Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM)
reported higher gold Mineral Reserves ("reserves") of 135.9 million
attributable ounces for 2023 compared to the Company’s 96.1 million
ounces at the end of 2022. Newmont has significant upside to other
metals, including more than 30 billion pounds of copper reserves
and nearly 600 million ounces of silver reserves.
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Percentage of Gold Reserves by
Jurisdiction (Graphic: Business Wire)
"Newmont has strengthened its position as the responsible gold
leader with the industry's highest concentration of quality
operations, reserves and resources," said Tom Palmer, Newmont's
President and Chief Executive Officer. "In 2023, we added more than
47 million ounces of gold reserves and 14 billion pounds of copper
reserves through the acquisition of Newcrest and the continuation
of our industry-leading exploration program. With the largest gold
and copper reserve base in the industry, Newmont is well-positioned
to deliver stable production and meaningful value to stakeholders
today and in the future."
2023 Reserves & Resources Highlights
- Robust gold reserves of 135.9 million ounces
- Newcrest acquisition accounted for net addition of 44 million
ounces of gold reserves in 2023 (net of revisions)
- Nearly all gold and copper reserves and resources are
attributable to the Newmont Tier 1 Portfolio1
- Underpinned by a strong base of operating sites with gold
reserve life of 10 years or more, including Boddington, Lihir,
Cadia, Tanami, Ahafo, Merian, Pueblo Viejo and Nevada Gold Mines
(NGM), and further enhanced by Newmont's broader portfolio and
organic project pipeline
- Measured & Indicated Gold Mineral Resources of 104.8
million ounces and Inferred Resources of 69.1 million ounces
- Significant exposure to copper with 30.1 billion pounds in
reserves, 33.1 billion pounds in Measured & Indicated resources
and 24.0 billion pounds in Inferred resources; nearly all copper
reserves and resources are attributable to the Newmont Tier 1
Portfolio1
- Additional exposure to other metals including silver, lead,
zinc, and molybdenum
Percentage of Gold Reserves by Jurisdiction2
Newmont’s reserve base is a key differentiator with an average
reserve grade of 0.97 grams per tonne and an operating reserve life
of more than ten years at six managed sites and two non-managed
joint ventures, with significant upside potential from a robust
organic project pipeline. In addition, Newmont has substantial
exposure to other metals, with 112 million gold equivalent ounces3
of reserves from copper, silver, lead, zinc, and molybdenum.
PROVEN AND PROBABLE GOLD RESERVES1 In thousands of ounces
2022 Gold Reserves
96.1
Additions
2.8
Acquisitions4
55.9
Net Revisions
(11.6
)
Depletion
(7.3
)
2023 Gold Reserves
135.9
For 2023, Newmont reported 135.9 million ounces of gold Mineral
Reserves, a 41 percent increase from the prior year total of 96.1
million ounces. The acquisition of Newcrest drove the increase by
adding a net 44.3 million ounces after revisions, primarily due to
changes in regulatory requirements and technical assumptions.
The gold reserve increases were primarily driven by Lihir and
Cadia acquired in the Newcrest transaction; notably,
- Lihir added 17.5 million ounces of reserves, with a projected
mine life of 16 years
- Cadia added 14.7 million ounces of reserves, with a projected
mine life of 34 years
These increases were supported by over 3 million ounces at the
Brucejack mine, over 5 million ounces at the Wafi-Golpu project and
nearly 4 million ounces the Red Chris project.
Newmont’s legacy sites had additions through drilling of 2.2
million ounces, which were offset by net negative revisions of 1.8
million ounces driven by Peñasquito, Tanami, Musselwhite and Ahafo.
Peñasquito site had net negative revisions of 0.6 million ounces,
before depletion, primarily due to an updated resource model that
will further support future production planning. Sites including
Éléonore, Porcupine, Cerro Negro and Merian substantially replaced
depletion.
Newmont’s 38.5 percent interest in NGM represented 18.3 million
attributable ounces of gold reserves at year end, compared to 18.6
million ounces at the end of 2022. Newmont's 40 percent interest in
Pueblo Viejo represented 8.0 million attributable ounces of gold
reserves at year end, compared to 8.2 million ounces at the end of
2022.
Gold reserve grade decreased 10 percent to 0.97 grams per tonne
compared to 1.09 grams per tonne in the prior year, primarily due
to the lower grade of the acquired Newcrest assets.
GOLD RESOURCES5
In thousands of ounces
2022 Gold Resources
111.5
Additions
5.8
Acquisitions4
74.6
Net Revisions
(11.9
)
Conversions
(6.1
)
2023 Gold Resources
173.9
In 2023, Newmont reported Measured and Indicated Gold Mineral
Resources of 104.8 million ounces, a 39 percent increase from the
prior year total of 75.3 million ounces. Inferred Gold Mineral
Resources totaled 69.1 million ounces, a 91 percent increase from
the prior year total of 36.1 million ounces. The Newcrest
acquisition added a total of 66.1 million ounces of resource growth
to the Newmont portfolio, with reported Measured and Indicated Gold
Mineral Resources of 32.3 million ounces and Inferred Gold Mineral
Resources of 33.8 million ounces.
Total Mineral Resources at Newmont's legacy sites were largely
unchanged from 2022, with 90.4 million ounces in 2023 compared to
92.3 million ounces in 2022. Significant growth in resources was
supported by the acquisition of the Tier 1 assets at Cadia and
Lihir, with the addition of 20.6 and 20.2 million ounces,
respectively. The newly acquired projects of Wafi-Golpu, Namosi and
Red Chris contributed nearly 17 million ounces of total
resources.
Total Mineral Resources at Tanami increased by approximately 1.0
million ounces due to the addition of the Oberon Underground
project. Total Mineral Resources at Peñasquito decreased by 2.2
million ounces due to the updated resource model and technical
assumptions that resulted in the removal of a resource layback at
the Peñasco pit. The layback could come back into Mineral Resources
pending additional optimization work, including cost reductions,
metallurgical recovery enhancements and metal price increases.
Newmont’s Measured and Indicated Gold Mineral Resource grade
decreased to 0.57 grams per tonne compared to 0.67 grams per tonne
in the prior year. Inferred Gold Mineral Resource grade of 0.6
grams per tonne decreased compared to 0.7 grams per tonne in the
prior year.
OTHER METALS
In 2023, copper reserves and resources increased significantly,
primarily due to the addition of the assets acquired in the
Newcrest transaction, particularly Cadia, Wafi-Golpu and Red Chris.
Copper reserves increased to 30.1 billion pounds from 15.7 billion
pounds in the prior year, with a 20 percent increase in reserve
grade from 0.29% in 2022 to 0.35% in 2023. Measured and Indicated
copper resources increased to 33.1 billion pounds from 17.9 billion
pounds. Inferred copper resources increased to 24.0 billion pounds
from 8.6 billion pounds.
Silver reserves were largely stable at 596 million ounces
compared to 593 million ounces in the prior year, primarily due to
the addition of the assets acquired in the Newcrest transaction,
specifically Brucejack and Cadia, which offset depletion and
negative revisions at Peñasquito as a result of the updated
resource model. Silver resources decreased during the year due to
the impact of the negative revisions at Peñasquito, which were
partially offset by the Newcrest asset additions. Measured and
Indicated silver resources decreased to 457 million ounces from 500
million ounces in the prior year. Inferred silver resources
decreased to 108 million ounces from 152 million ounces in the
prior year.
Lead and zinc reserves and resources were impacted by the
updated resource model at Peñasquito. Lead reserves decreased to
2.1 billion pounds from 2.3 billion pounds, Measured and Indicated
lead resources decreased to 1.4 billion pounds from 1.6 billion
pounds, and Inferred lead resources decreased to 100 million pounds
from 440 million pounds in the prior year. Zinc reserves decreased
to 4.9 billion pounds from 5.5 billion pounds, Measured and
Indicated zinc resources decreased to 3.3 billion pounds from 3.7
billion pounds, and Inferred zinc resources decreased to 0.3
billion pounds from 1.0 billion pounds in the prior year.
Molybdenum reserves of 500 million pounds were declared in the
current year due to the addition of the operating site at Cadia.
Measured and Indicated molybdenum resources increased to 200
million pounds, with Inferred molybdenum resources of 100 million
pounds.
NOTES ON NEWMONT’S DECLARATION
Newmont has reported the assets acquired in the Newcrest
transaction in accordance with the Securities and Exchange
Commission’s (SEC’s) rule S-K 1300 which has different requirements
than those in the Joint Ore Reserves Committee (JORC) 2012
guidance, which was the ruling the assets were previously declared
under. These differences include a requirement to report only the
attributable portion of the company’s Mineral Reserves and Mineral
Resources and to report Mineral Resources as Exclusive of Reserves,
whereas the previous declaration of Mineral Resources were at 100%
and included the metal also declared as Mineral Reserves.
EXPLORATION OUTLOOK
Newmont’s attributable exploration expenditure for managed
operations is expected to be approximately $270 million in 2024
with 70 percent of total exploration investment dedicated to
near-mine expansion programs and brownfields and the remaining 30
percent allocated to the advancement of greenfield projects.
Additionally, Newmont’s share of exploration investment for its
non-managed operations is expected to be approximately $30 million,
for a total consolidated exploration expense outlook of $300
million for 2024.
Geographically, the Company expects to invest approximately 27
percent in North America, 22 percent in Australia, 21 percent in
South America and the remainder in Papua New Guinea, Africa and
other locations.
GOLD RESERVE SENSITIVITY
A $100 increase in gold price would result in an approximate 5
percent increase in gold reserves while a $100 decrease in gold
price would result in an approximate 6 percent decrease in gold
reserves. These sensitivities assume an oil price of $75 per barrel
(WTI), Australian dollar exchange rate of $0.70 and Canadian dollar
exchange rate of $0.75. These sensitivities assume all other inputs
remain equal, including all cost and capital assumptions, which may
also have a material impact on these approximate estimates.
