Newmont Corporation (NYSE: NEM, TSX: NGT) (Newmont or the
Company) reported gold Mineral Reserves (reserves) of 100.2 million
attributable ounces for 2019 compared to 65.4 million ounces at the
end of 2018, an increase of 53 percent after successfully
completing two historic transactions and through ongoing
exploration success.
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Percentage of Gold Reserves by
Jurisdiction (North America includes Nevada)
“Newmont has the largest gold reserve base in the industry
underpinned by our world-class ore bodies in top tier
jurisdictions. In 2019, we added almost 50 million ounces of gold
reserves through the acquisition of Goldcorp, formation of the
Nevada Gold Mines joint venture and the continuation of our leading
exploration program,” said Tom Palmer, President and Chief
Executive Officer. “Our reserve and resource base will support
stable production of more than 6 million ounces per annum for
decades to come.”
Key highlights and differentiators:
- Industry’s largest gold Mineral Reserves of 100.2 million
ounces
- Gold reserves located in top-tier jurisdictions with 88 percent
in Americas and Australia
- Gold reserve life at operating sites of >10 years
underpinned by a strong base at Boddington, Tanami, Ahafo,
Peñasquito, and Nevada Gold Mines, and further enhanced from our
eight other operating mines and equity ownership in Pueblo
Viejo
- Significant gold reserves per share with 124 ounces per 1,000
shares
- Tanami added 1.5 million ounces of gold reserves, 1.1 million
ounces of Measured and Indicated gold resources and 1.6 million
ounces of inferred resource
- Stable production profile underpinned by long life operating
assets such as Boddington with 14 years; Tanami and Peñasquito with
12 years and Ahafo with 11 years
- Significant exposure to copper, silver, zinc, and lead with 63
million gold equivalent ounces (GEO)1
- Measured & Indicated gold Mineral Resources of 76.7 million
ounces; Inferred of 31.3 million ounces
Reported figures include Red Lake and the Company’s 50 percent
interest in Kalgoorlie Consolidated Gold Mines (KCGM). Newmont
successfully completed the sale of KCGM in January 2020 and expects
to close the divestment of Red Lake in the first quarter of 2020.
Combined, these sites represented approximately 4.5 million ounces
of gold reserves and 2.6 million ounces of Measured and Indicated
gold Mineral Resources (resources), bringing Newmont’s adjusted
2019 gold Mineral Reserves to 95.7 and Measured and Indicated gold
Mineral Resources2 to 74.1 million ounces.
Newmont’s reserve base is a key differentiator with 88 percent
of gold reserves located in top-tier jurisdictions in the Americas
and Australia, an operating reserve life of more than 10 years and
average reserve grade of 1.05 grams per tonne. In addition, Newmont
significantly increased its exposure to other metals, with an
estimated 63 million gold equivalent ounces1 from copper, silver,
zinc, lead and molybdenum.
In 2019, Newmont reported 100.2 million ounces of gold Mineral
Reserves and 95.7 million ounces after adjusting for the KCGM and
Red Lake divestments.
The Company added 42.2 million net ounces of gold reserves
through its acquisition of Goldcorp and formation of the Nevada
Gold Mines (NGM) joint venture, after adjusting for revisions at
select Goldcorp operating sites, which were assessed using
Newmont’s rigorous technical standards.
As previously disclosed, the Coffee project and Dome pit as part
of the Century project were reclassified from Mineral Reserves to
Mineral Resources, due to Feasibility study requirements. The
project revisions were 1.7 million ounces and 4.4 million ounces,
respectively.
Additions before revisions of 7.4 million ounces through
exploration exceeded the Company’s target demonstrating drilling
success and the prospectivity across the portfolio. Notable reserve
additions for the year included: 2.5 million equity ounces from
NGM, 1.5 million ounces at Tanami, 0.7 million equity ounces at
NuevaUnión, 0.5 million ounces at Merian and 0.4 million ounces at
Ahafo underground. Additions nearly offset depletion of 7.7 million
contained ounces, which corresponds to Newmont’s 2019 attributable
production outlook of 6.3 million ounces.
Newmont’s gold reserve grade was 1.05 grams per tonne compared
to 1.19 grams per tonne in the prior year, largely due to the
addition of polymetallic mines and projects including Peñasquito,
NuevaUnión and Norte Abierto, which was partially offset by
higher-grade reserves from the Company’s 38.5 percent equity
ownership in NGM.
Newmont reported attributable Measured and Indicated gold
Mineral Resources of 76.7 million ounces and 31.3 million ounces of
attributable Inferred gold Mineral Resources, an increase of 95
percent and 101 percent from the prior year, respectively, at a
constant gold price. Adjusted for the divestitures of KCGM and Red
Lake.
Measured and Indicated gold Mineral Resources are 74.1 million
ounces and Inferred gold Mineral Resources are 29.4 million
ounces.
The acquisition of Goldcorp and formation of the NGM joint
venture added 26.5 million net ounces of Measured and Indicated
gold Mineral Resources and 13.7 million net ounces of Inferred gold
Mineral Resources.
Measured and Indicated gold Mineral Resources added through
exploration and studies were 7.8 million ounces and included
notable additions before revisions of 1.1 million ounces at Tanami,
0.9 million equity ounces at both NGM and Pueblo Viejo, 0.8 million
ounces at each of Ahafo underground, NuevaUnión and Merian (equity
ounces).
Additions before revisions of 5.2 million ounces of Inferred
gold Mineral Resources notably included 1.6 million ounces at
Tanami, 0.8 million equity ounces at NGM, and 0.7 million ounces at
Peñasquito.
Newmont’s Measured and Indicated gold Mineral Resource grade
increased to 0.72 grams per tonne compared to 0.69 grams per tonne
in the prior year from higher grade resources from NGM and the
underground mines from the Goldcorp acquisition. Inferred gold
Mineral Resource grade decreased to 0.66 grams per tonne from 1.01
grams per tonne, largely due to lower grade ounces from acquired
polymetallic mines and projects.
Other Metals
Newmont’s base metal reserves increased significantly with the
addition of the Goldcorp assets. Copper reserves increased to 6.8
million tonnes from 1.3 million tonnes in 2018, primarily due to
the additions at the NuevaUnión and Norte Abierto projects. Copper
resources increased significantly, increasing to 6.8 million tonnes
of Measured & Indicated and 3.5 million tonnes of Inferred from
4.1 million tonnes of Measured & Indicated and 0.5 million
tonnes of Inferred.
Silver reserves also increased significantly to 652 million
ounces from 86 million ounces, primarily due to additions at
Peñasquito, but also supported by NuevaUnión, Norte Abierto, Cerro
Negro and Pueblo Viejo. Silver resources increased to 481 million
ounces of Measured & Indicated and 217 million ounces of
Inferred from 128 million ounces of Measured & Indicated and 21
million ounces of Inferred.
The Company also had first time declarations totaling 3.4
million tonnes of zinc reserves and 1.5 million tonnes of lead
reserves at Peñasquito, and 0.1 million tonnes of molybdenum at
NuevaUnión. First time declarations of zinc and lead resources were
1.9 million tonnes of Measured & Indicated and 1.0 million
tonnes of Inferred, and 0.8 million tonnes of Measured &
Indicated and 0.5 million tonnes of Inferred, respectively.
Exploration Outlook
Newmont’s total attributable exploration expenditure3 is
expected to be approximately $230 million in 2020, a decrease of 13
percent from the prior year as the Company captures $25 million of
exploration synergies from the Goldcorp acquisition and
approximately $10 million from the divestiture of KCGM and Red
Lake. Around 80 percent of total exploration investment will be
dedicated to near-mine expansion programs and the remaining 20
percent will be allocated to the advancement of greenfield projects
and innovation programs. Geographically, the Company expects to
invest approximately 30 percent in North America, 25 percent in
South America, 20 percent in Australia and the remainder in Africa
and other locations.
Gold Reserve Sensitivity
A $100 increase in gold price would result in an approximate six
percent increase in gold reserves while a $100 decrease in gold
price would result in an approximate six percent decrease in gold
reserves. These sensitivities assume an oil price of $60 per barrel
(WTI), Australian dollar exchange rate of $0.75 and Canadian dollar
exchange rate of $0.77.
