The group also plans to close its merchant banking business, resulting in a non-cash impairment charge of $US1.7 billion ($A2 billion) in the second quarter of calendar 2007, but is still examining a possible sale or spin-off. The renewed focus on its core gold production business comes after Newmont was last year overtaken as the world's biggest gold producer by Barrick Gold, when it took over fellow Canadian miner Placer Dome. "Looking forward, we intend to maximise gold price leverage for our shareholders, establish a sustainable and reliable production base at competitive operating and capital costs, maintain our financial strength and flexibility and capitalise on our exploration portfolio and land position," Newmont chief executive Richard O'Brien said.