The Super Pit was the highest cost operation in Newmont's global portfolio, with sales costs reaching $US860 an ounce, up from $US494 an ounce during the June quarter last year.
Barrick has yet to release its June quarter results, but Newmont has traditionally reported slightly higher costs at the Super Pit than its partner because it has fewer currency hedges in place. Newmont yesterday announced it had earned $US230 million ($239 million) in the June quarter, more than double its $US103 million profit during the same period last year.
Newmont blamed the Super Pit's increasing production costs on a 9 per cent decline in gold grade and lower mill throughput after it was forced to change the mine plan following a pit wall failure in January. The wall failure resulted in longer road hauls at a time of record fuel prices and delayed access to ore.
Newmont's share of production from the Super Pit fell to 61,000 ounces in the June quarter, compared with 72,000 ounces in the March quarter.
Not so super anymore, it would seem.
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