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NEWMONT MINING AND NEWMONT GOLD ANNOUNCE COST-SAVINGS MOVES

     NEWMONT MINING AND NEWMONT GOLD ANNOUNCE COST-SAVINGS MOVES
    DENVER, Nov. 4 /PRNewswire/ -- Newmont Mining Corp. (NYSE: NEM) and Newmont Gold Co. (NYSE: NGC), in order to maintain their lead as low-cost gold producers, today announced staff reductions over the next year that will save the companies an estimated $6.5 million annually.
    "Reductions of the salaried workforce have been undertaken in areas which will enhance productivity and yet allow us to grow," said Gordon R. Parker, chairman and chief executive officer of Newmont Mining and Newmont Gold, which is 90-percent-owned by Newmont Mining.
    Severance benefits and other costs associated with the Newmont Gold staff reductions will result in an estimated fourth quarter charge against earnings of that company of $3.5 million before tax.
    The expected fourth quarter charge against Newmont Mining is estimated at $5 million before tax, an amount that includes the consolidated charge for Newmont Gold.
    Newmont Gold, the largest gold producer in North America, already is among the lowest-cost gold producers in the world.  On Oct. 30 it reported that its cash cost of producing gold had been reduced to $198 per ounce compared with an average cash cost of $218 per ounce in 1990.  Newmont Gold's third quarter cash cost per ounce produced was lower than the cash cost associated with some 80 percent of the gold produced in the Western World during the first half of 1991.
    Newmont Mining is a pure gold company which, in addition to its ownership in Newmont Gold, holds 100 percent of Newmont Exploration Ltd., a company engaged in worldwide exploration for gold.
    -0-                         11/4/91
    /CONTACT:  James F. Hill of Newmont Mining, 303-837-5977/
    (NEM NGC) CO:  Newmont Mining Corp.; Newmont Gold Co. ST:  Colorado IN:  MNG SU: SG -- DV005 -- 0874 11/04/91 16:07 EST
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Publication:PR Newswire
Date:Nov 4, 1991
Words:299
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