Newmont Corporation
Newmont Corporation
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Higher gold grades at its Boddington, Ahafo and Tanami projects and a draw-down of in-circuit inventory have helped Newmont lift attributable June qtr (Q2FY2022) gold production to 1.5Moz, up from 1.34Moz in the previous period. AISC increased to $US1,199/oz (Q1: $1,156/oz).
The result also benefited from its acquisition of Buenaventura’s 43.65% ownership in Feb, partially offset by low grades and throughput at Peñasquito and Éléonore.
Despite a substantial gold hit, global major Newmont has gone from Q4 21 loss to a Q1 22 $432M profit
Despite a substantial gold hit, global major Newmont has achieved a turnaround to a $US432M March qtr (Q1FY2022) profit from its $61M loss in Q4FY2021. Adjusted net income fell to $546M from $624M.
Global gold leader Newmont will take up the exploration for large-scale copper-gold deposits across SE Europe after signing an exploration alliance agreement with UK-based explorer Ariana Resources’ 75%-owned Western Tethyan Resources.
Newmont will invest $US2.5M in Ariana to fund the alliance's activities within Bosnia and Herzegovina, Bulgaria, Greece, Kosovo, North Macedonia and Serbia for an initial 5 years. It will invest $1M for a 60% stake in any selected project.
World No 1 gold producer Newmont is clear to proceed with environmental and social-economic assessment processes for its proposed Coffee openpit and heap leach project after a successful consultation process between the Canadian federal and Yukon Territory governments and the Yukon First Nations.
The governments accepted the recommendation of the independent Yukon Environmental Socio Economic Assessment Board to approve the 2.17Moz gold project, about 100km E of Beaver Creek in west-central Yukon.
Northern Star Resources completes a series of transactions that delivered it 100% ownership of the iconic Kalgoorlie Super Pit by exercising its option to acquire the regional power business owned by former mine manager Newmont Corporation. John Feary reports
Australian gold major Northern Star Resources, owner-operator of the iconic Super Pit in Kalgoorlie, has reached agreement to exercise its option to acquire the regional power business owned by the mine’s former manager Newmont Corporation.
NST will pay $US70M on top of a $25M option fee paid in late 2019 for the business, which supplies electricity to the Super Pit through contracts, licences, approvals and third party arrangements including a 50% stake in the nearby 110MW dual fuel gas turbine Parkeston power station.
Global miner Newmont will use the Boddington mine in Australia as the model for its other operations and projects around the world after introducing the gold industry’s first autonomous haulage fleet of 36 trucks at WA’s largest producer.
Newmont has invested $US150M in its AHS project partnership with Caterpillar at Boddington with the expectation it will improve mine safety, productivity and mine life.
Global gold industry major Newmont has had a solid June 2021 qtr (Q2 21) with adjusted EBITDA up to $US1.59B from Q1 21’s $1.45B and free cash flow from continuing operations to $993M from $841M on attributable gold production easing to 1.45Moz from 1.46Moz.
The bottom line was an attributable net income from continuing operations up to $640M from $538M, with adjusted net income up to $670M from $594M, primarily due to higher sales volumes and higher average realized prices, partially offset by higher income tax.
Global gold giant Newmont is targeting more than 3Moz production over an initial 13-year life from H2 2023 after approving the development of its $US750-850M Ahafo North project in Ghana, rated the best unmined gold deposit in West Africa.
The project, 30km N of Newmont’s existing Ahafo South operations, will comprise four openpit mines and a stand-alone 3.7Mtpa mill expected to produce 275,000-325,000ozpa at AISC of $600-700/oz over the first five years.