For additional details on Newmont’s reported Gold, Copper,
Silver, Zinc, Lead and Molybdenum Mineral Reserves and Mineral
Resources, please refer to the tables at the end of this
release.
1 Gold Equivalent Ounces calculated using
Mineral Reserve pricing as shown at the end of this release and
metallurgical recoveries for each metal on a site-by-site
basis.
2 Totals may not sum due to rounding.
3 Includes capitalized and expensed
exploration.
Key Assumptions:
Years Ended December
31
2019
2018
Gold Reserves (US$/oz.)
$1,200
$1,200
Gold Resources (US$/oz.)
$1,400
$1,400
Copper Reserves (US$/lb.)
$2.75
$2.50
Copper Resources (US$/lb.)
$3.25
$3.25
Silver Reserves (US$/oz.)
$16.00
$16.00
Silver Resources (US$/oz.)
$20.00
$20.00
Zinc Reserves (US$/lb.)
$1.20
NA
Zinc Resources (US$/lb.)
$1.45
NA
Lead Reserves (US$/lb.)
$0.95
NA
Lead Resources (US$/lb.)
$1.15
NA
Australian Dollar (A$:US$)
$0.75
$0.75
Canadian Dollar (C$:US$)
$0.77
NA
Mexican Peso (M$:US$)
$19.50
NA
West Texas Intermediate (US$/bbl.)
$60
$65
Reserve and Resource Tables
Proven and Probable reserves are based on extensive drilling,
sampling, mine modeling and metallurgical testing from which we
determine economic feasibility. Newmont’s metal price assumptions
follow SEC guidance not to exceed a three year trailing average.
The price sensitivity of reserves depends upon several factors
including grade, metallurgical recovery, operating cost,
waste-to-ore ratio and ore type. Metallurgical recovery rates vary
depending on the metallurgical properties of each deposit and the
production process used. The reserve tables included in this
release list the average metallurgical recovery rate for each
deposit, which takes into account the assumed processing methods.
The cut-off grade, or lowest grade of material considered economic
to process, varies with material type, price, metallurgical
recoveries, operating costs and co- or by-product credits. The
Proven and Probable reserve figures presented herein are estimates
based on information available at the time of calculation. No
assurance can be given that the indicated levels of recovery of
gold, silver, copper, lead, zinc and molybdenum will be realized.
Ounces of gold and silver or tonnes of copper, zinc, lead, or
molybdenum included in the Proven and Probable reserves are those
contained prior to losses during metallurgical treatment. Reserve
estimates may require revision based on actual production. Market
fluctuations in the price of gold, silver, copper, zinc, lead, or
molybdenum, as well as increased production costs or reduced
metallurgical recovery rates, could render certain Proven and
Probable reserves containing relatively lower grades of
mineralization uneconomic to exploit and might result in a
reduction of reserves.
The Measured, Indicated, and Inferred resource figures presented
herein are estimates based on information available at the time of
calculation and are exclusive of reserves. A “Mineral Resource” is
a concentration or occurrence of solid material of economic
interest in or on the Earth’s crust in such form, grade, or quality
and quantity that there are reasonable prospects for eventual
economic extraction. The location, quantity, grade or quality,
continuity and other geological characteristics of a Mineral
Resource are known, estimated or interpreted from specific
geological evidence and knowledge, including sampling. Mineral
Resources are sub-divided, in order of increasing geological
confidence, into Inferred, Indicated and Measured categories.
Ounces of gold and silver or tonnes of copper, zinc, lead, and
molybdenum included in the Measured, Indicated and Inferred
resources are those contained prior to losses during metallurgical
treatment. Market fluctuations in the price of gold, silver,
copper, zinc, lead and molybdenum, as well as increased production
costs or reduced metallurgical recovery rates, could change future
estimates of resources. Please refer to the reserves and resources
cautionary statement at the end of the release.
We publish reserves and resources annually, and will recalculate
reserves and resources at year-end 2020, taking into account metal
prices, changes, if any, in future production and capital costs,
mine designs, model changes, divestments and depletion as well as
any acquisitions and additions during 2020.
The following technical reports are available to the public on
SEDAR:
Ahafo South Operations, Republic of Ghana, NI 43-101 Technical
Report, Report Effective Date: December 31, 2018
Boddington Operations, Western Australia, Australia, NI 43-101
Technical Report, Report Effective Date: December 31, 2018
Peñasquito Polymetallic Operations, Zacatecas State, Mexico, NI
43-101 Technical Report, Report Effective Date: 30 June 2018 (under
Goldcorp’s SEDAR profile)
Tanami Operations, Northern Territory, Australia, NI 43-101
Technical Report, Report Effective Date: December 31, 2018
Attributable Proven, Probable
and Combined Gold Reserves (1), Metric Units
December 31, 2019
December 31, 2018
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Newmont
Tonnage (2)
Grade
Gold (3)
Tonnage (2)
Grade
Gold (3)
Tonnage (2)
Grade
Gold (3)
Metallurgical
Tonnage (2)
Grade
Gold (3)
Deposits/Districts
Share
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
Recovery
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
North America
CC&V Open Pits (4)
100
%
94,100
0.52
1,570
24,400
0.43
340
118,500
0.50
1,910
59
%
140,300
0.53
2,400
CC&V Leach Pads (5)
100
%
—
—
31,600
0.88
890
31,600
0.88
890
59
%
38,100
0.86
1,050
Total CC&V, Colorado
94,100
0.52
1,570
56,000
0.69
1,230
150,100
0.58
2,800
59
%
178,400
0.60
3,450
Red Lake, Canada (6)
100
%
900
8.69
260
3,700
8.68
1,040
4,600
8.68
1,300
94
%
—
—
Musselwhite, Canada (7)
100
%
4,900
6.48
1,020
5,000
6.57
1,070
9,900
6.52
2,090
95
%
—
—
Porcupine Underground (8)
100
%
600
10.53
200
4,300
6.89
950
4,900
7.33
1,150
87
%
—
—
Porcupine Open Pit (9)
100
%
11,900
1.50
570
32,700
1.04
1,100
44,600
1.16
1,670
88
%
—
—
Total Porcupine, Canada
12,500
1.92
770
37,000
1.72
2,050
49,500
1.77
2,820
88
%
—
—
Éléonore, Canada (10)
100
%
1,500
5.69
280
5,900
5.21
1,000
7,400
5.31
1,280
91
%
—
—
Peñasquito, Mexico (11)
100
%
109,700
0.63
2,220
331,800
0.55
5,860
441,500
0.57
8,080
77
%
—
—
TOTAL NORTH AMERICA
223,600
0.85
6,120
439,400
0.87
12,250
663,000
0.86
18,370
80
%
178,400
0.60
3,450
South America
Yanacocha Open Pits (12)
51.35
%
11,200
0.72
