Newmont Expects To Boost Gold Production In 2019 -- Commodity Comment
February 21 2019 - 12:15PM
Dow Jones News
By Micah Maidenberg
Newmont Mining Corp. (NEM) reported fourth-quarter earnings on
Thursday and reiterated its forecast for 5.2 million ounces of gold
production this year, up from 5.1 million ounces in 2018. Here's
what Newmont's said about its production plans this year, and
through 2021:
On mines in the U.S. and Canada:
"North America production is expected to be 1.9 million ounces
in 2019 as higher grade production from Northwest Exodus and Twin
Underground are offset by the depletion of Silverstar ore at Carlin
and lower gold production at Phoenix as mining shifts to higher
copper grade ore from the Bonanza pit. Production remains at 1.9
million ounces in 2020 and 2021 as higher grades at Long Canyon
following the stripping campaign help offset lower grades at
CC&V."
On the production forecast for Australia:
"Australia production is expected to be 1.5 million ounces in
2019 with higher grades and throughput and productivity gains at
Tanami, offset by lower mining rates at KCGM following the wall
slips and the continuation of stripping at Boddington. Production
is expected to be 1.5 million ounces in 2020 and 1.6 million ounces
in 2021 as Boddington accesses higher grade ore."
On plans for mining in African countries:
"Africa production is expected to be 1.1 million ounces in 2019
with a full year of production from Subika Underground, higher
grades from the Subika open pit and improved mill throughput in the
second half of the year with the mill expansion. Production is
expected to be 930,000 ounces in 2020 with lower grades at Akyem
and Subika open pit which are partially offset by higher
underground grades at Ahafo and a full year of production from the
Ahafo Mill Expansion. In 2021, production is expected to be 1
million ounces as Akyem reaches higher grades near the bottom of
the pit."
On plans for mining in South America:
"South America production is expected to be 650,000 ounces in
2019 as productivity improvements at Merian offset the transition
to harder ore. Production is expected to decrease to 560,000 ounces
in 2020 and 450,000 ounces in 2021 as the Tapado Oeste pit and
Yanacocha laybacks are mined out and Merian transitions from
saprolite to hard rock."
(END) Dow Jones Newswires
February 21, 2019 12:00 ET (17:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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