KEY RESERVE AND RESOURCE
ASSUMPTIONS6
At December 31,
2023
2022
Gold Reserves ($/oz)
$1,400
$1,400
Gold Resources ($/oz)
$1,600
$1,600
Copper Reserves ($/lb)
$3.50
$3.50
Copper Resources ($/lb)
$4.00
$4.00
Silver Reserves ($/oz)
$20.00
$20.00
Silver Resources ($/oz)
$23.00
$23.00
Lead Reserves ($/lb)
$1.00
$1.00
Lead Resources ($/lb)
$1.20
$1.20
Zinc Reserves ($/lb)
$1.20
$1.20
Zinc Resources ($/lb)
$1.45
$1.45
Molybdenum Reserves ($/lb)
$8.00
—
Molybdenum Resources ($/lb)
$10.00
—
Tungsten Resources ($/lb)
$16.00
—
Australian Dollar (A$:US$)
$0.70
$0.75
Canadian Dollar (C$:US$)
$0.75
$0.80
West Texas Intermediate ($/bbl)
$75.00
$85.00
For additional details on Newmont’s reported gold, copper,
silver, lead, zinc, molybdenum and tungsten Mineral Reserves and
Mineral Resources, please refer to the tables at the end of this
release.
_________________________
1 Newmont’s go-forward portfolio is
focused on Tier 1 assets, consisting of (1) six managed Tier 1
assets (Boddington, Tanami, Cadia, Lihir, Peñasquito and Ahafo),
(2) assets owned through two non-managed joint ventures at Nevada
Gold Mines and Pueblo Viejo, including four Tier 1 assets (Carlin,
Cortez, Turquoise Ridge and Pueblo Viejo), (3) three emerging
Tier 1 assets (Merian, Cerro Negro and Yanacocha), which do not
currently meet the criteria for Tier 1 Asset, and (4) an emerging
Tier 1 district in the Golden Triangle in British Columbia (Red
Chris and Brucejack), which does not currently meet the criteria
for Tier 1 Asset. Newmont’s Tier 1 portfolio also includes
attributable production from the Company’s equity interest in
Lundin Gold (Fruta del Norte). Tier 1 Portfolio cost and capital
metrics include the proportional share of the Company’s interest in
the Nevada Gold Mines Joint Venture.
2 North America includes 38.5 percent
interest in Nevada Gold Mines; South America includes Newmont's 40
percent interest in Pueblo Viejo.
3 Gold Equivalent Ounces (GEOs) are
calculated using 2023 Mineral Reserve pricing for Gold
($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead
($1.00/lb.), Zinc ($1.20/lb.) and Molybdenum ($8.00/lb.) and
Resource pricing for Gold ($1,600/oz.), Copper ($4.00/lb.), Silver
($23.00/oz.), Lead ($1.20/lb.), Zinc ($1.45/lb.), Molybdenum
($10.00/lb.), Tungsten ($16.00/lb.) and metallurgical recoveries
for each metal on a site by site basis, as metal * [(metal price *
metal recovery) / (gold price * gold recovery)].
4 In 2023, Newmont completed the
acquisition of Newcrest Mining Limited ("Newcrest").
5 Includes Measured and Indicated Gold
Mineral Resources and Inferred Gold Mineral Resources.
6 For 2023 and 2022, Newmont reserves and
resources were estimated using the price assumptions noted above,
except for certain sites acquired through the Newcrest transaction,
which have used more conservative price assumptions. Refer to the
reserves and resources tables below for additional details.
RESERVE AND RESOURCE TABLES
Proven and probable reserves are based on extensive drilling,
sampling, mine modeling and metallurgical testing from which
Newmont determined economic feasibility. The reference point for
mineral reserves is the point of delivery to the process plant.
Metal price assumptions, adjusted for Newmont's exchange rate
assumption, are based on considering such factors as market
forecasts, industry consensus and management estimates. 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 below list the average metallurgical
recovery rate for each deposit, which takes into account the
relevant processing methods. The cut-off grade, or lowest grade of
mineralization considered economic to process, varies between
deposits depending upon prevailing economic conditions, mineability
of the deposit, by-products, amenability of the ore to gold,
copper, silver, lead, zinc or molybdenum extraction and type of
milling or leaching facilities available. Reserve estimates may
have non-material differences in comparison to our joint venture
partners due to differences in classification and rounding
methodology.
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, copper, silver, lead, zinc and molybdenum will be
realized. Ounces of gold or silver or pounds of copper, lead, zinc
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, copper, silver, lead,
zinc and molybdenum, as well as increased production costs or
reduced metallurgical recovery rates, could render certain proven
and probable reserves containing higher cost reserves 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. The
reference point for mineral resources is in situ. Mineral resources
are sub-divided, in order of increasing geological confidence, into
inferred, indicated and measured categories. Ounces of gold and
silver or pounds of copper, zinc, lead, molybdenum and tungsten
included in the measured, indicated and inferred resources are
those contained prior to losses during metallurgical treatment. The
terms "measured resource," "indicated resource," and "inferred
resource" mean that part of a mineral resource for which quantity
and grade or quality are estimated on the basis of geological
evidence and sampling that is considered to be comprehensive,
adequate, or limited, respectively. Market fluctuations in the
price of gold, silver, copper, zinc, lead, molybdenum and tungsten
as well as increased production costs or reduced metallurgical
recovery rates, could change future estimates of resources.
Newmont publishes reserves annually, and will recalculate
reserves at December 31, 2024, taking into account metal prices,
changes, if any, to future production and capital costs,
divestments and depletion as well as any acquisitions and additions
during 2024.
Please refer to the reserves and resources cautionary statement
at the end of the release.
Gold Reserves (1)
December 31, 2023
December 31, 2022
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Deposits/Districts
Newmont Share
Tonnage (2) (000 tonnes)
Grade (g/tonne)
Ounces (3) (000)
Tonnage (2) (000 tonnes)
Grade (g/tonne)
Ounces (3) (000)
Tonnage (2) (000 tonnes)
Grade (g/tonne)
Ounces (3) (000)
Metallurgical Recovery (3)
Tonnage (2) (000 tonnes)
Grade (g/tonne)
Ounces (3) (000)
CC&V Open Pit
100%
38,800
0.42
500
7,800
0.35
100
46,600
0.40
600
58%
61,400
0.37
740
CC&V Leach Pads (4)
100%
—
—
—
28,300
0.74
700
28,300
0.74
700
56%
32,600
0.78
820
Total CC&V, United States (5)
38,800
0.42
500
36,100
0.66
800
75,000
0.53
1,300
57%
94,000
0.52
1,560
Musselwhite, Canada (6)
100%
3,200
6.78
700
3,800
6.30
800
7,000
6.52
1,500
96%
10,400
5.76
1,920
Porcupine Underground (7)
100%
1,400
7.06
300
1,600
8.34
400
3,000
7.75
700
94%
2,500
8.49
690
Porcupine Open Pit (8)
100%
3,200
1.43
100
26,600
1.54
1,300
29,700
1.53
1,500
93%
34,500
1.46
1,610
Total Porcupine, Canada
4,500
3.14
500
28,200
1.93
1,700
32,700
2.10
2,200
93%
37,000
1.93
2,300
Éléonore, Canada (9)
100%
2,100
5.08
300
6,800
5.47
1,200
8,900
5.38
1,500
92%
9,400
5.22
1,570
Red Chris Open Pit
70%
—
—
—
30,200
0.37
300
30,200
0.37
300
53%
—
—
—
Red Chris Underground
70%
—
—
—
171,700
0.64
3,500
171,700
0.64
3,500
70%
—
—
—
Total Red Chris, Canada (10)(33)
—
—
—
201,900
0.60
3,900
201,900
0.60
3,900
68%
—
—
—
Brucejack, Canada (11)(33)
100%
—
—
—
11,500
8.44
3,100
11,500
8.44
3,100
96%
—
—
—
Peñasquito, Mexico (12)(31)
100%
123,700
0.57
2,200
167,300
0.44
2,400
291,000
0.50
4,600
59%
316,500
0.53
5,410
Merian, Suriname (13)
75%
29,600
1.19
1,100
74,400
1.15
2,800
104,000
1.16
3,900
93%
104,800
1.16
3,900
Cerro Negro, Argentina (14)
100%
1,900
11.81
700
7,300
10.75
2,500
9,200
10.97
3,200
94%
9,400
10.02
3,030
Yanacocha Open Pit (15)
100%
21,700
0.80
600
107,000
0.75
2,600
128,600
0.76
3,200
56%
146,500
0.72
3,380
Yanacocha Underground (16)
100%
—
—
—
12,300
6.06
2,400
12,300
6.06
2,400
97%
12,300
6.06
2,400
Total Yanacocha, Peru (31)
21,700
0.80
600
119,200
1.30
5,000
140,900
1.22
5,500
73%
158,800
1.13
5,780
Pueblo Viejo Open Pit
40%
25,800
2.28
1,900
50,800
2.08
3,400
76,600
2.15
5,300
82%
78,500
2.19
5,530
Pueblo Viejo Stockpiles (17)
40%
—
—
—
39,700
2.12
2,700
39,700
2.12
2,700
83%
38,200
2.17
2,670
Total Pueblo Viejo, Dominican Republic
(18)(31)
25,800
2.28
1,900
90,500
2.10
6,100
116,300
2.14
8,000
82%
116,600
2.19
8,200
NuevaUnión, Chile (19)(30)
50%
—
—
—
341,100
0.47
5,100
341,100
0.47
5,100
66%
341,100
0.47
5,110
Norte Abierto, Chile (20)(30)
50%
—
—
—
598,800
0.60
11,600
598,800
0.60
11,600
74%
598,800
0.60
11,620
Boddington Open Pit
100%
215,300
0.67
4,600
192,600
0.64
3,900
407,900
0.66
8,600
85%
446,700
0.66
9,490
Boddington Stockpiles (17)
100%
2,000
0.72
—
70,000
0.43
1,000
72,000
0.44
1,000
80%
78,300
0.43
1,090
Total Boddington, Australia (10)
217,300
0.67
4,700
262,600
0.58
4,900
479,900
0.62
9,600
84%
524,900
0.63
10,580
Tanami, Australia (21)
100%
9,900
5.58
1,800
16,600
5.71
3,100
26,600
5.66
4,800
98%
33,000
5.34
5,660
Cadia, Australia (22)(31)(33)
100%
—
—
—
1,102,300
0.42
14,700
1,102,300
0.42
14,700
81%
—
—
—
Lihir Open Pits
100%
—
—
—
159,900
2.76
14,200
159,900
2.76
14,200
78%
—
—
—
Lihir Stockpiles (17)
100%
—
—
—
57,200
1.83
3,400
57,200
1.83
3,400
78%
—
—
—
Total Lihir, Papua New Guinea
(23)(31)(33)
—
—
—
217,100
2.51
17,500
217,100
2.51
17,500
78%
—
—
—
Wafi-Golpu, Papua New Guinea
(10)(30)(33)
50%
—
—
—
194,500
0.82
5,100
194,500
0.82
5,100
68%
—
—
—
Ahafo South Open Pit (24)
100%
5,200
2.76
500
35,500
1.68
1,900
40,700
1.82
2,400
90%
47,600
1.81
2,770
Ahafo South Underground (25)
100%
8,300
3.13
800
14,300
2.35
1,100
22,600
2.64
1,900
94%
22,600
3.06
2,230
Ahafo South Stockpiles (17)(26)
100%
23,400
1.01
800
—
—
—
23,400
1.01
800
91%
22,100
0.91
640
Total Ahafo South, Ghana
36,900
1.73
2,100
49,800
1.88
3,000
86,700
1.82
5,100
92%
92,300
1.90
5,650
Ahafo North, Ghana (27)
100%
26,000
2.38
2,000
27,100
2.43
2,100
53,100
2.41
4,100
91%
50,100
2.37
3,820
Akyem Open Pit
100%
13,000
1.52
600
5,900
1.61
300
19,000
1.55
900
90%
22,300
1.66
1,190
Akyem Stockpiles (17)
100%
6,700
0.78
200
—
—
—
6,700
0.78
200
90%
11,900
0.71
270
Total Akyem, Ghana (28)
19,700
1.27
800
5,900
1.61
300
25,600
1.35
1,100
90%
34,200
1.33
1,460
NGM Open Pit
38.5%
—
—
—
154,700
1.01
5,000
154,700
1.01
5,000
77%
159,400
1.00
5,110
NGM Stockpiles (17)
38.5%
15,100
2.01
1,000
14,000
2.44
1,100
29,100
2.22
2,100
69%
25,100
2.32
1,880
NGM Underground
38.5%
5,100
11.58
1,900
35,100
8.19
9,300
40,200
8.62
11,100
87%
41,300
8.75
11,610
Total NGM, United States (29)
20,200
4.42
2,900
203,900
2.35
15,400
224,100
2.54
18,300
82%
225,800
2.56
18,590
Total Gold
581,400
1.22
22,800
3,766,800
0.94
113,200
4,348,100
0.97
135,900
80%
2,757,100
1.09
96,140
(1)
Gold reserves, at sites in which Newmont
is the operator for 2023 and 2022, were estimated at a gold price
of $1,400 per ounce, unless otherwise noted. Reserves provided by
other operators may use pricing that differs. Amounts presented may
not recalculate in total due to rounding.