270
96,500
0.64
1,990
107,700
0.65
2,260
64
%
117,900
0.67
2,540
Yanacocha Underground (13)
51.35
%
—
—
6,000
6.88
1,310
6,000
6.88
1,310
96
%
5,700
1,270
Total Yanacocha, Peru
11,200
0.72
270
102,500
1.00
3,300
113,700
0.98
3,570
76
%
123,600
0.96
3,810
Merian, Suriname (14)
75
%
41,100
1.41
1,860
46,600
1.08
1,620
87,700
1.23
3,480
92
%
93,100
1.25
3,730
Cerro Negro, Argentina (15)
100
%
1,100
11.49
400
7,300
9.44
2,200
8,400
9.70
2,600
92
%
—
—
Pueblo Viejo Open Pits
40
%
6,700
2.68
580
5,600
2.72
490
12,300
2.70
1,070
91
%
—
—
Pueblo Viejo Stockpiles (16)
40
%
—
—
35,300
2.41
2,740
35,300
2.41
2,740
90
%
—
—
Total Pueblo Viejo, Dominican Republic
(17)
6,700
2.68
580
40,900
2.46
3,230
47,600
2.49
3,810
90
%
—
—
NuevaUnión, Chile (18)
50
%
—
—
341,100
0.47
5,150
341,100
0.47
5,150
68
%
—
—
Norte Abierto, Chile (19)
50
%
—
—
598,800
0.60
11,620
598,800
0.60
11,620
74
%
—
—
TOTAL SOUTH AMERICA
60,100
1.60
3,110
1,137,200
0.74
27,120
1,197,300
0.79
30,230
78
%
216,700
1.08
7,540
Australia
Boddington Open Pit (20)
100
%
234,800
0.70
5,260
246,200
0.69
5,460
481,000
0.69
10,720
85
%
480,700
0.71
10,990
Boddington Stockpiles (16)
100
%
3,900
0.60
80
81,400
0.43
1,130
85,300
0.44
1,210
78
%
93,000
0.45
1,360
Total Boddington, Western Australia
238,700
0.69
5,340
327,600
0.63
6,590
566,300
0.65
11,930
84
%
573,700
0.67
12,350
Tanami, Northern Territory (21)
100
%
13,000
5.18
2,170
20,200
5.39
3,510
33,200
5.31
5,680
97
%
26,600
5.51
4,690
Kalgoorlie Open Pit and Underground
(22)
50
%
3,700
1.94
230
20,400
2.04
1,330
24,100
2.02
1,560
83
%
29,000
2.13
1,990
Kalgoorlie Stockpiles (16)
50
%
13,500
1.06
460
51,500
0.68
1,120
65,000
0.76
1,580
74
%
67,300
0.77
1,660
Total Kalgoorlie, Western Australia
(23)
17,200
1.24
690
71,900
1.06
2,450
89,100
1.10
3,140
78
%
96,300
1.18
3,650
TOTAL AUSTRALIA
268,900
0.95
8,200
419,700
0.93
12,550
688,600
0.94
20,750
86
%
696,600
0.92
20,690
Africa
Ahafo South Open Pits (24)
100
%
12,300
2.39
940
44,900
1.76
2,550
57,200
1.90
3,490
90
%
64,600
1.97
4,100
Ahafo Underground (25)
100
%
1,300
4.80
210
13,200
3.13
1,330
14,500
3.29
1,540
94
%
7,500
4.74
1,150
Ahafo Stockpiles (16)
100
%
38,300
0.92
1,140
—
—
38,300
0.92
1,140
88
%
38,000
0.92
1,130
Total Ahafo South, Ghana
51,900
1.37
2,290
58,100
2.08
3,880
110,000
1.74
6,170
91
%
110,100
1.80
6,380
Ahafo North, Ghana (26)
100
%
—
—
45,100
2.40
3,470
45,100
2.40
3,470
91
%
43,500
2.39
3,350
Akyem Open Pit (27)
100
%
18,300
1.65
970
20,600
1.74
1,150
38,900
1.70
2,120
90
%
34,200
1.69
1,860
Akyem Stockpiles (16)
100
%
16,400
0.88
460
—
—
16,400
0.88
460
84
%
12,900
0.90
380
Total Akyem, Ghana
34,700
1.29
1,430
20,600
1.74
1,150
55,300
1.46
2,580
89
%
47,100
1.47
2,240
TOTAL AFRICA
86,600
1.33
3,720
123,800
2.14
8,500
210,400
1.81
12,220
91
%
200,700
1.85
11,970
Nevada
NGM Open Pits, Nevada
38.5
%
9,900
1.81
570
141,800
1.18
5,370
151,700
1.22
5,940
83
%
—
—
NGM Stockpiles, Nevada (16)
38.5
%
37,100
2.38
2,830
—
—
37,100
2.38
2,830
73
%
—
—
NGM Underground, Nevada
38.5
%
14,900
10.49
5,000
15,400
9.81
4,830
30,300
10.14
9,830
83
%
—
—
Total NGM, Nevada (28)
61,900
4.24
8,400
157,200
2.02
10,200
219,100
2.64
18,600
81
%
—
—
Carlin Open Pits
100
%
—
—
—
—
—
—
108,700
1.63
5,690
Carlin Leach Pad (5)
100
%
—
—
—
—
—
—
66,800
0.30
650
Carlin Stockpiles (16)
100
%
—
—
—
—
—
—
16,900
2.30
1,250
Carlin Underground
100
%
—
—
—
—
—
—
14,800
10.27
4,870
Total Carlin, Nevada (29)
—
—
—
—
—
—
207,200
1.87
12,460
Phoenix
100
%
—
—
—
—
—
—
132,800
0.66
2,820
Lone Tree
100
%
—
—
—
—
—
—
3,600
0.29
30
Total Phoenix, Nevada (29)
—
—
—
—
—
—
136,400
0.65
2,850
Turquoise Ridge (30)
25
%
—
—
—
—
—
—
5,500
12.97
2,270
Twin Creeks
100
%
—
—
—
—
—
—
24,900
1.66
1,330
Twin Creeks Stockpiles (16)
100
%
—
—
—
—
—
—
28,400
2.09
1,910
Total Twin Creeks, Nevada (29)
—
—
—
—
—
—
58,800
2.91
5,510
Long Canyon, Nevada (29)
100
%
—
—
—
—
—
—
22,300
1.34
970
TOTAL NEVADA
61,900
4.24
8,400
157,200
2.02
10,200
219,100
2.64
18,600
81
%
424,700
1.60
21,790
TOTAL NEWMONT
701,100
1.31
29,550
2,277,300
0.96
70,620
2,978,400
1.05
100,170
81
%
1,717,100
1.19
65,440
Red Lake, Canada (6)
100
%
900
8.69
260
3,700
8.68
1,040
4,600
8.68
1,300
94
%
—
—
Kalgoorlie, Western Australia (23)
50
%
17,200
1.24
690
71,900
1.06
2,450
89,100
1.10
3,140
78
%
96,300
1.18
3,650
TOTAL NEWMONT ADJUSTED
683,000
1.30
28,600
2,201,700
0.95
67,130
2,884,700
1.03
95,730
82
%
1,620,800
1.19
61,790
(1)
See cautionary statement regarding
reserves and resources on page 12 hereof. 2019 and 2018 reserves
were calculated at a gold price of $1,200 per ounce unless
otherwise noted.
(2)
Tonnages include allowances for losses
resulting from mining methods. Tonnages are rounded to the nearest
100,000.
(3)
Ounces are estimates of metal contained in
ore tonnages and do not include allowances for processing losses.
Metallurgical recovery rates represent the estimated amount of
metal to be recovered through metallurgical extraction processes.
Ounces may not recalculate as they are rounded to the nearest
10,000.
(4)
Cut-off grades utilized in 2019 reserves
were as follows: oxide mill material not less than 1.03 gram per
tonne and leach material not less than 0.24 gram per tonne.
(5)
Leach pad material is the material on
leach pads at the end of the year from which gold remains to be
recovered. In-process reserves are reported separately where ounces
exceed 100,000 and are greater than 5% of the total site-reported
reserves.
(6)
Red Lake was classified as held for sale
as of December 31, 2019. Cut-off grade utilized in 2019 reserves
not less than 6.75 gram per tonne.
(7)
Cut-off grade utilized in 2019 reserves
not less than 3.70 gram per tonne.
(8)
Cut-off grade utilized in 2019 reserves
not less than 4.06 gram per tonne.
(9)
Cut-off grade utilized in 2019 reserves
not less than 0.52 gram per tonne.
(10)
Cut-off grade utilized in 2019 reserves
not less than 4.80 gram per tonne.
(11)
Gold cut-off grade varies with level of
silver, lead and zinc credits.
(12)
Gold cut-off grades utilized in 2019
reserves were as follows: oxide leach material not less than 0.12
gram per tonne; oxide mill material not less than 0.49 gram per
tonne; and refractory mill material not less than 1.45 gram per
tonne.
(13)
Gold cut-off grades utilized in 2019
reserves not less than 1.86 gram per tonne.
(14)
Cut-off grade utilized in 2019 reserves
not less than 0.38 gram per tonne.
(15)
Cut-off grade utilized in 2019 reserves
not less than 5.00 gram per tonne.
