Newmont Mining Corp., one of the world’s biggest gold mining companies, said Monday that “first gold” has been poured at its new mine, called the Merian gold mine in Suriname in South America.

Greenwood Village-based Newmont (NYSE: NEM) declared the mine to be in commercial production as of Oct. 1.

The project was completed on-time and more than $150 million — nearly 20 percent — below its initial capital budget, according to Newmont.

Newmont’s initial projections called for the new mine to cost between $900 million and $1 billion.

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