(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
100,000 in 2023 and nearest 10,000 in 2022.
(4)
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.
(5)
Cut-off grade utilized in 2023 reserves
not less than 0.10 gram per tonne.
(6)
Cut-off grade utilized in 2023 reserves
not less than 3.80 gram per tonne.
(7)
Cut-off grade utilized in 2023 reserves
not less than 4.89 gram per tonne.
(8)
Cut-off grade utilized in 2023 reserves
not less than 0.64 gram per tonne.
(9)
Cut-off grade utilized in 2023 reserves
not less than 4.11 gram per tonne.
(10)
Gold cut-off grade varies with level of
copper credits.
(11)
Gold cut-off grade varies with level of
silver credits.
(12)
Gold cut-off grade varies with level of
silver, lead, and zinc credits.
(13)
Cut-off grade utilized in 2023 reserves
not less than 0.29 gram per tonne.
(14)
Cut-off grade utilized in 2023 reserves
not less than 4.30 gram per tonne.
(15)
Gold cut-off grades utilized in 2023
reserves were as follows: oxide leach material not less than 0.14
gram per tonne and refractory mill material not less than 1.23 gram
per tonne.
(16)
Gold cut-off grades utilized in 2023 were
as follows: oxide mill material not less than 3.37 gram per tonne
and refractory mill material varies with level of copper and silver
credits.
(17)
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.
(18)
The Pueblo Viejo mine, which is 40% owned
by Newmont, is accounted for as an equity method investment.
Reserve estimates provided by Barrick, the operator of Pueblo
Viejo.
(19)
Project is currently undeveloped. Reserve
estimates provided by the NuevaUnión joint venture.
(20)
Project is currently undeveloped. Reserve
estimates provided by the Norte Abierto joint venture.
(21)
Cut-off grade utilized in 2023 reserves
not less than 2.40 gram per tonne.
(22)
Gold cut-off grade varies with level of
copper, silver, and molybdenum credits.
(23)
Cut-off grade utilized in 2023 reserves
not less than 1.20 gram per tonne.
(24)
Cut-off grade utilized in 2023 reserves
not less than 0.63 gram per tonne.
(25)
Cut-off grade utilized in 2023 reserves
not less than 2.20 gram per tonne.
(26)
Cut-off grade utilized in 2023 reserves
not less than 0.56 gram per tonne.
(27)
Cut-off grade utilized in 2023 reserves
not less than 0.58 gram per tonne.
(28)
Cut-off grade utilized in 2023 reserves
not less than 0.52 gram per tonne.
(29)
Reserve estimates provided by Barrick, the
operator of the NGM joint venture.
(30)
Currently included in Corporate and Other
which includes the Company's business activities relating to its
corporate and regional offices and all equity method
investments.
(31)
Amounts presented herein have been rounded
to the nearest 100,000 in 2023 and nearest 10,000 in 2022 for
ounces and 100,000 for tonnes and therefore may not agree to the
respective Technical Report Summaries provided for certain
properties.
(32)
In 2022, the Company increased its
ownership interest in Yanacocha to 100% by acquiring Buenaventura’s
43.65% noncontrolling interest and Sumitomo's 5% noncontrolling
interest.
(33)
Sites acquired through the Newcrest
transaction. Gold reserves at sites acquired through the Newcrest
transaction were estimated at a gold price of $1,300 per ounce,
with the exception of Lihir, for which gold reserves were estimated
using Newmont's price assumptions, and certain legacy estimates,
which have applied older, more conservative price assumptions.
Gold Resources (1)(2) -
December 31, 2023
Measured Resource
Indicated Resource
Measured and Indicated
Resource
Inferred Resource
Deposits/Districts
Newmont Share
Tonnage (000 tonnes)
Grade (g/tonne)
Ounces(3) (000)
Tonnage (000 tonnes)
Grade (g/tonne)
Ounces(3) (000)
Tonnage (000 tonnes)
Grade (g/tonne)
Ounces(3) (000)
Tonnage (000 tonnes)
Grade (g/tonne)
Ounces(3) (000)
Metallurgical Recovery (3)
CC&V, United States
100%
77,400
0.43
1,100
43,700
0.36
500
121,100
0.40
1,600
22,400
0.43
300
56%
Musselwhite, Canada
100%
900
4.36
100
1,300
4.17
200
2,200
4.25
300
1,200
4.96
200
96%
Porcupine Underground
100%
200
4.55
—
1,100
6.89
200
1,300
6.49
300
2,400
8.04
600
94%
Porcupine Open Pit
100%
100
0.60
—
66,300
1.65
3,500
66,300
1.65
3,500
59,800
1.46
2,800
92%
Total Porcupine, Canada
300
3.67
—
67,400
1.73
3,800
67,700
1.74
3,800
62,200
1.71
3,400
92%
Éléonore, Canada
100%
700
4.59
100
2,100
4.70
300
2,800
4.68
400
1,800
5.70
300
92%
Red Chris, Canada (11)
70%
—
—
—
334,700
0.34
3,600
334,700
0.34
3,600
62,100
0.35
700
55%
Brucejack, Canada (11)
100%
—
—
—
1,800
7.64
500
1,800
7.64
500
12,100
10.35
4,000
96%
Coffee, Canada
100%
900
2.14
100
49,300
1.27
2,000
50,200
1.28
2,100
6,700
1.04
200
81%
Galore Creek, Canada (4)
50%
212,800
0.29
2,000
385,600
0.22
2,700
598,400
0.25
4,700
118,900
0.19
700
75%
Peñasquito, Mexico (9)
100%
37,400
0.26
300
157,300
0.22
1,100
194,700
0.23
1,400
22,800
0.19
100
57%
Noche Buena, Mexico
50%
—
—
—
19,900
0.37
200
19,900
0.37
200
1,600
0.21
—
50%
Merian, Suriname
75%
6,000
1.01
200
38,000
1.10
1,300
44,000
1.09
1,500
30,800
1.00
1,000
88%
Cerro Negro, Argentina
100%
1,300
3.71
200
2,100
6.17
400
3,400
5.22
600
6,200
4.73
900
94%
Conga, Peru
100%
—
—
—
693,800
0.65
14,600
693,800
0.65
14,600
230,500
0.39
2,900
75%
Yanacocha Open Pit
100%
16,800
0.41
200
111,300
0.43
1,500
128,000
0.42
1,700
186,500
0.80
4,800
67%
Yanacocha Underground
100%
500
4.07
100
6,200
4.70
900
6,700
4.65
1,000
3,400
4.99
500
97%
Total Yanacocha, Peru
17,300
0.52
300
117,500
0.65
2,500
134,800
0.64
2,800
189,900
0.88
5,400
73%
Pueblo Viejo, Dominican Republic (5)
40%
7,300
1.47
300
37,300
1.49
1,800
44,600
1.49
2,100
3,200
1.58
200
82%
NuevaUnión, Chile (6)
50%
4,800
0.47
100
118,300
0.59
2,300
123,100
0.59
2,300
239,800
0.40
3,100
68%
Norte Abierto, Chile (7)
50%
77,200
0.61
1,500
596,900
0.49
9,300
674,200
0.50
10,800
369,600
0.37
4,400
76%
Boddington, Australia
100%
98,200
0.55
1,700
169,700
0.54
2,900
267,900
0.54
4,700
2,400
0.51
—
83%
Tanami Open Pit
100%
9,400
1.67
500
23,800
1.47
1,100
33,200
1.53
1,600
4,200
1.13
200
90%
Tanami Underground
100%
2,500
3.82
300
5,600
4.43
800
8,000
4.24
1,100
15,900
4.48
2,300
96%
Total Tanami, Australia
11,900
2.12
800
29,400
2.03
1,900
41,200
2.06
2,700
20,100
3.78
2,400
94%
Cadia Underground
100%
—
—
—
1,596,600
0.32
16,200
1,596,600
0.32
16,200
497,000
0.24
3,800
80%
Cadia Stockpiles and Open Pit
100%
30,900
0.30
300
—
—
—
30,900
0.30
300
11,000
0.71
200
65%
Total Cadia, Australia (9)(11)
30,900
0.30
300
1,596,600
0.32
16,200
1,627,500
0.32
16,500
508,000
0.25
4,100
80%
Telfer Open Pit
100%
—
—
—
25,900
0.56
500
25,900
0.56
500
—
—
—
78%
Telfer Underground
100%
—
—
—
1,700
2.31
100
1,700
2.31
100
—
—
—
90%
Total Telfer, Australia (11)
—
—
—
27,600
0.67
600
27,600
0.67
600