(16)
Stockpiles are comprised primarily of
material that has been set aside to allow processing of higher
grade material in the mills. Stockpiles increase or decrease
depending on current mine plans. Stockpile reserves are reported
separately where ounces exceed 100,000 and are greater than 5% of
the total site-reported reserves.
(17)
The Pueblo Viejo mine, which is 40 percent
owned by Newmont, is accounted for as an equity method investment.
Reserve estimates provided by Barrick, the operator of Pueblo
Viejo.
(18)
Project is currently undeveloped. Reserve
estimates provided by the NuevaUnión joint venture.
(19)
Project is currently undeveloped. Reserve
estimates provided by the Norte Abierto joint venture
(20)
Gold cut-off grade varies with level of
copper credits.
(21)
Cut-off grade utilized in 2019 reserves
not less than 1.60 gram per tonne.
(22)
Cut-off grade utilized in 2019 in situ
reserves not less than 0.90 gram per tonne.
(23)
Kalgoorlie was classified as held for sale
as of December 31, 2019.
(24)
Cut-off grade utilized in 2019 reserves
not less than 0.68 gram per tonne.
(25)
Cut-off grade utilized in 2019 reserves
not less than 1.60 gram per tonne.
(26)
Includes undeveloped reserves in the Ahafo
trend totaling 3.4 million ounces. Cut-off grade utilized in 2019
reserves not less than 0.51 gram per tonne.
(27)
Cut-off grade utilized in 2019 reserves
not less than 0.59 gram per tonne.
(28)
Reserve estimates provided by Barrick, the
operator of the NGM joint venture.
(29)
Property was contributed to NGM on July 1,
2019.
(30)
Reserve estimates provided by Barrick, the
operator of the Turquoise Ridge joint venture.
Attributable Gold Mineral
Resources (1)(2) - December 31, 2019, Metric Units
Measured Resource
Indicated Resource
Measured and Indicated Resource
(3)
Inferred Resource
Newmont
Tonnage
Grade
Gold
Tonnage
Grade
Gold
Tonnage
Grade
Gold
Tonnage
Grade
Gold
Deposits/Districts
Share
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
North America
CC&V,Colorado
100
%
67,100
0.50
1,080
43,600
0.44
620
110,700
0.48
1,700
16,800
0.39
210
Red Lake, Canada (4)
100
%
300
24.09
210
1,000
15.55
490
1,300
17.36
700
1,600
18.04
910
Musselwhite, Canada
100
%
1,800
4.04
230
4,600
4.09
600
6,400
4.08
830
3,200
4.37
440
Porcupine Underground
100
%
100
6.28
20
700
4.34
110
800
4.58
130
1,000
5.78
180
Porcupine Open Pit
100
%
2,700
1.17
100
248,400
0.89
7,130
251,100
0.90
7,230
108,200
0.70
2,430
Total Porcupine, Canada
2,800
1.33
120
249,100
0.90
7,240
251,900
0.91
7,360
109,200
0.74
2,610
Éléonore, Canada
100
%
300
4.39
40
2,500
4.57
370
2,800
4.55
410
3,400
5.21
580
Peñasquito, Mexico
100
%
37,300
0.25
300
304,000
0.25
2,440
341,300
0.25
2,740
193,600
0.34
2,090
Noche Buena, Mexico
50
%
—
—
27,500
0.37
330
27,500
0.37
330
2,500
0.22
20
Sandman, Nevada
100
%
—
—
1,200
1.23
50
1,200
1.23
50
1,100
1.85
60
Coffee, Canada
100
%
5,200
1.76
300
41,100
1.42
1,870
46,300
1.46
2,170
11,800
1.32
500
Galore Creek, Canada (5)
50
%
128,400
0.36
1,510
423,400
0.23
3,120
551,800
0.26
4,630
99,100
0.21
670
TOTAL NORTH AMERICA
243,200
0.48
3,790
1,098,000
0.49
17,130
1,341,200
0.49
20,920
442,300
0.57
8,090
South America
Conga, Peru
51.35
%
—
—
356,300
0.65
7,490
356,300
0.65
7,490
118,400
0.39
1,480
Yanacocha
51.35
%
5,800
0.75
140
33,300
0.43
460
39,100
0.48
600
92,400
0.84
2,490
Yanacocha Underground
51.35
%
—
—
1,600
6.50
330
1,600
6.50
330
5,100
3.54
580
Total Yanacocha, Peru
5,800
0.75
140
34,900
0.70
790
40,700
0.71
930
97,500
0.98
3,070
Merian, Suriname
75
%
6,400
1.01
200
30,500
1.15
1,130
36,900
1.12
1,330
22,300
1.05
750
Cerro Negro, Argentina
100
%
2,800
3.52
330
9,300
6.02
1,790
12,100
5.43
2,120
700
5.78
150
Pueblo Viejo, Dominican Republic (6)
40
%
11,300
2.25
820
77,100
2.22
5,490
88,400
2.22
6,310
21,700
2.10
1,470
NuevaUnión, Chile (7)
50
%
3,300
0.31
30
75,900
0.62
1,520
79,200
0.61
1,550
266,900
0.37
3,190
Norte Abierto, Chile (8)
50
%
77,300
0.61
1,500
596,900
0.49
9,310
674,200
0.50
10,810
369,600
0.37
4,370
Alumbrera, Argentina (9)
37.5
%
45,700
0.37
530
6,700
0.51
110
52,400
0.38
640
2,700
0.45
40
TOTAL SOUTH AMERICA
152,600
0.73
3,550
1,187,600
0.72
27,630
1,340,200
0.72
31,180
899,800
0.50
14,520
Australia
Boddington, Western Australia
100
%
101,300
0.55
1,800
257,300
0.54
4,480
358,600
0.55
6,280
6,200
0.45
90
Tanami, Northern Territory
100
%
200
3.37
20
17,500
2.21
1,240
17,700
2.22
1,260
14,900
4.52
2,160
Kalgoorlie, Western Australia (10)
50
%
6,000
1.46
280
28,400
1.75
1,610
34,400
1.70
1,890
12,800
2.34
960
TOTAL AUSTRALIA
107,500
0.61
2,100
303,200
0.75
7,330
410,700
0.71
9,430
33,900
2.96
3,210
Africa
Ahafo South
100
%
1,000
0.62
20
25,100
1.22
980
26,100
1.19
1,000
8,400
1.45
400
Ahafo Underground
100
%
—
—
15,900
3.93
2,020
15,900
3.93
2,020
11,300
3.35
1,220
Total Ahafo South, Ghana
1,000
0.62
20
41,000
2.28
3,000
42,000
2.24
3,020
19,700
2.56
1,620
Ahafo North Open Pits, Ghana
100
%
2,100
1.23
80
8,200
1.99
530
10,300
1.84
610
7,200
1.78
410
Akyem Open Pits
100
%
1,300
0.55
20
1,800
0.55
30
3,100
0.55
50
2,900
1.40
130
Akyem Underground
100
%
—
—
3,800
4.16
510
3,800
4.16
510
2,400
3.62
280
Akyem, Ghana
1,300
0.55
20
5,600
3.00
540
6,900
2.52
560
5,300
2.41
410
TOTAL AFRICA
4,400
0.89
120
54,800
2.30
4,070
59,200
2.20
4,190
32,200
2.35
2,440
Nevada
NGM Open Pits, Nevada
38.5
%
10,200
1.49
490
130,200
1.10
4,610
140,400
1.13
5,100
50,100
0.83
1,340
NGM Underground, Nevada
38.5
%
7,700
5.85
1,440
19,900
6.96
4,480
27,600
6.65
5,920
6,700
8.04
1,690
Total NGM, Nevada (11)
17,900
3.37
1,930
150,100
1.88
9,090
168,000
2.04
11,020
56,800
1.67
3,030
TOTAL NEVADA
17,900
3.37
1,930
150,100
1.88
9,090
168,000
2.04
11,020
56,800
1.67
3,030
TOTAL NEWMONT
525,600
0.68
11,490
2,793,700
0.73
65,250
3,319,300
0.72
76,740
1,465,000
0.66
31,290
Red Lake, Canada (4)
100
%
300
24.09
210
1,000
15.55
490
1,300
17.36
700
1,600
18.04
910
Kalgoorlie, Western Australia (10)
50
%
6,000
1.46
280
28,400
1.75
1,610
34,400
1.70
1,890
12,800
2.34
960
TOTAL NEWMONT ADJUSTED
519,300
0.66
11,000
2,764,300
0.71
63,150
3,283,600
0.70
74,150
1,450,600
0.63
29,420
(1)
Resources are reported exclusive of
reserves.
