Newmont forecasts higher gold production in 2022
US-based major Newmont expects its gold production to increase to 6.2-million ounces this year, helped by higher output at Boddington, in Australia, and Ahafo, in Ghana.
Production at Boddington is benefiting from higher gold and copper grades, as well as efficiency improvements from autonomous haulage, the company says.
The Denver-based miner in October lowered its guidance for 2021 to six-million attributable ounces, citing the impact of Covid-19 and other challenges experienced in the year.
Newmont expects production to remain between six-million and 6.6-million in 2023, improving to between 6.2-million ounces and 6.8-million ounces in the longer term.
The longer-term production growth is underpinned by the inclusion of profitable output from Ahafo North, in Ghana, and Tanami Expansion 2, in Australia, as well as reaching higher gold grades at Peñasquito, in Mexico.
“We are entering a period of significant growth in our organic project pipeline, an important component in growing production, improving margins and extending mine life, and we remain focused on delivering long-term value to all of our stakeholders through our ongoing commitment to sustainable and responsible mining,” says CEO Tom Palmer.
Total gold production, combined with other metals, is expected to be 7.5-million gold-equivalent ounces in 2022 and will improve in the longer term, with declining costs through investment in new, lower-cost production.
Newmont’s all-in sustaining cost guidance is $1050/oz in 2022 and between $980/oz and $1080/oz in 2023. This will reduce to between $920/oz and $1020/oz from 2024 to 2026.
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