—
—
—
81%
Havieron, Australia (11)
70%
—
—
—
33,200
2.65
2,800
33,200
2.65
2,800
11,400
1.71
600
87%
Namosi, Fiji (11)
73%
—
—
—
105,500
0.22
700
105,500
0.22
700
1,346,900
0.10
4,300
72%
Lihir Open Pit
100%
—
—
—
25,000
2.03
1,600
25,000
2.03
1,600
227,400
2.40
17,500
80%
Lihir Stockpiles
100%
—
—
—
22,200
1.47
1,000
22,200
1.47
1,000
—
—
—
78%
Lihir, Papua New Guinea (9)(11)
—
—
—
47,100
1.77
2,700
47,100
1.77
2,700
227,400
2.40
17,500
79%
Wafi-Golpu Open Pit
50%
—
—
—
53,600
1.66
2,900
53,600
1.66
2,900
15,500
1.30
600
65%
Wafi-Golpu Underground
50%
—
—
—
140,800
0.45
2,000
140,800
0.45
2,000
91,900
0.65
1,900
68%
Total Wafi-Golpu, Papua New Guinea
(11)
—
—
—
194,500
0.78
4,900
194,500
0.78
4,900
107,300
0.74
2,600
67%
Ahafo South Open Pit
100%
3,200
1.21
100
5,600
0.92
200
8,800
1.03
300
6,100
1.40
300
88%
Ahafo South Underground
100%
—
—
—
27,200
3.71
3,200
27,200
3.71
3,200
13,800
3.00
1,300
91%
Total Ahafo South, Ghana
3,200
1.21
100
32,800
3.24
3,400
36,000
3.05
3,500
19,900
2.51
1,600
91%
Ahafo North, Ghana
100%
5,000
1.46
200
12,700
1.88
800
17,700
1.76
1,000
6,600
1.57
300
91%
Akyem, Ghana
100%
900
0.72
—
9,800
3.83
1,200
10,600
3.57
1,200
5,600
2.95
500
92%
NGM Open Pit and Stockpiles
38.5%
4,000
0.99
100
175,200
0.99
5,500
179,200
0.99
5,700
101,000
0.76
2,500
75%
NGM Underground
38.5%
1,400
7.51
300
20,900
5.95
4,000
22,200
6.04
4,300
23,100
6.52
4,800
84%
Total NGM, United States (8)
5,300
2.66
500
196,000
1.52
9,600
201,400
1.55
10,000
124,100
1.83
7,300
80%
Total Gold
599,700
0.52
9,900
5,121,900
0.58
94,900
5,721,600
0.57
104,800
3,761,500
0.57
69,100
78%
Gold Resources (1)(2) -
December 31, 2022
Measured Resource
Indicated Resource
Measured and Indicated
Resource
Inferred Resource
Deposits/Districts
Newmont Share
Tonnage (000 tonnes)
Grade (g/tonne)
Ounces(3) (000)
Tonnage (000 tonnes)
Grade (g/tonne)
Ounces(3) (000)
Tonnage (000 tonnes)
Grade (g/tonne)
Ounces(3) (000)
Tonnage (000 tonnes)
Grade (g/tonne)
Ounces(3) (000)
Metallurgical Recovery (3)
CC&V, United States
100%
79,700
0.38
980
42,300
0.32
440
122,000
0.36
1,420
32,200
0.34
350
59%
Musselwhite, Canada
100%
1,300
3.92
170
2,600
3.93
330
3,900
3.93
490
3,000
4.15
410
95%
Porcupine Underground
100%
300
6.69
70
1,000
8.64
270
1,300
8.15
340
1,800
8.08
480
92%
Porcupine Open Pit
100%
200
0.51
—
73,000
1.53
3,600
73,200
1.53
3,600
66,000
1.36
2,890
91%
Total Porcupine, Canada
500
4.36
70
73,900
1.63
3,860
74,500
1.64
3,940
67,900
1.54
3,370
91%
Éléonore, Canada
100%
400
5.05
70
2,100
5.10
350
2,500
5.09
420
2,600
5.45
460
92%
Coffee, Canada
100%
—
—
—
53,900
1.23
2,140
53,900
1.23
2,140
7,200
1.01
230
80%
Galore Creek, Canada (4)
50%
212,800
0.29
2,010
385,600
0.22
2,710
598,400
0.25
4,720
118,900
0.19
720
75%
Peñasquito, Mexico
100%
47,400
0.25
390
263,500
0.26
2,190
311,000
0.26
2,570
84,700
0.41
1,110
69%
Noche Buena, Mexico
50%
—
—
—
19,900
0.37
240
19,900
0.37
240
1,600
0.21
10
50%
Merian, Suriname
75%
5,600
0.99
180
35,300
1.26
1,430
40,900
1.22
1,610
37,000
0.86
1,020
89%
Cerro Negro Underground
100%
200
6.11
30
1,500
7.33
360
1,700
7.22
390
5,700
6.19
1,140
95%
Cerro Negro Open Pit
100%
1,200
3.28
130
1,200
3.15
120
2,400
3.22
250
300
2.46
20
90%
Total Cerro Negro, Argentina
100%
1,400
3.60
160
2,700
5.49
480
4,100
4.86
630
6,000
6.00
1,160
94%
Conga, Peru (10)
100%
—
—
—
693,800
0.65
14,590
693,800
0.65
14,590
230,500
0.39
2,880
75%
Yanacocha Open Pit
100%
13,500
0.38
170
114,900
0.42
1,570
128,400
0.42
1,730
189,700
0.79
4,830
66%
Yanacocha Underground
100%
500
4.07
70
6,200
4.70
940
6,700
4.65
1,010
3,400
4.99
550
97%
Total Yanacocha, Peru (10)
14,100
0.52
240
121,100
0.64
2,510
135,100
0.63
2,740
193,100
0.87
5,380
72%
Pueblo Viejo, Dominican Republic
(5)(9)
40%
7,300
1.43
340
33,200
1.51
1,610
40,600
1.49
1,950
3,000
1.77
170
88%
NuevaUnión, Chile (6)
50%
4,800
0.47
70
118,300
0.59
2,260
123,100
0.59
2,330
239,800
0.40
3,050
68%
Norte Abierto, Chile (7)
50%
77,200
0.61
1,510
596,900
0.49
9,320
674,200
0.50
10,820
369,600
0.37
4,360
76%
Boddington, Australia
100%
92,800
0.55
1,630
167,400
0.54
2,900
260,200
0.54
4,530
2,800
0.51
50
83%
Tanami Open Pit
100%
9,400
1.67
500
23,800
1.47
1,120
33,200
1.53
1,630
4,200
1.13
150
90%
Tanami Underground
100%
1,700
3.26
180
5,400
4.29
750
7,100
4.04
920
8,800
5.19
1,460
97%
Total Tanami, Australia
100%
11,000
1.91
680
29,200
1.99
1,870
40,200
1.97
2,550
13,000
3.88
1,620
94%
Ahafo South Open Pit
100%
200
0.56
—
20,000
1.09
700
20,200
1.09
710
10,200
1.29
420
86%
Ahafo South Underground
100%
—
—
—
24,700
3.53
2,810
24,700
3.53
2,810
11,000
3.44
1,220
92%
Total Ahafo South, Ghana
200
0.56
—
44,700
2.44
3,510
44,900
2.43
3,510
21,200
2.41
1,640
91%
Ahafo North, Ghana
100%
2,900
1.28
120
12,700
1.94
790
15,700
1.81
910
10,000
1.50
490
92%
Akyem, Ghana
100%
1,000
0.70
20
9,000
3.68
1,060
10,000
3.38
1,090
7,100
2.74
620
92%
NGM Open Pit and Stockpiles
38.5%
23,200
1.89
1,410
175,200
0.99
5,600
198,400
1.10
7,000
129,900
0.69
2,880
73%
NGM Underground
38.5%
9,800
6.48
2,040
16,600
5.84
3,110
26,400
6.08
5,150
19,500
6.63
4,150
86%
Total NGM, United States (8)
33,000
3.25
3,450
191,700
1.41
8,700
224,800
1.68
12,160
149,300
1.47
7,040
79%
Total Gold
593,600
0.63
12,080
2,900,000
0.68
63,250
3,493,600
0.67
75,330
1,600,700
0.70
36,130
79%
(1)
Resources are reported exclusive of
reserves. Amounts presented may not recalculate in total due to
rounding.
(2)
Resources, at sites in which Newmont is
the operator, are estimated at a gold price of $1,600 per ounce for
2023 and 2022, unless otherwise noted. Resources provided by other
operators may use pricing that differs. Tonnage amounts have been
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
100,000 in 2023 and nearest 10,000 in 2022.
(4)
Project is currently undeveloped. Resource
estimates provided by Teck Resources, the Galore Creek joint
venture partner.
(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.
(9)
Amounts presented herein have been rounded
to the nearest 100,000 in 2023 and nearest 10,000 in 2022 for
ounces and 100,000 for tonnes and therefore may not agree to the
respective Technical Report Summaries provided for certain
properties.
(10)
In 2022, the Company increased its
ownership interest in Yanacocha to 100% by acquiring Buenaventura’s
43.65% noncontrolling interest and Sumitomo's 5% noncontrolling
interest.
(11)
Sites acquired through the Newcrest
transaction. Gold resources at sites acquired through the Newcrest
transaction were estimated at a gold price of $1,400 per ounce,
with the exception of Havieron and Lihir, for which gold resources
were estimated using Newmont's price assumptions, and certain
legacy estimates, which have applied older, more conservative price
assumptions.