(2)
Resources are calculated at a gold price
of $1,400 per ounce for 2019 and 2018. Tonnage amounts have been
rounded to the nearest 100,000. Ounces may not recalculate as they
have been rounded to the nearest 10,000.
(3)
Measured and Indicated Resources
(combined) are equivalent to Mineralized Material disclosed in
Newmont’s 10-K filing.
(4)
Red Lake was classified as held for sale
as of December 31, 2019.
(5)
Project is currently undeveloped. Resource
estimates provided by Teck.
(6)
Resource estimates provided by Barrick,
the operator of Pueblo Viejo.
(7)
Project is currently undeveloped. Resource
estimates provided by the NuevaUnión joint venture.
(8)
Project is currently undeveloped. Resource
estimates provided by the Norte Abierto joint venture.
(9)
Resource estimates provided by
Glencore.
(10)
Kalgoorlie was classified as held for sale
as of December 31, 2019.
(11)
Resource estimates provided by Barrick,
the operator of the NGM joint venture.
Attributable Copper Reserves
(1) Metric Units
December 31, 2019
December 31, 2018
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Newmont
Tonnage (2)
Grade
Copper (3)
Tonnage (2)
Grade
Copper (3)
Tonnage (2)
Grade
Copper (3)
Metallurgical
Tonnage (2)
Grade
Copper (3)
Deposits/Districts
Share
(x1000 tonnes)
(Cu %)
(Tonnes)
(x1000 tonnes)
(Cu %)
(Tonnes)
(x1000 tonnes)
(Cu %)
(Tonnes)
Recovery
(x1000 tonnes)
(Cu %)
(Tonnes)
South America
Yanacocha Open Pits and Underground, Peru
(4)
51.35
%
—
—
53,600
0.63
%
340,000
53,600
0.63
%
340,000
83
%
53,600
0.63
%
340,000
NuevaUnión, Chile (5)
50
%
—
—
1,118,000
0.40
%
4,420,000
1,118,000
0.40
%
4,420,000
88
%
—
—
Norte Abierto, Chile (6)
50
%
—
—
598,800
0.22
%
1,310,000
598,800
0.22
%
1,310,000
87
%
—
—
TOTAL SOUTH AMERICA
—
—
1,770,400
0.34
%
6,070,000
1,770,400
0.34
%
6,070,000
87
%
53,600
0.63
%
340,000
Australia
Boddington Open Pit, Western Australia
(7)
100
%
234,800
0.09
%
220,000
246,200
0.11
%
270,000
481,000
0.10
%
490,000
78
%
480,700
0.10
%
490,000
Boddington Stockpiles, Western Australia
(8)
100
%
3,900
0.09
%
—
81,400
0.09
%
70,000
85,300
0.09
%
70,000
72
%
93,000
0.08
%
70,000
TOTAL AUSTRALIA
238,700
0.09
%
220,000
327,600
0.10
%
340,000
566,300
0.10
%
560,000
78
%
573,700
0.10
%
560,000
Nevada
NGM, Nevada (9)
38.5
%
17,100
0.19
%
30,000
80,000
0.17
%
140,000
97,100
0.18
%
170,000
65
%
—
—
Phoenix, Nevada (10)
100
%
—
—
—
—
—
—
220,500
0.18
%
400,000
TOTAL NEVADA
17,100
0.19
%
30,000
80,000
0.17
%
140,000
97,100
0.18
%
170,000
65
%
220,500
0.18
%
400,000
TOTAL NEWMONT
255,800
0.10
%
250,000
2,178,000
0.30
%
6,550,000
2,433,800
0.28
%
6,800,000
86
%
847,800
0.15
%
1,300,000
(1)
See footnote (1) to the Gold
Reserves table above. Copper reserves for 2019 were calculated at a
copper price of $2.75 per pound. Copper reserves for 2018 were
calculated at a copper price of $2.50 per pound.
(2)
See footnote (2) to the Gold
Reserves table above. Tonnages are rounded to nearest 100,000.
(3)
See footnote (3) to the Gold
Reserves table above. Tonnes may not recalculate as they are
rounded to the nearest 10,000.
(4)
Copper cut-off grade varies with
level of gold and silver credits.
(5)
Project is currently undeveloped.
Reserve estimates provided by the NuevaUnión joint venture.
(6)
Project is currently undeveloped.
Reserve estimates provided by the Norte Abierto joint venture.
(7)
Copper cut-off grade varies with
level of gold credits.
(8)
Stockpiles are comprised
primarily of material that has been set aside to allow processing
of higher grade material in the mills. Stockpiles increase or
decrease depending on current mine plans. Stockpiles are reported
separately where pounds exceed 100 million and are greater than 5%
of the total site reported reserves.
(9)
Reserve estimates provided by
Barrick, the operator of the NGM joint venture.
(10)
Property was contributed to NGM
on July 1, 2019.
Attributable Copper Mineral
Resources (1)(2) - December 31, 2019, Metric Units
Measured Resource
Indicated Resource
Measured and Indicated Resource
(3)
Inferred Resource
Newmont
Tonnage
Grade
Copper
Tonnage
Grade
Copper
Tonnage
Grade
Copper
Tonnage
Grade
Copper
Deposits/Districts
Share
(x1000 tonnes)
(Cu%)
(tonnes)
(x1000 tonnes)
(Cu%)
(tonnes)
(x1000 tonnes)
(Cu%)
(tonnes)
(x1000 tonnes)
(Cu%)
(tonnes)
North America
Galore Creek, Canada (4)
50
%
128,400
0.72
%
920,000
423,400
0.39
%
1,640,000
551,800
0.47
%
2,560,000
99,100
0.27
%
260,000
TOTAL NORTH AMERICA
128,400
0.72
%
920,000
423,400
0.39
%
1,640,000
551,800
0.47
%
2,560,000
99,100
0.27
%
260,000
South America
Conga, Peru
51.35
%
—
—
356,300
0.26
%
930,000
356,300
0.26
%
930,000
118,400
0.19
%
220,000
Yanacocha Open Pits and Stockpiles
51.35
%
1,600
0.32
%
10,000
1,300
0.33
%
—
2,900
0.32
%
10,000
2,000
0.44
%
10,000
Yanacocha Underground
51.35
%
—
—
1,600
0.07
%
—
1,600
0.07
%
—
5,100
0.12
%
—
Total Yanacocha, Peru
1,600
0.32
%
10,000
2,900
0.16
%
—
4,500
0.20
%
10,000
7,100
0.19
%
10,000
NuevaUnión, Chile (5)
50
%
162,800
0.19
%
310,000
307,400
0.33
%
1,010,000
470,200
0.28
%
1,320,000
629,200
0.37
%
2,310,000
Norte Abierto, Chile (6)
50
%
57,600
0.24
%
140,000
551,200
0.19
%
1,060,000
608,800
0.20
%
1,200,000
361,800
0.18
%
650,000
Alumbrera, Argentina (7)
37.5
%
45,700
0.37
%
170,000
6,700
0.25
%
20,000
52,400
0.36
%
190,000
2,700
0.21
%
—
TOTAL SOUTH AMERICA
267,700
0.23
%
630,000
1,224,500
0.25
%
3,020,000
1,492,200
0.24
%
3,650,000
1,119,200
0.29
%
3,190,000
Australia
Boddington, Western Australia
100
%
101,300
0.11
%
110,000
257,300
0.12
%
300,000
358,600
0.12
%
410,000
6,200
0.09
%
—
TOTAL AUSTRALIA
101,300
0.11
%
110,000
257,300
0.12
%
300,000
358,600
0.12
%
410,000
6,200
0.09
%
—
Nevada
NGM, Nevada (8)
38.5
%
9,800
0.16
%
20,000
80,100
0.14
%
110,000
89,900
0.14
%
130,000
11,500
0.15
%
20,000
TOTAL NEVADA
9,800
0.16
%
20,000
80,100
0.14
%
110,000
89,900
0.14
%
130,000
11,500
0.15
%
20,000
TOTAL NEWMONT
507,200
0.33
%
1,680,000
1,985,300
0.26
%
5,070,000
2,492,500
0.27
%
6,750,000
1,236,000
0.28
%
3,470,000
(1)
Resources are reported exclusive
of reserves.
