Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (Newmont
Goldcorp or the Company) today announced that the Borden mine near
Chapleau, Ontario has achieved commercial production safely, on
schedule and within budget. Last week, government and First Nation
dignitaries helped inaugurate the mine during a ribbon cutting
ceremony.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20191001005488/en/
Electric underground mining vehicle at
Borden. (Photo: Business Wire)
The mine features state-of-the-art health and safety controls,
digital mining technologies and processes, and low-carbon energy
vehicles.
“Consistent project delivery and disciplined operational
execution remain cornerstones of our business and are central to
creating long-term shareholder value,” said Tom Palmer, President
and Chief Executive Officer. “Borden joins the next generation of
Newmont Goldcorp mines and leverages our leading land position to
anchor this new gold district in Ontario.”
At 1,000 square kilometers, Borden’s land package represents
additional exploration upside as the deposit remains open at depth
in a favorable mining jurisdiction. Ore from Borden is processed at
the existing mill at Porcupine in Timmins, profitably extending
operations at the gold mining complex.
In recognition of Borden’s contribution to the future of safe
and sustainable mining, the Canadian and Ontario governments each
granted CAD$5 million towards electrification of the mine.
Over the last six years, Newmont has successfully built 12 new
mines, expansions and projects on four continents – on or ahead of
schedule and at or below budget. These projects, with rates of
return greater than 20 percent, include Akyem and the Phoenix
Copper Leach in 2013, the Turf Vent Shaft in 2015, Merian and Long
Canyon in 2016, the Tanami Expansion in 2017, and Twin Underground,
Northwest Exodus and Subika Underground in 2018, and the Tanami
power project and Borden in 2019. The Company also completed a
value-accretive acquisition of Cripple Creek and Victor in 2015 and
delivered a profitable expansion at the mine in 2016.
Newmont Goldcorp has the strongest and most sustainable
portfolio of operations, projects and exploration prospects in the
gold sector. This includes the largest Reserves and Resources, with
90 percent of Reserves located in the Americas and Australia.i
These assets allow the Company to sequence profitable projects in
its unmatched pipeline to sustain six to seven million ounces of
steady gold production over a decades-long time horizon.
About Newmont Goldcorp
Newmont Goldcorp 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 Goldcorp 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 Goldcorp was founded in 1921 and has been
publicly traded since 1925.
[Video b-roll available at this link]
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains “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. Where a
forward-looking statement 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 and
other factors, which could cause actual events or results to differ
materially from future events or results expressed, projected or
implied by the forward-looking statements. Forward-looking
statements often address our expected future business, financial
performance and financial condition and may include, without
limitation, (i) statements regarding the timing and achievement of
commercial production at Borden, (ii) expectations regarding future
operations, cost reductions and profitability, (iii) expectations
regarding portfolio sequencing and optimization and (iv)
expectations regarding future production, including long-term
production targets. Forward-looking statements are based upon
certain assumptions, which may prove to be incorrect. Such
assumptions include, without limitation: (i) there being no
significant change to current geotechnical, metallurgical,
hydrological and other physical conditions; (ii) permitting,
development, operations and expansion of operations and projects
being consistent with current expectations and mine plans,
including, without limitation, receipt of export approvals; (iii)
political developments in any jurisdiction in which Newmont
Goldcorp operates being consistent with its current expectations;
(iv) certain exchange rate assumptions; (v) certain price
assumptions for gold, copper, silver, zinc, lead and oil; (vi)
prices for key supplies being approximately consistent with current
levels; (vii) the accuracy of current mineral reserve and
mineralized material estimates; and (viii) other planning
assumptions. In addition, material risks that could cause actual
results to differ from forward-looking statements include, without
limitation, (a) the inherent uncertainty associated with financial
or other projections, (b) integration risks in connection with the
recent business combination by which Newmont acquired Goldcorp Inc.
and the ability to achieve the anticipated synergies and
value-creation contemplated by the integration, and (c) other risks
disclosed by the Company. For a discussion of risks and other
factors that might impact future looking statements, see Newmont
Goldcorp’s Annual Report on Form 10-K for the year ended December
31, 2018 as well as Newmont Goldcorp’s Quarterly Report on Form
10-Q for the quarter ended June 30, 2019 under the heading “Risk
Factors” available on the SEC website or www.newmontgoldcorp.com.
Newmont Goldcorp 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 press 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.
i Reserve percentages reflect both the closing of the Goldcorp
transaction and Nevada Gold Mines joint venture. For information
regarding Newmont’s historical reserves prepared in compliance with
the SEC’s Industry Guide 7, see the Company’s Annual Report filed
with the SEC on February 21, 2019, which is available at
www.sec.gov or on the Company’s website. The reserves percentages
represent gold reserves only, are based upon Newmont, Goldcorp and
Barrick’s previously published reserve figures. Newmont’s reserves
were prepared in compliance with Industry Guide 7 published by the
United States SEC. Reserve figures for former Goldcorp sites and
Barrick sites contributed to the Nevada Gold Mines joint venture by
Barrick are sourced from Goldcorp’s and Barrick’s previously
disclosed public information. Goldcorp and Barrick’s reserves were
prepared in accordance with the Canadian National Instrument 43-101
(“NI 43-101”) pursuant to the requirements of the Canadian
securities laws, which differ from the requirements of United
States securities laws. The definitions used in NI 43-101 are
incorporated by reference from the CIM Definition Standards adopted
by CIM Council on May 10, 2014 (the "CIM Definition Standards").
U.S. reporting requirements are governed by the SEC Industry Guide
7, as followed by Newmont. These reporting standards have similar
goals in terms of conveying an appropriate level of confidence in
the disclosures being reported, but embody different approaches and
definitions. For example, the terms "Mineral Reserve", "Proven
Mineral Reserve" and "Probable Mineral Reserve" are Canadian mining
terms as defined in NI 43-101, and these definitions differ from
the definitions in Industry Guide 7. Under Industry Guide 7
standards, a "final" or "bankable" feasibility study is typically
required to report reserves or cash flow analysis to designate
reserves. Further, under Industry Guide 7, mineralization may not
be classified as a "reserve" unless the determination has been made
that the mineralization could be economically and legally produced
or extracted at the time the reserve determination is made. Newmont
has not been involved in the preparation of Goldcorp’s or Barrick’s
reserve or resource estimates. Accordingly, Newmont assumes no
responsibility for Barrick’s estimates. Investors are reminded that
Goldcorp reserve estimates remain subject to review and adjustment
in accordance with Newmont and SEC standards. No assurances can be
made that all Goldcorp reserves will be recognized as Newmont
Goldcorp reserves.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191001005488/en/
Media Contact Omar Jabara
303.837.5114 omar.jabara@newmont.com
Investor Contact Jessica Largent
303.837.5484 jessica.largent@newmont.com
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