Copper Reserves (1)
December 31, 2023
December 31, 2022
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Deposits/Districts
Newmont Share
Tonnage (2) (000 tonnes)
Grade (Cu %)
Pounds (3) (millions)
Tonnage (2) (000 tonnes)
Grade (Cu %)
Pounds (3) (millions)
Tonnage (2) (000 tonnes)
Grade (Cu %)
Pounds (3) (millions)
Metallurgical Recovery (3)
Tonnage (2) (000 tonnes)
Grade (Cu %)
Pounds (3) (millions)
Red Chris Open Pit
70%
—
—%
—
30,200
0.43%
300
30,200
0.43%
300
80%
—
—%
—
Red Chris Underground
70%
—
—%
—
171,700
0.52%
2,000
171,700
0.52%
2,000
84%
—
—%
—
Total Red Chris, Canada (4)(14)
—
—%
—
201,900
0.51%
2,300
201,900
0.51%
2,300
84%
—
—%
—
Yanacocha, Peru (5)(13)
100%
—
—%
—
111,100
0.63%
1,500
111,100
0.63%
1,500
83%
111,100
0.63%
1,530
NuevaUnión, Chile (6)(11)
50%
—
—%
—
1,118,000
0.40%
9,800
1,118,000
0.40%
9,800
88%
1,118,000
0.40%
9,800
Norte Abierto, Chile (7)(11)
50%
—
—%
—
598,800
0.22%
2,900
598,800
0.22%
2,900
87%
598,800
0.22%
2,890
Boddington Open Pit
100%
215,300
0.09%
400
192,600
0.11%
400
407,900
0.10%
900
82%
446,700
0.10%
1,010
Boddington Stockpiles (8)
100%
2,000
0.15%
—
70,000
0.09%
100
72,000
0.09%
100
73%
78,300
0.09%
150
Total Boddington, Australia (4)
217,300
0.09%
400
262,600
0.10%
600
479,900
0.10%
1,000
80%
524,900
0.10%
1,160
Cadia, Australia (9)(12)(14)
100%
—
—%
—
1,102,300
0.29%
7,100
1,102,300
0.29%
7,100
86%
—
—%
—
Wafi-Golpu, Papua New Guinea
(4)(11)(14)
50%
—
—%
—
194,500
1.20%
5,100
194,500
1.20%
5,100
95%
—
—%
—
NGM, United States (10)
38.5%
3,700
0.16%
—
82,400
0.17%
300
86,100
0.17%
300
65%
88,700
0.16%
320
Total Copper
221,000
0.09%
500
3,671,500
0.37%
29,700
3,892,500
0.35%
30,100
88%
2,441,500
0.29%
15,710
(1)
Copper reserves, at sites in which Newmont
is the operator, for 2023 and 2022 were estimated at a copper price
of $3.50 per pound, unless otherwise noted. Reserves provided by
other operators may use pricing that differs. Amounts presented may
not recalculate in total due to rounding.
(2)
Tonnages include allowances for losses
resulting from mining methods. Tonnages are rounded to nearest
100,000.
(3)
Pounds 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.
Pounds may not recalculate as they are rounded to the nearest 100
million for 2023 and nearest 10 million for 2022.
(4)
Copper cut-off grade varies with level of
gold credits.
(5)
Reserve estimates relate to the
undeveloped Yanacocha Sulfides project. Copper cut-off grade varies
with level of gold and silver credits.
(6)
Project is currently undeveloped. Reserve
estimates provided by the NuevaUnión joint venture.
(7)
Project is currently undeveloped. Reserve
estimates provided by the Norte Abierto joint venture.
(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)
Copper cut-off grade varies with level of
gold, silver, and molybdenum credits.
(10)
Reserve estimates provided by Barrick, the
operator of the NGM joint venture.
(11)
Currently included in Corporate and Other
which includes the Company's business activities relating to its
corporate and regional offices and all equity method
investments.
(12)
Amounts presented herein have been rounded
to the nearest 100 million for pounds and 100,000 for tonnes and
therefore may not agree to the respective Technical Report
Summaries provided for certain properties.
(13)
In 2022, the Company increased its
ownership interest in Yanacocha to 100% by acquiring Buenaventura’s
43.65% noncontrolling interest and Sumitomo's 5% noncontrolling
interest.
(14)
Sites acquired through the Newcrest
transaction. Copper reserves at sites acquired through the Newcrest
transaction were estimated at a copper price of $3.00 per pound,
with the exception of certain legacy estimates, which have applied
older, more conservative price assumptions.
Copper Resources (1)(2) -
December 31, 2023
Measured Resource
Indicated Resource
Measured and Indicated
Resource
Inferred Resource
Deposits/Districts
Newmont Share
Tonnage (000 tonnes)
Grade (Cu%)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (Cu%)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (Cu%)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (Cu%)
Pounds (3) (millions)
Metallurgical Recovery (3)
Red Chris, Canada (10)
70%
—
—%
—
334,700
0.34%
2,500
334,700
0.34%
2,500
62,100
0.36%
500
81%
Galore Creek, Canada (4)
50%
212,800
0.44%
2,100
385,600
0.47%
4,000
598,400
0.46%
6,100
118,900
0.26%
700
93%
Conga, Peru
100%
—
—%
—
693,800
0.26%
4,000
693,800
0.26%
4,000
230,500
0.19%
900
84%
Yanacocha, Peru
100%
1,500
1.02%
—
99,800
0.36%
800
101,300
0.37%
800
39,700
0.37%
300
81%
NuevaUnión, Chile (5)
50%
164,300
0.19%
700
349,900
0.34%
2,700
514,100
0.30%
3,400
602,200
0.39%
5,200
89%
Norte Abierto, Chile (6)
50%
57,600
0.24%
300
551,300
0.19%
2,300
608,900
0.20%
2,600
361,800
0.18%
1,400
90%
Boddington, Australia
100%
98,200
0.11%
200
169,700
0.11%
400
267,900
0.11%
700
2,400
0.07%
—
82%
Cadia Underground
100%
—
—%
—
1,596,600
0.23%
8,200
1,596,600
0.23%
8,200
497,000
0.17%
1,900
85%
Cadia Open Pit
100%
30,900
0.13%
100
—
—%
—
30,900
0.13%
100
11,000
0.52%
100
80%
Total Cadia, Australia (8)(10)
30,900
0.13%
100
1,596,600
0.23%
8,200
1,627,500
0.23%
8,300
508,000
0.18%
2,000
85%
Telfer Open Pit
100%
—
—%
—
20,300
0.06%
—
20,300
0.06%
—
—
—%
—
49%
Telfer Stockpiles
100%
—
—%
—
5,600
0.07%
—
5,600
0.07%
—
—
—%
—
46%
Telfer Underground
100%
—
—%
—
1,700
0.56%
—
1,700
0.56%
—
—
—%
—
94%
Total Telfer, Australia (10)
—
—%
—
27,600
0.09%
100
27,600
0.09%
100
—
—%
—
65%
Havieron, Australia (10)
70%
—
—%
—
33,200
0.34%
300
33,200
0.34%
300
11,400
0.16%
—
86%
Telfer Projects, Australia (10)
100%
—
—%
—
51,700
0.29%
300
51,700
0.29%
300
1,900
0.28%
—
78%
Namosi Open Pit
73%
—
—%
—
105,500
0.61%
1,400
105,500
0.61%
1,400
1,346,900
0.32%
9,500
84%
Namosi Underground
73%
—
—%
—
—
—%
—
—
—%
—
209,900
0.43%
2,000
92%
Total Namosi, Fiji (10)
—
—%
—
105,500
0.61%
1,400
105,500
0.61%
1,400
1,556,800
0.33%
11,500
85%
Wafi-Golpu, Papua New Guinea (10)
50%
—
—%
—
140,800
0.73%
2,300
140,800
0.73%
2,300
91,900
0.68%
1,400
95%
NGM, United States (7)
38.5%
—
—%
—
136,000
0.15%
500
136,000
0.15%
500
19,300
0.16%
100
65%
Total Copper
565,300
0.28%
3,400
4,676,100
0.29%
29,700
5,241,400
0.29%
33,100
3,606,800
0.30%
24,000
88%
Copper Resources at December
31, 2022 (1)(2)
Measured Resources
Indicated Resources
Measured and Indicated
Resources
Inferred Resources
Deposits/Districts
Newmont Share
Tonnage (000 tonnes)
Grade (Cu%)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (Cu%)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (Cu%)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (Cu%)
Pounds (3) (millions)
Metallurgical Recovery (3)
Galore Creek, Canada (4)
50%
212,800
0.44%
2,060
385,600
0.47%
4,020
598,400
0.46%
6,080
118,900
0.26%
690
93%
Conga, Peru (9)
100%
—
—%
—
693,800
0.26%
3,970
693,800
0.26%
3,970
230,500
0.19%
950
84%
Yanacocha, Peru (9)
100%
500
0.18%
—
100,800
0.37%
830
101,300
0.37%
830
39,700
0.37%
320
81%
NuevaUnión, Chile (5)
50%
164,300
0.19%
700
349,900
0.34%
2,650
514,100
0.30%
3,360
602,200
0.39%
5,170
89%
Norte Abierto, Chile (6)
50%
57,600
0.24%
310
551,300
0.19%
2,340
608,900
0.20%
2,640
361,800
0.18%
1,450
90%
Boddington, Australia
100%
92,800
0.11%
230
167,400
0.11%
420
260,200
0.11%
650
2,800
0.08%
10
82%
NGM, United States (7)
38.5%
2,600
0.14%
10
116,900
0.14%
350
119,500
0.14%
360
19,900
0.13%
60
65%
Total Copper
530,600
0.28%
3,310
2,365,500
0.28%
14,580
2,896,100
0.28%
17,890
1,375,800
0.28%
8,640
88%
(1)
Resources are reported exclusive of
reserves. Amounts presented may not recalculate in total due to
rounding.
(2)
Resources, at sites in which Newmont is
the operator, are estimated at a copper price of $4.00 per pound
for 2023 and 2022, unless otherwise noted. Resources provided by
other operators may use pricing that differs. Tonnage amounts have
been rounded to the nearest 100,000.
(3)
Pounds 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.
Pounds may not recalculate as they are rounded to the nearest 100
million in 2023 and nearest 10 million in 2022.
(4)
Project is currently undeveloped. Resource
estimates provided by Teck Resources.
(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 Barrick,
the operator of the NGM joint venture.