(2)
Resources are calculated at a
copper price of $3.25 per pound for 2019 and 2018. Tonnage amounts
have been rounded to the nearest 100,000.
(3)
Measured and Indicated Resources
(combined) are equivalent to Mineralized Material disclosed in
Newmont’s Form 10-K filing.
(4)
Project is currently undeveloped.
Resource estimates provided by Teck.
(5)
Project is currently undeveloped.
Resource estimates provided by the NuevaUnión joint venture.
(6)
Project is currently undeveloped.
Resource estimates provided by the Norte Abierto joint venture.
(7)
Resource estimates provided by
Glencore.
(8)
Resource estimates provided by
Barrick, the operator of the NGM joint venture.
Attributable Proven, Probable
and Combined Silver Reserves (1) Metric Units
December 31, 2019
December 31, 2018
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Newmont
Tonnage (2)
Grade
Silver (3)
Tonnage (2)
Grade
Silver (3)
Tonnage (2)
Grade
Silver (3)
Metallurgical
Tonnage (2)
Grade
Silver (3)
Deposits/Districts
Share
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
Recovery (3)
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
North America
Peñasquito Open Pits, Mexico (4)
100%
105,200
37.43
126,630
304,500
32.25
315,830
409,700
33.58
442,460
90%
—
—
Peñasquito Stockpiles, Mexico (5)
100%
4,500
53.29
7,730
27,300
24.10
21,170
31,800
28.24
28,900
86%
—
—
TOTAL NORTH AMERICA
109,700
38.08
134,360
331,800
31.58
337,000
441,500
33.20
471,360
89%
—
—
South America
Yanacocha Open Pits and Underground, Peru
(6)
51.35%
4,500
10.22
1,500
56,700
18.43
33,600
61,200
17.84
35,100
46%
66,600
16.73
35,820
Yanacocha Stockpiles, Peru (5)
51.35%
1,200
39.85
1,640
1,400
41.74
1,920
2,600
40.85
3,560
58%
3,600
39.20
4,510
Yanacocha Leach Pads, Peru (7)
51.35%
—
—
53,000
8.19
13,950
53,000
8.19
13,950
6%
49,600
8.50
13,460
Total Yanacocha, Peru
5,700
17.13
3,140
111,100
13.85
49,470
116,800
14.01
52,610
36%
119,800
53,790
Cerro Negro, Argentina (8)
100%
1,100
98.48
3,400
7,300
76.70
17,940
8,400
79.51
21,340
75%
—
—
Pueblo Viejo, Dominican Republic (9)
40%
6,700
14.45
3,130
40,900
16.30
21,440
47,600
16.04
24,570
77%
—
—
NuevaUnión, Chile (10)
50%
—
—
776,900
1.54
38,440
776,900
1.54
38,440
65%
—
—
Norte Abierto, Chile (11)
50%
—
—
598,800
1.52
29,340
598,800
1.52
29,340
74%
—
—
TOTAL SOUTH AMERICA
13,500
22.04
9,670
1,535,000
3.17
156,630
1,548,500
3.34
166,300
60%
119,800
14.00
53,790
Nevada
NGM, Nevada (12)
38.5%
5,800
8.18
1,550
58,800
6.99
13,210
64,600
7.10
14,760
38%
—
—
Phoenix, Nevada (13)
100%
—
—
—
—
—
0.00
—
0%
132,800
7.50
31,910
TOTAL NEVADA
5,800
8.18
1,550
58,800
6.99
13,210
64,600
7.10
14,760
38%
132,800
7.50
31,910
TOTAL NEWMONT
129,000
35.03
145,580
1,925,600
8.19
506,840
2,054,600
9.88
652,420
76%
252,600
10.60
85,700
(1)
See footnote (1) to the Gold Reserves
table above. Silver reserves for 2019 and 2018 were calculated at a
silver price of $16 per ounce.
(2)
See footnote (2) to the Gold Reserves
table above. Tonnages are rounded to nearest 100,000.
(3)
See footnote (3) to the Gold Reserves
table above. Ounces may not recalculate as they are rounded to the
nearest 10,000.
(4)
Silver cut-off grade varies with gold,
lead and zinc credits.
(5)
Stockpiles are comprised primarily of
material that has been set aside to allow processing of higher
grade material in the mills. Stockpiles increase or decrease
depending on current mine plans. Stockpile reserves are reported
separately where ounces exceed 100,000 and are greater than 5% of
the total site-reported reserves.
(6)
Silver cut-off grade varies with gold and
copper credits.
(7)
Leach Pad material is the material on
leach pads at the end of the year from which silver remains to be
recovered. In-process material reserves are reported separately
where tonnage or ounces are greater than 5% of the total
site-reported reserves and ounces are greater than 100,000.
(8)
Silver cut-off grade varies with gold
credits.
(9)
The Pueblo Viejo mine, which is 40 percent
owned by Newmont, is accounted for as an equity method investment.
Reserve estimates provided by Barrick, the operator of Pueblo
Viejo.
(10)
Project is currently undeveloped. Reserve
estimates provided by the NuevaUnión joint venture.
(11)
Project is currently undeveloped. Reserve
estimates provided by the Norte Abierto joint venture.
(12)
Reserve estimates provided by Barrick, the
operator of the NGM joint venture.
(13)
Property was contributed to NGM on July 1,
2019.
Attributable Silver Mineral
Resources (1)(2) - December 31, 2019, Metric Units
Measured Resource
Indicated Resource
Measured and Indicated Resource
(3)
Inferred Resource
Newmont
Tonnage
Grade
Silver
Tonnage
Grade
Silver
Tonnage
Grade
Silver
Tonnage
Grade
Silver
Deposits/Districts
Share
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
North America
Peñasquito, Mexico
100
%
37,300
26.69
32,000
304,000
24.57
240,170
341,300
24.81
272,170
193,600
25.96
161,610
Noche Buena, Mexico
50
%
—
—
27,500
12.35
10,920
27,500
12.35
10,920
2,500
8.08
640
Sandman, Nevada
100
%
—
—
1,200
6.83
260
1,200
6.83
260
1,100
4.12
140
Galore Creek (4)
50
%
128,400
5.79
23,900
423,400
3.75
51,020
551,800
4.22
74,920
99,100
2.65
8,440
TOTAL NORTH AMERICA
165,700
10.49
55,900
756,100
12.44
302,370
921,800
12.09
358,270
296,300
17.93
170,830
South America
Conga, Peru
51.35
%
—
—
356,300
2.06
23,580
356,300
2.06
23,580
89,900
1.12
3,250
Yanacocha Open Pits and Stockpiles
51.35
%
4,600
2.99
440
7,800
12.91
3,250
12,400
9.25
3,690
4,400
28.12
4,020
Yanacocha Underground
51.35
%
—
—
1,600
73.57
3,690
1,600
73.57
3,690
5,100
13.27
2,180
Total Yanacocha, Peru
4,600
2.99
440
9,400
22.96
6,940
14,000
16.40
7,380
9,500
20.30
6,200
Cerro Negro, Argentina
100
%
2,800
14.33
1,320
9,300
32.42
9,590
12,100
28.13
10,910
700
47.75
1,330
Pueblo Viejo, Dominican Republic (5)
40
%
11,300
14.39
5,240
77,100
11.14
27,610
88,400
11.55
32,850
21,700
10.61
7,400
NuevaUnión, Chile (6)
50
%
159,500
0.96
4,940
231,500
1.23
9,150
391,000
1.12
14,090
362,300
1.30
15,140
Norte Abierto, Chile (7)
50
%
77,300
1.20
2,990
596,900
1.07
20,560
674,200
1.09
23,550
369,600
0.95
11,330
TOTAL SOUTH AMERICA
255,500
1.82
14,930
1,280,500
2.37
97,430
1,536,000
2.28
112,360
853,700
1.63
44,650
Nevada
NGM, Nevada (8)
38.5
%
3,300
6.07
640
55,300
5.73
10,180
58,600
5.75
10,820
7,800
6.12
1,540
TOTAL NEVADA
3,300
6.07
640
55,300
5.73
10,180
58,600
5.75
10,820
7,800
6.12
1,540
TOTAL NEWMONT
424,500
5.24
71,470
2,091,900
6.10
409,980
2,516,400
5.95
481,450
1,157,800
5.83
217,020
(1)
Resources are reported exclusive of
reserves.
