Newmont Mining's (NYSE:NEM) Merian mine in Suriname has started up production, on time and almost 20% below budget. Initial estimates projected the cost of Merian between US$900 million and US$1 billion. But Denver-based Newmont says it completed the mine for $150 million below the initial projections. Newmont says sustained average mill throughput at Merian was 80% and gold recovery more than 90% over the last month. Operating costs between US$650 and US$750 per ounce for all-in sustaining costs during the first five years would be among the lowest in Newmont’s portfolio. Merian holds gold reserves of 5.1 million ounces. In the first five full years, annual production is expected to average between 400,000 and 500,000 ounces of gold. Merian is among the self-funded growth projects to add 1 million ounces of gold production to Newmont's portfolio over the next two years, along with Long Canyon, expansions at Tanami and Carlin, and the recently completed expansion at Cripple Creek & Victor.