Newmont Corp. reported gold mineral reserves of 94.2 million attributable ounces (oz) for 2020 as compared to the company’s adjusted 95.7 million oz at the end of 2019. Newmont exceeded its 2020 conversion target by replacing 80% of all depletion and maintaining its industry-leading position with the largest gold reserves.
“As the world’s leading gold company, Newmont has an exceptional history of exploration success and a track record of consistently delivering on our commitments,” President and CEO Tom Palmer said. “In 2020, we added 6 million oz of gold reserves overcoming the challenges of an unprecedented year. Newmont’s ability to replace reserves is underpinned by our disciplined operating model and world-class portfolio, which will support stable production for decades to come.”
Newmont said its reserve base has more than 90% of gold reserves located in top-tier jurisdictions, an operating reserve life of more than 10 years and average reserve grade of 1.03 grams per metric ton (g/mt).
In addition, Newmont has substantial exposure to other metals, with nearly 65 million gold equivalent oz from copper, silver, zinc, lead and molybdenum.
Depletion of 7.5 million oz was largely replaced by additions before revisions of 4.9 million oz and net revisions of 1.1 million oz primarily from mine plan improvements. Additions before revisions of 4.9 million oz through exploration met the company’s target despite challenges created by the pandemic with travel restrictions and additional safety protocols. Ahafo added 800,000 oz from drilling at Subika Underground. Tanami added 600,000 oz from additional drilling at Auron and Federation. Merian added 600,000 equity oz primarily through drilling at the Merian No. 2 open pit. Nevada Gold Mines added 800,000 equity oz and Pueblo Viejo added 700,000 equity oz.
Favorable net revisions include 1.7 million oz at Boddington due to the conversion of a layback in the North Open Pit from resource to reserve, partially offset by net negative revision at NGM of 400,000 oz and revisions at Ahafo, Cripple Creek & Victor (CC&V), and Musselwhite from mine model and design updates.