Newmont had earlier announced that there will be two rounds of job cuts at the Batu Hijau mine, which employs 8, 000 people.

FORBES: Newmont's Revised Production Forecast In Indonesia May Cause Labor Troubles

Also, it lowered its annual copper output forecast from the Batu Hijau mine in Sumbawa island to 170.6 million pounds from 192 million pounds earlier.

FORBES: Newmont Mining's Rocky Year And The Way Forward

Also, it has lowered its annual copper output forecast from the Batu Hijau mine in Sumbawa island to 170.6 million pounds from 192 million pounds earlier.

FORBES: Newmont's Revised Production Forecast In Indonesia May Cause Labor Troubles

In fact, Chief Financial Officer Russell Ball indicated that with planned dividend payouts, debt payments, operating expenses, capital expenditures and lower cash flow from Batu Hijau operations in Indonesia, the company will spend more than it earns through 2013, but then this is expected to reverse.

FORBES: Newmont: North, South American Operations Offset 3Q Challenges In Asia-Pacific Region