(2)
Resource for 2019 and 2018 was calculated
at a silver price of $20 per ounce. Tonnage amounts have been
rounded to the nearest 100,000.
(3)
Measured and Indicated Resources
(combined) are equivalent to Mineralized Material disclosed in
Newmont’s Form 10-K filing.
(4)
Project is currently undeveloped. Resource
estimates provided by Teck.
(5)
Resource estimates provided by Barrick,
the operator of Pueblo Viejo.
(6)
Project is currently undeveloped. Resource
estimates provided by the NuevaUnión joint venture.
(7)
Project is currently undeveloped. Resource
estimates provided by the Norte Abierto joint venture.
(8)
Resource estimates provided by Barrick,
the operator of the NGM joint venture.
Attributable Zinc Reserves (1)
Metric Units
December 31, 2019
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Newmont
Tonnage (2)
Grade
Zinc (3)
Tonnage (2)
Grade
Zinc (3)
Tonnage (2)
Grade
Zinc (3)
Metallurgical
Deposits/Districts
Share
(x1000 tonnes)
(Zn %)
(Tonnes)
(x1000 tonnes)
(Zn %)
(Tonnes)
(x1000 tonnes)
(Zn %)
(Tonnes)
Recovery
North America
Peñasquito, Mexico
100
%
108,100
0.93
%
1,000,000
330,500
0.71
%
2,360,000
438,600
0.77
%
3,360,000
81
%
TOTAL NEWMONT
108,100
0.93
%
1,000,000
330,500
0.71
%
2,360,000
438,600
0.77
%
3,360,000
81
%
(1)
See footnote (1) to the Gold
Reserves table above. Zinc reserves for 2019 were calculated at a
zinc price of $1.20 per pound.
(2)
See footnote (2) to the Gold
Reserves table above. Tonnages are rounded to nearest 100,000.
(3)
See footnote (3) to the Gold
Reserves table above. Tonnes may not recalculate as they are
rounded to the nearest 10,000.
Attributable Zinc Resources
(1)(2) - December 31, 2019, Metric Units
Measured Resource
Indicated Resource
Measured and Indicated Resource
(3)
Inferred Resource
Newmont
Tonnage
Grade
Zinc
Tonnage
Grade
Zinc
Tonnage
Grade
Zinc
Tonnage
Grade
Zinc
Deposits/Districts
Share
(x1000 tonnes)
(Zn%)
(tonnes)
(x1000 tonnes)
(Zn%)
(tonnes)
(x1000 tonnes)
(Zn%)
(tonnes)
(x1000 tonnes)
(Zn%)
(tonnes)
North America
Peñasquito, Mexico
100
%
36,000
0.64
%
230,000
293,100
0.55
%
1,620,000
329,100
0.56
%
1,850,000
188,600
0.50
%
950,000
TOTAL NEWMONT
36,000
0.64
%
230,000
293,100
0.55
%
1,620,000
329,100
0.56
%
1,850,000
188,600
0.50
%
950,000
(1)
Resources are reported exclusive
of reserves.
(2)
Resources are calculated at a
zinc price of $1.45 per pound for 2019. Tonnage amounts have been
rounded to the nearest 100,000.
(3)
Measured and Indicated Resources
(combined) are equivalent to Mineralized Material disclosed in
Newmont’s Form 10-K filing.
Attributable Lead Reserves (1)
Metric Units
December 31, 2019
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Newmont
Tonnage (2)
Grade
Lead (3)
Tonnage (2)
Grade
Lead (3)
Tonnage (2)
Grade
Lead (3)
Metallurgical
Deposits/Districts
Share
(x1000 tonnes)
(Pb %)
(Tonnes)
(x1000 tonnes)
(Pb %)
(Tonnes)
(x1000 tonnes)
(Pb %)
(Tonnes)
Recovery
North America
Peñasquito Open Pits (4)
100
%
103,600
0.39
%
400,000
303,200
0.32
%
970,000
406,800
0.34
%
1,370,000
75
%
Peñasquito Stockpiles (5)
100
%
4,500
0.54
%
20,000
27,300
0.32
%
90,000
31,800
0.35
%
110,000
64
%
TOTAL NEWMONT
108,100
0.39
%
420,000
330,500
0.32
%
1,060,000
438,600
0.34
%
1,480,000
74
%
(1)
See footnote (1) to the Gold Reserves
table above. Lead reserves for 2019 were calculated at a lead price
of $0.95 per pound.
(2)
See footnote (2) to the Gold Reserves
table above. Tonnages are rounded to nearest 100,000.
(3)
See footnote (3) to the Gold Reserves
table above. Tonnes may not recalculate as they are rounded to the
nearest 10,000.
(4)
Lead cut-off grade varies with level of
gold, silver and zinc credits.
(5)
Stockpiles are comprised primarily of
material that has been set aside to allow processing of higher
grade material in the mills. Stockpiles increase or decrease
depending on current mine plans. Stockpile reserves are reported
separately where ounces exceed 100,000 and are greater than 5% of
the total site-reported reserves.
Attributable Lead Resources
(1)(2) - December 31, 2019, Metric Units
Measured Resource
Indicated Resource
Measured and Indicated Resource
(3)
Inferred Resource
Newmont
Tonnage
Grade
Lead
Tonnage
Grade
Lead
Tonnage
Grade
Lead
Tonnage
Grade
Lead
Deposits/Districts
Share
(x1000 tonnes)
(Pb%)
(tonnes)
(x1000 tonnes)
(Pb%)
(tonnes)
(x1000 tonnes)
(Pb%)
(tonnes)
(x1000 tonnes)
(Pb%)
(tonnes)
North America
Peñasquito, Mexico
100
%
36,000
0.28
%
100,000
293,100
0.24
%
700,000
329,100
0.24
%
800,000
188,600
0.27
%
510,000
TOTAL NEWMONT
36,000
0.28
%
100,000
293,100
0.24
%
700,000
329,100
0.24
%
800,000
188,600
0.27
%
510,000
(1)
Resources are reported exclusive of
reserves.
(2)
Resources are calculated at a lead price
of $1.15 per pound for 2019. Tonnage amounts have been rounded to
the nearest 100,000.
(3)
Measured and Indicated Resources
(combined) are equivalent to Mineralized Material disclosed in
Newmont’s Form 10-K filing.
Attributable Molybdenum
Reserves (1) Metric Units
December 31, 2019
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Newmont
Tonnage (2)
Grade
Molybdenum (3)
Tonnage (2)
Grade
Molybdenum (3)
Tonnage (2)
Grade
Molybdenum (3)
Metallurgical
Deposits/Districts
Share
(x1000 tonnes)
(Mo %)
(Tonnes)
(x1000 tonnes)
(Mo %)
(Tonnes)
(x1000 tonnes)
(Mo %)
(Tonnes)
Recovery
South America
NuevaUnión, Chile (4)
50
%
—
—
776,900
0.02
%
120,000
776,900
0.02
%
120,000
48
%
TOTAL NEWMONT
—
—
776,900
0.02
%
120,000
776,900
0.02
%
120,000
48
%
(1)
See footnote (1) to the Gold Reserves
table above. Molybdenum reserves for 2019 were calculated based on
a molybdenum price set by NuevaUnión joint venture.