(8)
Amounts presented herein have been rounded
to the nearest 100 million for pounds and 100,000 for tonnes and
therefore may not agree to the respective Technical Report
Summaries provided for certain properties.
(9)
In 2022, the Company increased its
ownership interest in Yanacocha to 100% by acquiring Buenaventura’s
43.65% noncontrolling interest and Sumitomo's 5% noncontrolling
interest.
(10)
Sites acquired through the Newcrest
transaction. Copper resources at sites acquired through the
Newcrest transaction were estimated at a copper price of $3.40 per
pound, with the exception of Havieron, for which copper resources
were estimated using Newmont's price assumptions, and certain
legacy estimates, which have applied older, more conservative price
assumptions.
Silver Reserves (1)
December 31, 2023
December 31, 2022
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Deposits/Districts
Newmont Share
Tonnage (2) (000 tonnes)
Grade (g/tonne)
Ounces (3) (000)
Tonnage (2) (000 tonnes)
Grade (g/tonne)
Ounces (3) (000)
Tonnage (2) (000 tonnes)
Grade (g/tonne)
Ounces (3) (000)
Metallurgical Recovery (3)
Tonnage (2) (000 tonnes)
Grade (g/tonne)
Ounces (3) (000)
Brucejack, Canada (4)(17)
100%
—
—
—
11,500
34.71
12,800
11,500
34.71
12,800
85%
—
—
—
Peñasquito Open Pits
100%
121,700
37.98
148,600
142,800
30.31
139,200
264,500
33.84
287,800
80%
288,500
34.82
323,000
Peñasquito Stockpiles (5)
100%
2,000
33.97
2,200
24,500
28.79
22,700
26,500
29.18
24,900
80%
28,000
25.57
23,050
Total Peñasquito, Mexico (6)(15)
123,700
37.91
150,800
167,300
30.09
161,800
291,000
33.42
312,600
80%
316,500
34.00
346,050
Cerro Negro, Argentina (4)
100%
1,900
85.48
5,200
7,300
69.23
16,300
9,200
72.58
21,500
75%
9,400
64.47
19,490
Yanacocha Open Pits and Underground
(7)
100%
—
—
—
93,400
19.89
59,800
93,400
19.89
59,800
54%
93,400
19.90
59,760
Yanacocha Stockpiles and Leach Pads
(5)(8)
100%
—
—
—
86,000
9.07
25,100
86,000
9.07
25,100
13%
96,400
8.71
27,010
Total Yanacocha, Peru (16)
—
—
—
179,500
14.70
84,800
179,500
14.70
84,800
42%
189,800
14.22
86,770
Pueblo Viejo Open Pits
40%
25,800
13.15
10,900
50,800
12.31
20,100
76,600
12.59
31,000
74%
78,500
12.87
32,460
Pueblo Viejo Stockpiles (5)
40%
—
—
—
39,700
14.48
18,500
39,700
14.48
18,500
70%
38,200
15.10
18,520
Total Pueblo Viejo, Dominican
Republic (9)(15)
25,800
13.15
10,900
90,500
13.26
38,600
116,300
13.24
49,500
73%
116,600
13.60
50,980
NuevaUnión, Chile (10)(14)
50%
—
—
—
1,118,000
1.31
47,200
1,118,000
1.31
47,200
66%
1,118,000
1.31
47,170
Norte Abierto, Chile (11)(14)
50%
—
—
—
598,800
1.52
29,300
598,800
1.52
29,300
74%
598,800
1.52
29,340
Cadia, Australia (12)(15)(17)
100%
—
—
—
1,102,300
0.68
24,000
1,102,300
0.68
24,000
67%
—
—
—
NGM, United States (13)
38.5%
2,400
7.97
600
60,800
6.93
13,600
63,200
6.97
14,200
38%
65,500
6.34
13,340
Total Silver
153,900
33.87
167,600
3,335,900
4.00
428,400
3,489,800
5.31
596,000
70%
2,414,600
7.64
593,140
(1)
Silver reserves, at sites in which Newmont
is the operator, for 2023 and 2022 were estimated at a silver price
of $20.00 per ounce, unless otherwise noted. Reserves provided by
other operators may use pricing that differs. Amounts presented may
not recalculate in total due to rounding.
(2)
Tonnages include allowances for losses
resulting from mining methods. Tonnages are rounded to 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
100,000 for 2023 and nearest 10,000 for 2022.
(4)
Silver cut-off grade varies with gold
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,
lead, and zinc credits.
(7)
Silver cut-off grade varies with gold and
copper credits.
(8)
Leach pad material is the material on
leach pads at the end of the year from which silver 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.
(9)
The Pueblo Viejo mine, which is 40% 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)
Silver cut-off grade varies with gold,
copper, and molybdenum credits.
(13)
Reserve estimates provided by Barrick, the
operator of the NGM joint venture.
(14)
Currently included in Corporate and Other
which includes the Company's business activities relating to its
corporate and regional offices and all equity method
investments.
(15)
Amounts presented herein have been rounded
to the nearest 100,000 in 2023 and nearest 10,000 in 2022 for
ounces and 100,000 for tonnes and therefore may not agree to the
respective Technical Report Summaries provided for certain
properties.
(16)
In 2022, the Company increased its
ownership interest in Yanacocha to 100% by acquiring Buenaventura’s
43.65% noncontrolling interest and Sumitomo's 5% noncontrolling
interest.
(17)
Sites acquired through the Newcrest
transaction. Silver reserves at sites acquired through the Newcrest
transaction were estimated at a silver price of $18.00 per
ounce.
Silver Resources (1)(2) -
December 31, 2023
Measured Resource
Indicated Resource
Measured and Indicated
Resource
Inferred Resource
Deposits/Districts
Newmont Share
Tonnage (000 tonnes)
Grade (g/tonne)
Ounces (3) (000)
Tonnage (000 tonnes)
Grade (g/tonne)
Ounces (3) (000)
Tonnage (000 tonnes)
Grade (g/tonne)
Ounces (3) (000)
Tonnage (000 tonnes)
Grade (g/tonne)
Ounces (3) (000)
Metallurgical Recovery (3)
Brucejack, Canada (11)
100%
—
—
—
1,800
8.09
500
1,800
8.09
500
12,100
10.02
3,900
85%
Galore Creek, Canada (4)
50%
212,800
4.08
27,900
385,600
4.77
59,100
598,400
4.52
87,000
118,900
2.60
9,900
73%
Peñasquito, Mexico
100%
37,400
24.48
29,400
157,300
25.12
127,100
194,700
25.00
156,500
22,800
25.41
18,700
79%
Noche Buena, Mexico
50%
—
—
—
19,900
13.99
9,000
19,900
13.99
9,000
1,600
10.98
500
25%
Cerro Negro Underground
100%
100
61.50
200
900
60.12
1,800
1,000
60.28
2,000
5,900
27.47
5,200
75%
Cerro Negro Open Pit
100%
1,200
6.77
300
1,200
6.63
300
2,400
6.70
500
300
6.68
100
71%
Total Cerro Negro, Argentina
1,300
11.71
500
2,100
30.02
2,000
3,400
22.95
2,500
6,200
26.45
5,300
75%
Conga, Peru
100%
—
—
—
693,800
2.06
45,900
693,800
2.06
45,900
175,000
1.13
6,300
70%
Yanacocha Open Pit
100%
16,100
6.76
3,500
105,200
10.43
35,300
121,300
9.94
38,800
26,400
13.51
11,500
44%
Yanacocha Underground
100%
500
0.37
—
6,200
37.02
7,300
6,700
34.23
7,400
3,400
40.45
4,400
83%
Total Yanacocha, Peru
16,600
6.57
3,500
111,300
11.91
42,600
128,000
11.21
46,100
29,800
16.56
15,900
51%
Pueblo Viejo, Dominican Republic (5)
40%
7,300
7.96
1,900
37,300
8.04
9,600
44,600
8.02
11,500
3,200
8.14
800
74%
NuevaUnión, Chile (6)
50%
164,300
0.96
5,100
349,900
1.19
13,400
514,100
1.12
18,400
602,200
1.16
22,500
66%
Norte Abierto, Chile (7)
50%
77,200
1.20
3,000
596,900
1.07
20,600
674,200
1.09
23,500
369,600
0.95
11,300
78%
Cadia, Australia (9)(11)
100%
—
—
—
1,596,600
0.61
31,300
1,596,600
0.61
31,300
497,000
0.47
7,500
65%
Wafi-Golpu, Papua New Guinea (11)
50%
—
—
—
53,600
4.42
7,600
53,600
4.42
7,600
15,500
4.46
2,200
45%
NGM Open Pit
38.5%
—
—
—
93,000
5.59
16,700
93,000
5.59
16,700
16,700
5.38
2,900
38%
NGM Stockpiles
38.5%
—
—
—
—
—
—
—
—
—
1,800
5.63
300
38%
NGM, United States (8)
—
—
—
93,000
5.59
16,700
93,000
5.59
16,700
18,400
5.41
3,200
38%
Total Silver
516,900
4.29
71,300
4,099,200
2.92
385,400
4,616,200
3.08
456,700
1,872,300
1.80
108,100
68%
Silver Resources (1)(2) -
December 31, 2022
Measured Resource
Indicated Resource
Measured and Indicated
Resource
Inferred Resource
Deposits/Districts
Newmont Share
Tonnage (000 tonnes)
Grade (g/tonne)
Ounces (3) (000)
Tonnage (000 tonnes)
Grade (g/tonne)
Ounces (3) (000)
Tonnage (000 tonnes)
Grade (g/tonne)
Ounces (3) (000)
Tonnage (000 tonnes)
Grade (g/tonne)
Ounces (3) (000)
Metallurgical Recovery (3)
Galore Creek, Canada (4)
50%
212,800
4.08
27,950
385,600
4.77
59,100
598,400
4.52
87,040
118,900
2.60
9,940
73%
Peñasquito, Mexico
100%
47,400
23.94
36,510
263,500
23.99
203,240
311,000
23.98
239,740
84,700
27.24
74,220
86%
Noche Buena, Mexico
50%
—
—
—
19,900
13.99
8,970
19,900
13.99
8,970
1,600
10.98
550
25%
Cerro Negro Underground
100%
200
42.43
210
1,500
51.31
2,490
1,700
50.51
2,690
5,700
35.10
6,450
76%
Cerro Negro Open Pit
100%
1,200
6.77
260
1,200
6.63
250
2,400
6.70
520
300
6.68
70
60%
Total Cerro Negro, Argentina
1,400
10.72
470
2,700
31.64
2,740
4,100
24.64
3,210
6,000
33.66
6,520
75%
Conga, Peru (10)
100%
—
—
—
693,800
2.06
45,910
693,800
2.06
45,910
175,000
1.13
6,330
70%
Yanacocha Open Pit
100%
12,500
3.30
1,330
108,100
11.11
38,610
120,600
10.30
39,930
29,600
12.52
11,920
41%
Yanacocha Underground
100%
500
0.37
10
6,200
37.02
7,350
6,700
34.23
7,350
3,400
40.45
4,390
83%
Total Yanacocha, Peru (10)
13,000
3.19
1,330
114,200
12.51
45,950
127,200
11.56
47,290
33,000
15.38
16,310
49%
Pueblo Viejo, Dominican Republic
(5)(9)
40%
7,300
7.68
1,810
33,200
8.28
8,840
40,600
8.17
10,650
3,000
10.49
1,030
74%
NuevaUnión, Chile (6)
50%
164,300
0.96
5,080
349,900
1.19
13,370
514,100
1.12
18,440
602,200
1.16
22,530
66%
Norte Abierto, Chile (7)
50%
77,200
1.20
2,990
596,900
1.07
20,550
674,200
1.09
23,540
369,600
0.95
11,340
78%
NGM, United States (8)
38.5%
2,400
5.33
410
81,700
5.46
14,340
84,100
5.46
14,760
18,700
5.57
3,350
38%
Total Silver
525,900
4.53
76,550
2,541,500
5.18
423,010
3,067,400
5.07
499,560
1,412,800
3.35
152,120
75%
(1)
Resources are reported exclusive of
reserves. Amounts presented may not recalculate in total due to
rounding.
