines,'' he said.
He said surface mining in Nevada was being ``sharply reduced'' this
year as the company processes higher-grade ores from underground
mines.
Last year Newmont merged with Battle Mountain. (Reuters)
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