(2)
See footnote (2) to the Gold Reserves
table above. Tonnages are rounded to nearest 100,000.
(3)
See footnote (3) to the Gold Reserves
table above. Tonnes may not recalculate as they are rounded to the
nearest 10,000.
(4)
Project is currently undeveloped. Resource
estimates provided by NuevaUnión joint venture.
Attributable Molybdenum
Resources (1)(2) - December 31, 2019, Metric Units
Measured Resource
Indicated Resource
Measured and Indicated Resource
(3)
Inferred Resource
Newmont
Tonnage
Grade
Molybdenum
Tonnage
Grade
Molybdenum
Tonnage
Grade
Molybdenum
Tonnage
Grade
Molybdenum
Deposits/Districts
Share
(x1000 tonnes)
(Mo%)
(tonnes)
(x1000 tonnes)
(Mo%)
(tonnes)
(x1000 tonnes)
(Mo%)
(tonnes)
(x1000 tonnes)
(Mo%)
(tonnes)
South America
NuevaUnión, Chile (4)
50
%
159,500
0.01
%
10,000
231,500
0.01
%
20,000
391,000
0.01
%
30,000
362,300
0.01
%
40,000
Alumbrera, Argentina (5)
37.5
%
43,900
0.01
%
10,000
2,300
0.01
%
—
46,200
0.01
%
10,000
400
0.01
%
—
TOTAL NEWMONT
203,400
0.01
%
20,000
233,800
0.01
%
20,000
437,200
0.01
%
40,000
362,700
0.01
%
40,000
(1)
Resources are reported exclusive of
reserves.
(2)
Resources for NuevaUnión and Alumbrera are
calculated based on a molybdenum price set by NuevaUnión joint
venture and Glencore, respectively. Tonnage amounts have been
rounded to the nearest 100,000.
(3)
Measured and Indicated Resources
(combined) are equivalent to Mineralized Material disclosed in
Newmont’s Form 10-K filing.
(4)
Project is currently undeveloped. Resource
estimates provided by NuevaUnión joint venture.
(5)
Resource estimates provided by
Glencore.
About Newmont
Newmont is the world’s leading gold company and a producer of
copper, silver, zinc and lead. The Company’s world-class portfolio
of assets, prospects and talent is anchored in favorable mining
jurisdictions in North America, South America, Australia and
Africa. Newmont is the only gold producer listed in the S&P 500
Index and is widely recognized for its principled environmental,
social and governance practices. The Company is an industry leader
in value creation, supported by robust safety standards, superior
execution and technical proficiency. Newmont was founded in 1921
and has been publicly traded since 1925.
Cautionary Statement:
The “reserves” disclosed in this release have been prepared in
compliance with Industry Guide 7 published by the SEC. As used in
this news release, the term “reserve” means that part of a mineral
deposit that can be economically and legally extracted or produced
at the time of the reserve determination. The term “economically,”
as used in this definition, means that profitable extraction or
production has been established or analytically demonstrated in a
feasibility study to be viable and justifiable under reasonable
investment and market assumptions. The term “legally,” as used in
this definition, does not imply that all permits needed for mining
and processing have been obtained or that other legal issues have
been completely resolved. However, for a reserve to exist, Newmont
must have a justifiable expectation, based on applicable laws and
regulations, that issuance of permits or resolution of legal issues
necessary for mining and processing at a particular deposit will be
accomplished in the ordinary course and in a timeframe consistent
with Newmont’s current mine plans. Reserves in this news release
are aggregated from the proven and probable classes.
The term “Proven Reserves” used in the tables of this news
release means reserves for which (a) quantity is computed from
dimensions revealed in outcrops, trenches, workings or drill holes;
(b) grade and/or quality are computed from the results of detailed
sampling; and (c) the sites for inspection, sampling and
measurements are spaced so closely and the geologic character is
sufficiently defined that size, shape, depth and mineral content of
reserves are well established. The term “Probable Reserves” means
reserves for which quantity and grade are computed from information
similar to that used for proven reserves, but the sites for
sampling are farther apart or are otherwise less closely spaced.
The degree of assurance, although lower than that for proven
reserves, is high enough to assume continuity between points of
observation. Newmont classifies all reserves as Probable on its
development projects until a year of production has confirmed all
assumptions made in the reserve estimates. Proven and Probable
reserves include gold, copper, silver, zinc, lead or molybdenum
attributable to Newmont’s ownership or economic interest. Proven
and probable reserves were calculated using cut-off grades. The
term “cut-off grade” means the lowest grade of mineralized material
considered economic to process. Cut-off grades vary between
deposits depending upon prevailing economic conditions, mineability
of the deposit, by-products, amenability of the ore to gold,
copper, silver, zinc, lead, molybdenum extraction and type of
milling or leaching facilities available.
Notice for U.S.
Investors:
The terms “resources” and “Measured, Indicated and Inferred
resources” are used in this news release. Investors are advised
that the SEC does not recognize these terms and “resources” have
not been prepared in accordance with Industry Guide 7. Newmont has
determined that such “resources” would be substantively the same as
those prepared using the Guidelines established by the Society of
Mining, Metallurgy and Exploration (SME) and defined as “Mineral
Resource”. Estimates of resources are subject to further
exploration and development, are subject to additional risks, and
no assurance can be given that they will eventually convert to
future reserves. Inferred Resources, in particular, have a great
amount of uncertainty as to their existence and their economic and
legal feasibility. Investors are cautioned not to assume that any
part or all of the Inferred Resource exists, or is economically or
legally mineable. Also, disclosure of contained ounces is permitted
under the SME Guideline and other regulatory guidelines, such as
Canada’s NI 43-101 and Australia’s JORC. However, the SEC generally
requires mineral resource information in SEC-filed documents to be
reported only as in-place tonnage and grade. Investors are reminded
that even if significant mineralization is discovered and converted
to reserves, during the time necessary to ultimately move such
mineralization to production the economic feasibility of production
may change. See the Company’s Annual Report for the “Proven and
Probable Reserve” and “Mineralized Material” tables prepared in
compliance with the SEC’s Industry Guide 7, available at
www.newmont.com and on www.sec.gov. Investors are reminded that the
tables presented in the Annual Report are estimates as of December
31, 2019 and were presented on an attributable basis reflecting the
Company’s ownership interest at such time.
Cautionary Statement Regarding Forward Looking
Statements:
This release may contain “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
which are intended to be covered by the safe harbor created by such
sections and other applicable laws. Such forward-looking statements
may include, without limitation, estimates and expectations of
future production, mine plans, operational and project development,
exploration outlook, and operational and financial performance.
Where the Company expresses or implies an expectation or belief as
to future events or results, such expectation or belief is
expressed in good faith and believed to have a reasonable basis.
However, such statements are subject to risks, uncertainties,
assumptions and other factors, which could cause actual results to
differ materially from future results expressed or implied by the
“forward-looking statements”. For a more detailed discussion of
risks and other factors that might impact future looking
statements, see the Company’s Quarterly Report on Form 10-Q for the
quarter ended June 30, 2019 under the heading “Risk Factors”, filed
with the U.S. Securities and Exchange Commission (the “SEC”) and
available on the SEC website or www.newmontgoldcorp.com, as well as
the Company’s other SEC filings. Investors are also encouraged to
refer to the Company’s 2019 Form 10-K, which is expected to be
filed on or about February 20, 2020, with the SEC under the
headings “Risk Factors” and “Forward-Looking Statements” for
additional information, The Company does not undertake any
obligation to release publicly revisions to any “forward-looking
statement,” including, without limitation, outlook, to reflect
events or circumstances after the date of this news release, or to
reflect the occurrence of unanticipated events, except as may be
required under applicable securities laws. Investors should not
assume that any lack of update to a previously issued
“forward-looking statement” constitutes a reaffirmation of that
statement. Continued reliance on “forward-looking statements” is at
investors' own risk.
Qualified Person
The technical information about the Company’s mineral properties
contained in this news release has been approved by Mr. Donald Doe,
Group Executive Reserves, who is a “qualified person” within the
meaning of National Instrument 43-101.
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version on businesswire.com: https://www.businesswire.com/news/home/20200213005222/en/
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