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12. Newmont Mining
Fortune 500 rank: 430
2007 loss: $1.89 billion

Newmont Mining took a $1.7 billion charge when its new CEO decided to exit the merchant banking business. But that wasn't the only problem for the global gold miner. Even though gold prices are soaring, finding and mining the precious metal are getting tougher and more expensive.

The cost of mining an ounce of gold went from $303 to $406 last year as Newmont expanded operations at Yanacocha in Peru, the company's biggest mine. Newmont also posted a net loss of gold in its mines: Reserves fell 7.4 million ounces, compared to a small gain in 2006.

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Last updated April 24 2008: 11:01 AM ET