Australian growth drives Newmont to company record

The Boddington mine.

Newmont has achieved the largest gold mineral reserves in the company’s history, thanks to expansion at its Australian operations.

The company boasts gold reserves of 100.2 million attributable ounces for 2019, a 53 per cent increase from 65.4 million ounces in 2018.

Eighty eight per cent of these are located in America and Australia, which is underpinned by a strong base at the Boddington and Tanami mines in Western Australia.

The Tanami project added 1.5 million ounces of gold reserves, 1.1 million ounces of measured and indicated gold resources and 1.6 million ounces of inferred resource.

“Newmont has the largest gold reserve base in the industry underpinned by our world-class ore bodies in top tier jurisdictions,” Newmont president Tom Palmer said.

“In 2019, we added almost 50 million ounces of gold reserves through the acquisition of Goldcorp, formation of the Nevada Gold Mines joint venture and the continuation of our leading exploration program.

“Our reserve and resource base will support stable production of more than six million ounces per annum for decades to come.”

Newmont’s Australian jurisdictions host a reserve life of more than 10 years, with the Boddington mine boasting a mine life of 14 years and the Tanami mine 12 years.

The company also added 42.2 million net ounces of gold reserves through its acquisition of Goldcorp and formation of the Nevada Gold Mines joint venture.

Newmont plans to invest around 20 per cent of its exploration expenditure this year, totalling $US230 million ($342.3 million) in Australia.

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