Newmont Reports 2020 Mineral Reserves of 94 Million Gold Ounces Replacing 80 Percent of Depletion
Newmont Corporation (NYSE: NEM, TSX: NGT) reported gold Mineral Reserves (reserves) of 94.2 million attributable ounces for 2020 as compared to the Company’s adjusted1 95.7 million ounces at the end of 2019. Newmont exceeded its 2020 conversion target by replacing 80 percent of all depletion and maintaining its industry-leading position with the largest gold reserves.
PERCENTAGE OF GOLD RESERVES BY JURISDICTION (North America includes 38.5 percent interest in Nevada Gold Mines; South America includes Newmont's 40 percent interest in Pueblo Viejo.)
“As the world’s leading gold company, Newmont has an exceptional history of exploration success and a track record of consistently delivering on our commitments,” said Tom Palmer, President and Chief Executive Officer. “In 2020, we added 6 million ounces of gold reserves overcoming the challenges of an unprecedented year. Newmont’s ability to replace reserves is underpinned by our disciplined operating model and world-class portfolio which will support stable production for decades to come.”
KEY HIGHLIGHTS AND DIFFERENTIATORS:
- Industry’s largest gold Mineral Reserves of 94.2 million ounces
- Over 90 percent of gold reserves in top-tier jurisdictions
- Addition of 6 million ounces in 2020, approximately 5 million ounces added through drilling
- Gold reserve life at operating sites of >10 years underpinned by a strong base at Boddington, Tanami, Ahafo, Yanacocha, Peñasquito, and Nevada Gold Mines (NGM), and further enhanced from our seven other operating mines and equity ownership in Pueblo Viejo
- Significant gold reserves per share with 117 ounces per 1,000 shares, highest in the industry
- Measured & Indicated gold Mineral Resources of 69.6 million ounces; Inferred of 31.6 million ounces
- Significant exposure to copper with 6.9 million tonnes in reserves, 8.0 million tonnes in Measured & Indicated resources and 3.9 million tonnes in Inferred resources
- Additional exposure to silver, zinc, and lead mainly at Peñasquito
PERCENTAGE OF GOLD RESERVES BY JURISDICTION
Newmont’s reserve base is a key differentiator with over 90 percent of gold reserves located in top-tier jurisdictions, an operating reserve life of more than 10 years and average reserve grade of 1.03 grams per tonne. In addition, Newmont has substantial exposure to other metals, with nearly 65 million gold equivalent ounces2 from copper, silver, zinc, lead and molybdenum.
| PROVEN AND PROBABLE GOLD RESERVES3 | |||
| In millions of ounces | |||
| 2019 Gold Reserves | 95.7 |
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| Additions | 4.9 |
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| Net Revisions | 1.1 |
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| Depletion | (7.5 |
) |
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| 2020 Gold Reserves | 94.2 |
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For 2020, Newmont reported 94.2 million ounces of gold Mineral Reserves slightly lower than prior year total of 95.7 million ounces after adjusting for the KCGM and Red Lake divestments. Depletion of 7.5 million ounces was largely replaced by additions before revisions of 4.9 million ounces and net revisions of 1.1 million ounces primarily from mine plan improvements.
Additions before revisions of 4.9 million ounces through exploration met the Company’s target despite challenges created by the pandemic with travel restrictions and additional safety protocols. Notable reserve additions for the year from Newmont’s operating sites included:
- Ahafo added 0.8 million ounces primarily from drilling at Subika Underground
- Tanami added 0.6 million ounces from additional drilling at Auron and Federation
- Merian added 0.6 million equity ounces primarily through drilling at the Merian 2 Open Pit
- Nevada Gold Mines added 0.8 million equity ounces and Pueblo Viejo added 0.7 million equity ounces
Favorable net revisions include 1.7 million ounces at Boddington due to the conversion of a layback in the North Open Pit from resource to reserve, partially offset by net negative revision at NGM of 0.4 million ounces and revisions at Ahafo, Cripple Creek & Victor (CC&V), and Musselwhite from mine model and design updates.
Newmont has continued to make progress at recently acquired sites, demonstrating the Company’s ability to improve operational performance and position operations for future growth through its proven operating model and disciplined technical standards. Highlights from select sites in 2020 net of revisions included:
- Éléonore replaced depletion with reserves of 1.3 million ounces, as a result of positive drilling results along with cost improvements from Newmont’s Full Potential program
- Porcupine more than offset depletion, with reserves of 3 million ounces largely due to progressing study work at the Pamour pit and nearly replacing depletion at the Borden Underground
- Cerro Negro replaced depletion with reserves of 2.6 million ounces by advancing infill drilling at underground mines
Newmont’s 38.5 percent interest in NGM represented 17.4 million equity ounces of gold reserves at year end, as compared to 18.6 million equity ounces at the end of 2019. PV represented 4.1 million equity ounces in gold reserves at year end as compared to 3.8 million equity ounces at the end of 2019, representing Newmont’s 40 percent interest.
Gold reserve grade held constant at 1.03 grams per tonne compared to the prior year.
MEASURED & INDICATED GOLD RESOURCES4 |
INFERRED GOLD RESOURCES4 | |||||||
| In millions of ounces | In millions of ounces | |||||||
| 2019 Gold Resources | 74.1 |
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2019 Gold Resources | 29.4 |
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| Additions | 3.4 |
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Additions | 3.5 |
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| Acquisitions | 1.2 |
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Acquisitions |
Newmont Corporation
NYSE:NEMNEM RankingsNEM Latest NewsApr 25, 2024
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Gold Ore Mining
Mining, Quarrying, and Oil and Gas Extraction
United States of America
DENVER
About NEMnewmont 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.
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