Barrick won't speculate on Newmont mine stake

(In U.S. dollars, unless noted)

TORONTO, Aug 5 (Reuters) - Barrick Gold (ABX.TO) refused to speculate on Tuesday whether it would be interested in buying Newmont Mining's (NEM.N) stake in the Kalgoorlie mine in Australia, which Newmont has suggested it may sell.

The mine, which is jointly owned by the two big gold producers, suffered 74 percent cost inflation in the most recent quarter, due in part to lower ore grades, according to Newmont.

A Newmont official said on Monday the U.S.-based company was examining its options for its 50 percent stake in the venture.

The mine was Australia's most productive in 2007 with 628,000 mined ounces.

"It would be premature for us to speculate one way or the other without knowing what their plans were or what their intentions were," said Barrick spokesman Vincent Borg.

He added that the Canadian-based company is not considering disposing of its stake in the mine.

Higher costs for energy, labor, equipment and chemicals have been pushed mining costs steadily upwards, although this has been largely offset by strong gold prices.

Spot gold XAU= was at $879 on Tuesday, down about 12 percent from its record high in March, but up 31 percent year-over-year.

Borg said costs at Kalgoorlie have also been affected by the strength in the Australian dollar, and by a particularly tight labor market in the country.

"It's an intensely competitive environment, probably the most in the world at this point," he said.

Barrick stock was down 4.7 percent at C$39.60 on the Toronto Stock Exchange. In New York, Newmont was down 3.6 percent at $44.46.

($1=$1.04 Canadian) (Reporting by Cameron French; editing by Rob Wilson)