Newmont Corp. reported higher gold mineral reserves of 96.1 million attributable ounces (oz) for 2022 compared to the company’s 92.8 million oz at the end of 2021. Newmont has a significant upside to other metals, including more than 15 billion lb of copper reserves and nearly 600 million oz of silver reserves.
“In 2022, Newmont replaced depletion and grew reserves by nearly 4% as we continued to focus on extending mine life, developing districts and discovering new opportunities in the most favorable mining jurisdictions,” said Tom Palmer, president and CEO, Newmont Corp. “Our diverse, global portfolio of operations and projects will deliver steady production for at least the next decade, leading the industry with approximately 6 million oz/y of gold. Supported by the most extensive exploration program in the industry, our team is actively building a profitable and resilient production pipeline for the next several decades.”
More than 90% of Newmont’s gold reserves are located in top-tier jurisdictions. These deposits have an average reserve grade of 1.09 grams per metric ton. Six of the managed sites have an operating reserve life of more than 10 years and two non-managed joint ventures, such as Nevada Gold Mines (NGM), has significant upside potential from a robust project pipeline.
The company added 8.6 million oz in 2022. More than half (4.4 million attributable oz) came from another non-managed property, the Pueblo Viejo mine in the Dominican Republic. Another 2.8 million oz was derived from exploration at Newmont’s managed operations. Plus, the company’s ownership increase to 100% of the Yanacocha mine in Peru added 3.1 million oz.
Other notable reserve additions for the year from Newmont’s operating sites include:
- Cerro Negro in Argentina added 800,000 oz primarily due to drilling in the Eastern Districts;
- Merian added 500,000 oz in attributable ounces in Suriname primarily due to drilling at the Merian 2 open pit;
- Tanami added 400,000 oz primarily due to drilling at Liberator and Auron;
- Ahafo North added 200,000 oz primarily due to drilling; and
- Newmont’s 38.5% interest in NGM added 1.4 million attributable oz.
The reserve report wasn’t all roses and butterflies. Net unfavorable revisions include 500,000 oz at Yanacocha due to updated models, technical assumptions and revised mine designs, as well as 200,000 oz at Merian and Éléonore due to revised technical assumptions and costs. Additional net negative revisions of 700,000 oz were attributable to NGM, mainly at Turquoise Ridge and Carlin. Negative revisions were partially offset by favorable revisions of 500,000 oz at Pueblo Viejo.
