Newmont outlines five-year outlook as it begins centenary year
The world’s largest gold miner, Newmont Goldcorp, is forecasting steady gold production of 6.5-million to 7-million ounces of attributable gold production and 1.2-million to 1.4-million gold-equivalent ounces of copper, silver, lead and zinc production for the next five years.
In its five-year outlook, the company announced a 2020 gold production guidance of 6.7-million ounces at an all-in sustaining cost (AISC) of $975/oz.
The miner expects to produce about 1.1-million gold-equivalent ounces of other metals in 2020.
The gold costs applicable to sales (CAS) are $750/oz for 2020 and between $650/oz and $750/oz for 2021 and 2022. CAS are expected to improve to between $600/oz and $700/oz for 2023 and 2024.
The AISC guidance is between $850/oz and $950/oz for 2021 and 2022, improving to between $800/oz and $900/oz for 2023 and 2024.
“As Newmont enters our centenary year in 2020, our people, mines, projects and balance sheet are all very well positioned to deliver a stable and sustainable industry-leading performance,” said president and CEO Tom Palmer.
“Our outlook also highlights our steadily improving cost profile, which includes more than half-a-billion dollars per year in sustainable operating costs and supply chain improvements by 2021,” he added.
The miner guided development capital of $575-million for 2020 and $500-million to $600-million for 2021.
Development capital includes Tanami Expansion 2, in Australia; Subika Underground, in Ghana; Cerro Negro, in Argentina; Musselwhite, in Canada; and expenditure related to the company’s ownership interest in Nevada Gold Mines and to progress studies for future projects.
Attributable sustaining capital guidance is $975-million for 2020 and is expected to be between $0.9-billion to $1.1-billion longer-term through 2024.
Meanwhile, Newmont also announced that it would repurchase up to $1-billion of common equity in the next 12 months.
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