Ounces of gold mined among Newmont Mining Corp.s global assets is expected to remain steady in 2019 but dip slightly in the longer term, the company reported in its 2019 guidance report released in December.
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Newmont expects to produce about 5.2 million ounces of attributable gold in 2019 across its portfolio of working mines in four regions, including North America, Africa, Australia and South America.
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The company estimated production in the new year to be comparable to 2017 but at a higher all in sustaining cost for gold. In 2017, Newmont produced 5.26 attributable gold ounces at an AISC of 924 per ounce, while the AISC is expected to be 934 per ounce in 2019.
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The year-end production report for 2018 is not available yet, but the third-quarter report stated that the company planned to produce between 4.9 million and 5.2 million ounces of gold by the end of 2018, down from an earlier prediction of up to 5.4 million ounces.
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Attributable gold production is expected to reach 5.2 million ounces in 2019, primarily due to higher grades at Newmonts recently completed Subika Underground project in Africa, yet production is expected to decrease slightly in the longer term.
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Production is expected to be 4.9 million ounces in 2020 and between 4.4 million and 4.9 million ounces per year through 2023 because of lower ore grades in North America and Australia, said Newmont President and Chief Operating Officer Tom Palmer in a webcast.
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North Americas contribution is expected to be 1.9 million ounces in 2019 as higher grade production from Northwest Exodus near Carlin and Twin Underground near Golconda are offset by the depletion of Silverstar ore at the Carlin operations and lower gold production at the Phoenix Mine as mining shifts to higher copper grade ore, the company stated in a release.
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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 Cripple Creek amp Victor.
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North American production also may be impacted by the Gold Quarry wall slide in October, and mine plan optimization work is ongoing.
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Production from the open pit in 2019 could decrease by 60,000 ounces, Palmer said in the webcast. The company expects to be able to recover some of those ounces, as production from Gold Quarry represents only 5 to 10 percent total production at the Carlin operations, he said.
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Aug 03, 2020nbsp018332In 2019, most U.S. gold production came from Nevada, with the Barrick-Newmont Gold joint venture being the predominant player. There were
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Jul 31, 2020nbsp018332Newmont was founded in 1921 and has been publicly traded since 1925. Senior Production Geologist Borden Mine Chapleau, ON The Senior Production Geologist will direct the successful execution of mine geology-related activities and coordinate with all departments to achieve the objectives of the mine.
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Jun 15, 2020nbsp018332Freeport-McMoRans stock NYSE FCX is down 23 so far in 2020. But wait a minute, close rival Newmonts stock NYSE NEM has increased 30 in
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Newmont Minings total production in 2018 was 5.1 million ounces. Production outlook Newmont maintained its guidance for 5.2 million ounces of gold production in 2019 due to the full year of ...
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The worlds largest gold mining company by market cap has been hit with a bit of bad news recently. Newmont Goldcorp NYSENEM announced last week week that its Penasquito gold mine in Mexico will have to shut down production due to protests from local groups that have obstructed access to the mine.
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While this isnt entirely surprising since the facility has had a history of shutdowns due to protests, its not the kind of news Newmont Goldcorp has been hoping for following its megamerger earlier this year.
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Approximately 40 workers from the CAVA trucking company, who have been working alongside members of the local Cedros community, have started protests against the gold mining giant. This protest isnt the first time that the Penasquito facility has shut down because of protesters obstructing access.
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Local landowners, residents, and truck drivers have all come together to demand compensation from Newmont Goldcorp for supposed environmental damages done by the mine as well as provide clean water for local communities. This recent action is hot on the heels of an earlier 80-day protest that occurred back in June and is part of a series of protests that have been taking place for over 3 years.
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The gold miner issued a statement that they were willing to pay 2.9 million to local communities, as well as rehire workers and withdraw criminal complaints against the protestors. However, those leading the obstruction seemingly werent impressed by the offer, which came just hours before the group decided to protest by cutting off access to the facility.Newmont Goldcorp then made a second offer where it pledged 25 million as an investment into local communities, which was again declined by the
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In an official statementon the matter, Newmont Goldcorp said
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The Company remains willing to continue good-faith discussions and will be available to resume the dialogue once the other parties recognize their interests are best served by returning to the government-sponsored discussions and not through illegal and unproductive blockades that hurt local communities. In order to ensure the safety of people, assets, and the long-term viability of Penasquito, the Company has temporarily suspended operations for as long as the illegal blockade persists.
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The Penasquito gold mine produced 272,000 ounces of gold in 2018, a figure that would represent 4.2 of the companys total projected 2019 gold output of 6.5 million ounces. While the shutdown of the facility definitely will have an impact, its not expected that Newmont Goldcorps stock will be hurt significantly even if the shutdown lasts two to three months.
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When you couple this with the fact that the project has faced shutdowns of this type before in the past, investors arent getting their hopes up that things will reach a definite conclusion anytime soon. They also wont be unduly disappointed if things dont progress between the protestors.
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Shares of the gold mining giant have had a disappointing performance in comparison to other miners. Newmont Goldcorps stock has risen by 23.8 since the beginning of 2019. In contrast to another large-cap gold miner Barrick Gold, which has risen by 34.7 over the same period, Newmont Goldcorp has been somewhat of an underperformer.
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Newmont revenue for the quarter ending June 30, 2020 was 2.365B, a 4.79 increase year-over-year. Newmont revenue for the twelve months ending June 30, 2020 was 10.626B, a 35.64 increase year-over-year. Newmont annual revenue for 2019 was 9.74B, a 34.29 increase from 2018. Newmont annual revenue for 2018 was 7.253B, a 1.71 decline from 2017.
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