Newmont Corporation increased its gold reserves by six million ounces to 94.2 million during 2020 despite facing the challenge of the COVID-19 pandemic.
The company’s gold reserves have once again set the bar for the highest in the industry,
replacing 80 per cent of its reserves depletion, which was above target.
Newmont’s 2020 reserves were slightly lower than the 95.7 million ounces recorded in 2019.
The company stated this was due to divestments of its interest in the Kalgoorlie Consolidated Gold Mines in Western Australia and Red Lake mine in Canada.
The company also leads in its gold reserves per share at 117 ounces per 1000 shares.
Australia holds 20 per cent of Newmont’s gold reserves, with other reserves in North America (35 per cent), South America (33 per cent) and Africa (12 per cent).
Newmont president and chief executive officer Tom Palmer said the company has shown resilience in the face of uncertainty.
“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,” he said.
“In 2020, we added six million ounces 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 has a measured & indicated gold mineral resources 69.6 million ounces, with 31.6 million ounces of inferred gold mineral resources.
The company’s 2021 exploration expenditure is anticipated to be around $215 million, with 20 per cent of the investment targeting Australia.