(2)
Resources, at sites in which Newmont is
the operator, are estimated at a silver price of $23.00 per ounce
for 2023 and 2022, unless otherwise noted. Resources provided by
other operators may use pricing that differs. Tonnage amounts have
been 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
100,000 in 2023 and nearest 10,000 in 2022.
(4)
Project is currently undeveloped. Resource
estimates provided by Teck Resources.
(5)
Resource estimates provided by Barrick,
the operator of the 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.
(9)
Amounts presented herein have been rounded
to the nearest 100,000 in 2023 and nearest 10,000 in 2022 for
ounces and 100,000 for tonnes and therefore may not agree to the
respective Technical Report Summaries provided for certain
properties.
(10)
In 2022, the Company increased its
ownership interest in Yanacocha to 100% by acquiring Buenaventura’s
43.65% noncontrolling interest and Sumitomo's 5% noncontrolling
interest.
(11)
Sites acquired through the Newcrest
transaction. Silver resources at sites acquired through the
Newcrest transaction were estimated at a silver price of $21.00 per
ounce, with the exception of certain legacy estimates, which have
applied older, more conservative price assumptions.
Lead Reserves (1)
December 31, 2023
December 31, 2022
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Deposits/Districts
Newmont Share
Tonnage (2) (000 tonnes)
Grade (Pb %)
Pounds (3) (millions)
Tonnage (2) (000 tonnes)
Grade (Pb %)
Pounds (3) (millions)
Tonnage (2) (000 tonnes)
Grade (Pb %)
Pounds (3) (millions)
Metallurgical Recovery (3)
Tonnage (2) (000 tonnes)
Grade (Pb %)
Pounds (3) (millions)
Peñasquito Open Pits, Mexico (4)(6)
100%
121,700
0.37%
1,000
142,800
0.28%
900
264,500
0.32%
1,900
73%
288,500
0.33%
2,090
Peñasquito Stockpiles, Mexico
(4)(5)(6)
100%
2,000
0.32%
—
24,500
0.38%
200
26,500
0.37%
200
73%
28,000
0.33%
200
Total Lead
123,700
0.37%
1,000
167,300
0.30%
1,100
291,000
0.33%
2,100
73%
316,500
0.33%
2,300
(1)
Lead reserves for 2023 and 2022 were
estimated at a lead price of $1.00 per pound. Amounts presented may
not recalculate in total due to rounding.
(2)
Tonnages include allowances for losses
resulting from mining methods. Tonnages are rounded to nearest
100,000.
(3)
Pounds 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.
Pounds may not recalculate as they are rounded to the nearest 100
million in 2023 and nearest 10 million in 2022.
(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 pounds exceed 100 million and are greater than 5%
of the total site-reported reserves.
(6)
Amounts presented herein have been rounded
to the nearest 100 million for pounds and 100,000 for tonnes and
therefore may not agree to the respective Technical Report
Summaries provided for certain properties as provided under exhibit
96.
Lead Resources (1)(2) -
December 31, 2023
Measured Resource
Indicated Resource
Measured and Indicated
Resource
Inferred Resource
Deposits/Districts
Newmont Share
Tonnage (000 tonnes)
Grade (Pb %)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (Pb %)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (Pb %)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (Pb %)
Pounds (3) (millions)
Metallurgical Recovery (3)
Peñasquito, Mexico (4)
100%
37,400
0.28%
200
157,300
0.24%
800
194,700
0.24%
1,000
22,800
0.23%
100
72%
Telfer Projects, Australia (5)
100%
—
—%
—
51,700
0.30%
300
51,700
0.30%
300
1,900
0.24%
—
89%
Total Lead
37,400
0.28%
200
209,100
0.25%
1,200
246,500
0.26%
1,400
24,700
0.23%
100
76%
Lead Resources (1)(2) -
December 31, 2022
Measured Resource
Indicated Resource
Measured and Indicated
Resource
Inferred Resource
Deposits/Districts
Newmont Share
Tonnage (000 tonnes)
Grade (Pb %)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (Pb %)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (Pb %)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (Pb %)
Pounds (3) (millions)
Metallurgical Recovery (3)
Peñasquito, Mexico
100%
47,400
0.26%
270
263,500
0.23%
1,360
311,000
0.24%
1,630
84,700
0.23%
440
72%
Total Lead
47,400
0.26%
270
263,500
0.23%
1,360
311,000
0.24%
1,630
84,700
0.23%
440
72%
(1)
Resources are reported exclusive of
reserves.
(2)
Resources are estimated at a lead price of
$1.20 per pound for 2023 and 2022. Tonnage amounts have been
rounded to the nearest 100,000.
(3)
Pounds 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.
Pounds may not recalculate as they are rounded to the nearest 100
million in 2023 and nearest 10 million in 2022.
(4)
Amounts presented herein have been rounded
to the nearest 100 million for pounds and 100,000 for tonnes and
therefore may not agree to the respective Technical Report
Summaries provided for certain properties.
(5)
Site acquired through the Newcrest
transaction. Lead resources at sites acquired through the Newcrest
transaction were estimated at a lead price of $1.07 per pound.
Zinc Reserves (1)
December 31, 2023
December 31, 2022
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Deposits/Districts
Newmont Share
Tonnage (2) (000 tonnes)
Grade (Zn %)
Pounds (3) (millions)
Tonnage (2) (000 tonnes)
Grade (Zn %)
Pounds (3) (millions)
Tonnage (2) (000 tonnes)
Grade (Zn %)
Pounds (3) (millions)
Metallurgical Recovery (3)
Tonnage (2) (000 tonnes)
Grade (Zn %)
Pounds (3) (millions)
Peñasquito Open Pits, Mexico (4)(6)
100%
121,700
0.95%
2,500
142,800
0.66%
2,100
264,500
0.79%
4,600
82%
288,500
0.82%
5,240
Peñasquito Stockpiles, Mexico
(4)(5)(6)
100%
2,000
0.66%
—
24,500
0.52%
300
26,500
0.53%
300
82%
28,000
0.47%
290
Total Zinc
123,700
0.94%
2,600
167,300
0.63%
2,300
291,000
0.77%
4,900
82%
316,500
0.79%
5,540
(1)
Zinc reserves for 2023 and 2022 were
estimated at a zinc price of $1.20 per pound. Amounts presented may
not recalculate in total due to rounding.
(2)
Tonnages include allowances for losses
resulting from mining methods. Tonnages are rounded to nearest
100,000.
(3)
Pounds 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.
Pounds may not recalculate as they are rounded to the nearest 100
million in 2023 and nearest 10 million in 2022.
(4)
Zinc cut-off grade varies with level of
gold, silver, and lead 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 pounds exceed 100 million and are greater than 5%
of the total site-reported reserves.
(6)
Amounts presented herein have been rounded
to the nearest 100 million for pounds and 100,000 for tonnes and
therefore may not agree to the respective Technical Report
Summaries provided for certain properties as provided under exhibit
96.
Zinc Resources (1)(2) -
December 31, 2023
Measured Resource
Indicated Resource
Measured and Indicated
Resource
Inferred Resource
Deposits/Districts
Newmont Share
Tonnage (000 tonnes)
Grade (Zn %)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (Zn %)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (Zn %)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (Zn %)
Pounds (3) (millions)
Metallurgical Recovery (3)
Peñasquito, Mexico (4)
100%
37,400
0.69%
600
157,300
0.59%
2,000
194,700
0.61%
2,600
22,800
0.57%
300
81%
Telfer Projects, Australia (5)
100%
—
—%
—
51,700
0.63%
700
51,700
0.63%
700
1,900
0.47%
—
78%
Total Zinc
37,400
0.69%
600
209,100
0.60%
2,800
246,500
0.61%
3,300
24,700
0.56%
300
80%
Zinc Resources (1)(2) -
December 31, 2022
Measured Resource
Indicated Resource
Measured and Indicated
Resource
Inferred Resource
Deposits/Districts
Newmont Share
Tonnage (000 tonnes)
Grade (Zn %)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (Zn %)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (Zn %)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (Zn %)
Pounds (3) (millions)
Metallurgical Recovery (3)
Peñasquito, Mexico
100%
47,400
0.62%
650
263,500
0.53%
3,080
311,000
0.54%
3,740
84,700
0.53%
1,000
81%
Total Zinc
47,400
0.62%
650
263,500
0.53%
3,080
311,000
0.54%
3,740
84,700
0.53%
1,000
81%
(1)
Resources are reported exclusive of
reserves.
(2)
Resources are estimated at a zinc price of
$1.45 per pound for 2023 and 2022. Tonnage amounts have been
rounded to the nearest 100,000.
