Newmont and Placer form joint venture

Newmont Mining Corp.

last week signed a letter of intent with a subsidiary of Place Dome America Holding Corp.

to form a joint venture for the Turquoise Ridge property near Winnemucca.

The agreement gives Newmont a 25 percent interest to the Turquoise Ridge and Getchell mines in return for providing up to 1,800 tons of milling capacity at its Twin Creeks mill and ending Placer Dome's current 2 percent smelter return royalty.

Newmont also released its updated five-year plan, including plans to increase gold sales from 7.3 million ounces in 2003 to 7.7 million ounces in 2007.