(3)
Pounds 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.
Pounds may not recalculate as they are rounded to the nearest 100
million in 2023 and nearest 10 million in 2022.
(4)
Amounts presented herein have been rounded
to the nearest 10 million for pounds and 100,000 for tonnes and
therefore may not agree to the respective Technical Report
Summaries provided for certain properties.
(5)
Site acquired through the Newcrest
transaction. Zinc resources at sites acquired through the Newcrest
transaction were estimated at a zinc price of $1.15 per pound.
Molybdenum Reserves
(1)
December 31, 2023
December 31, 2022
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Deposits/Districts
Newmont Share
Tonnage (2) (000 tonnes)
Grade (Mo %)
Pounds (3) (millions)
Tonnage (2) (000 tonnes)
Grade (Mo %)
Pounds (3) (millions)
Tonnage (2) (000 tonnes)
Grade (Mo %)
Pounds (3) (millions)
Metallurgical Recovery (3)
Tonnage (2) (000 tonnes)
Grade (Mo %)
Pounds (3) (millions)
NuevaUnión, Chile (4)(5)
50%
—
—%
—
776,900
0.02%
300
776,900
0.02%
300
48%
776,900
0.02%
270
Total Cadia, Australia (6)(7)(8)
100%
—
—%
—
1,085,100
0.01%
200
1,085,100
0.01%
200
72%
—
—%
—
Total Molybdenum
—
—%
—
1,862,000
0.01%
500
1,862,000
0.01%
500
55%
776,900
0.02%
270
(1)
Molybdenum reserves, at sites in which
Newmont is the operator, for 2023 were estimated at a molybdenum
price of $8.00 per pound. Reserves for NuevaUnión are estimated
based on a molybdenum price set by NuevaUnión joint venture.
Amounts presented may not recalculate in total due to rounding.
(2)
Tonnages include allowances for losses
resulting from mining methods. Tonnages are rounded to nearest
100,000.
(3)
Pounds 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.
Pounds may not recalculate as they are rounded to the nearest 100
million in 2023 and nearest 10 million in 2022.
(4)
Project is currently undeveloped. Reserve
estimates provided by the NuevaUnión joint venture.
(5)
Currently included in Corporate and Other
which includes the Company's business activities relating to its
corporate and regional offices and all equity method
investments.
(6)
Molybdenum cut-off grade varies with level
of gold, silver, and copper credits.
(7)
Amounts presented herein have been rounded
to the nearest 100 million for pounds and 100,000 for tonnes and
therefore may not agree to the respective Technical Report
Summaries provided for certain properties.
(8)
Site acquired through the Newcrest
transaction.
Molybdenum Resources (1)(2) -
December 31, 2023
Measured Resource
Indicated Resource
Measured and Indicated
Resource
Inferred Resource
Deposits/Districts
Newmont Share
Tonnage (000 tonnes)
Grade (Mo %)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (Mo %)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (Mo %)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (Mo %)
Pounds (3) (millions)
Metallurgical Recovery (3)
NuevaUnión, Chile (4)
50%
159,500
0.01%
—
231,500
0.01%
—
391,000
0.01%
100
362,300
0.01%
100
52%
Cadia, Australia (5)(6)
100%
—
—%
—
1,515,400
0.01%
200
1,515,400
0.01%
200
497,000
—%
—
72%
Total Molybdenum
159,500
0.01%
—
1,746,900
0.01%
200
1,906,400
0.01%
200
859,400
0.01%
100
60%
Molybdenum Resources (1)(2) -
December 31, 2022
Measured Resource
Indicated Resource
Measured and Indicated
Resource
Inferred Resource
Deposits/Districts
Newmont Share
Tonnage (000 tonnes)
Grade (Mo %)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (Mo %)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (Mo %)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (Mo %)
Pounds (3) (millions)
Metallurgical Recovery (3)
NuevaUnión, Chile (4)
50%
159,500
0.01%
20
231,500
0.01%
40
391,000
0.01%
70
362,300
0.01%
100
52%
Total Molybdenum
159,500
0.01%
20
231,500
0.01%
40
391,000
0.01%
70
362,300
0.01%
100
52%
(1)
Resources are reported exclusive of
reserves.
(2)
Resources, at sites in which Newmont is
the operator, are estimated at a molybdenum price of $10.00 per
pound for 2023. Resources for NuevaUnión are estimated based on a
molybdenum price set by NuevaUnión joint venture. Tonnage amounts
have been rounded to the nearest 100,000.
(3)
Pounds 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.
Pounds may not recalculate as they are rounded to the nearest 100
million in 2023 nearest 10 million in 2022.
(4)
Project is currently undeveloped. Resource
estimates provided by NuevaUnión joint venture.
(5)
Amounts presented herein have been rounded
to the nearest 100 million for pounds and 100,000 for tonnes and
therefore may not agree to the respective Technical Report
Summaries provided for certain properties.
(6)
Site acquired through the Newcrest
transaction.
Tungsten Resources (1)(2) -
December 31, 2023
Measured Resource
Indicated Resource
Measured and Indicated
Resource
Inferred Resource
Deposits/Districts
Newmont Share
Tonnage (000 tonnes)
Grade (W %)
Pounds (3) (millions)
Tonnage
(000 tonnes)
Grade (W %)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (W %)
Pounds (3) (millions)
Tonnage (000 tonnes)
Grade (W %)
Pounds (3) (millions)
Metallurgical Recovery (3)
Telfer Projects, Australia (4)
100%
—
—%
—
51,700
0.35%
400
51,700
0.35%
400
1,900
0.4%
—
74%
Total Tungsten
—
—%
—
51,700
0.35%
400
51,700
0.35%
400
1,900
0.4%
—
74%
(1)
Resources are reported exclusive of
reserves.
(2)
Resources are estimated at a tungsten
price of $16.00 per pound for 2023. Tonnage amounts have been
rounded to the nearest 100,000.
(3)
Pounds 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.
Pounds may not recalculate as they are rounded to the nearest 100
million.
(4)
Site acquired through the Newcrest
transaction.
Cautionary Statement Regarding Reserve
and Resource Estimates:
The reserves stated herein were prepared in compliance with
Subpart 1300 of Regulation S-K adopted by the United States
Securities and Exchanges Commission ("the SEC") and represent the
amount of gold, copper, silver, lead, zinc, molybdenum and tungsten
estimated, at December 31, 2023, could 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 at a minimum, a pre-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 (or our joint
venture partners) 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 (or our joint venture
partners') current mine plans. Reserves in this presentation are
aggregated from the proven and probable classes. The term “Proven
reserves” used in the tables of the appendix means reserves for
which (a) quantity is estimated from dimensions revealed in
outcrops, trenches, workings or drill holes; (b) grade and/or
quality are estimated 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 estimated 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, molybdenum or tungsten attributable to
Newmont’s ownership or economic interest. Proven and Probable
reserves were calculated using cut-off grades. The term “cutoff
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 or tungsten extraction and type of milling or
leaching facilities available.
Estimates of Proven and Probable reserves are subject to
considerable uncertainty. Such estimates are, or will be, to a
large extent, based on the prices of gold, silver, copper, zinc,
lead, molybdenum and tungsten and interpretations of geologic data
obtained from drill holes and other exploration techniques, which
data may not necessarily be indicative of future results. If our
reserve estimations are required to be revised using significantly
lower gold, silver, zinc, copper, lead, molybdenum and tungsten
prices as a result of a decrease in commodity prices, increases in
operating costs, reductions in metallurgical recovery or other
modifying factors, this could result in material write-downs of our
investment in mining properties, goodwill and increased
amortization, reclamation and closure charges. Producers use
pre-feasibility and feasibility studies for undeveloped ore bodies
to derive estimates of capital and operating costs based upon
anticipated tonnage and grades of ore to be mined and processed,
the predicted configuration of the ore body, expected recovery
rates of metals from the ore, the costs of comparable facilities,
the costs of operating and processing equipment and other factors.
Actual operating and capital cost and economic returns on projects
may differ significantly from original estimates. Further, it may
take many years from the initial phases of exploration until
commencement of production, during which time, the economic
feasibility of production may change. 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 of all of the Inferred
resource exists or is economically or legally mineable. The Company
cannot be certain that any part or parts of the resource will ever
be converted into reserves. In addition, if the price of gold,
silver, copper, zinc, lead, molybdenum or tungsten declines from
recent levels, if production costs increase, grades decline,
recovery rates decrease or if applicable laws and regulations are
adversely changed, the indicated level of recovery may not be
realized or mineral reserves or resources might not be mined or
processed profitably. If we determine that certain of our mineral
reserves or resources have become uneconomic, this may ultimately
lead to a reduction in our aggregate reported mineral reserves and
resources. Consequently, if our actual mineral reserves and
resources are less than current estimates, our business, prospects,
results of operations and financial position may be materially
impaired. For additional information see the “Proven and Probable
Reserve" and "Measured and Indicated and Inferred Resource" tables
herein.
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, reserve estimates, exploration outlook and
expected expenditure, 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”. Such assumptions, include, but are
not limited to the key assumptions set forth on page 4 hereof.
Investors are also encouraged to refer to the Company’s Form 10-K
for its fiscal year 2022, filed with the SEC on February 23, 2023,
as updated by the current report on Form 8-K filed with the SEC on
July 20, 2023, Form 10-Q for the quarterly period ended September
30, 2023, filed with the SEC on October 26, 2023 as well as
Newmont's other SEC filings, including the definitive proxy
statement filed with the SEC on September 5, 2023, 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.
Investors are also encouraged to review our Form 10-K expected
to be filed on, or about, February 27, 2024.
About Newmont
Newmont is the world’s leading gold company and a producer of
copper, zinc, lead, and silver. The company’s world-class portfolio
of assets, prospects and talent is anchored in favorable mining
jurisdictions in Africa, Australia, Latin America & Caribbean,
North America, and Papua New Guinea. 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.
Newmont is an industry leader in value creation, supported by
robust safety standards, superior execution, and technical
expertise. Founded in 1921, the company has been publicly traded
since 1925.
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version on businesswire.com: https://www.businesswire.com/news/home/20240222480917/en/
Media Contact Jennifer Pakradooni
globalcommunications@newmont.com
Investor Contact - Global Neil
Backhouse investor.relations@newmont.com
Investor Contact - Asia Pacific
Christopher Maitland apac.investor.relations@newmont.com
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