Newmont backs Australian operations in 100th year

Tanami mine. Image: Newmont Mining

As Newmont prepares to celebrate its centenary year in May, the company has refreshed its brand, name and logo.

Following Newmont’s 100 years of success, the company is saying goodbye to Newmont Goldcorp and rebranded to Newmont Corporation.

The new logo features the gold triangle from its previous logo, paying homage to Newmont’s history and representing the apex of the industry and its leadership within it.

Newmont also put a significant end to the decade and era of its brand with the finalised sale of its 50 per cent stake in the Super Pit to Northern Star Resources.

The sale, which saw Newmont receive cash proceeds of $US800 million ($1.16 billion), was one of two historic transactions for the company in 2019. Newmont also sold the Red Lake Gold Complex in Canada to Evolution Mining for $US375 million.

President and chief executive officer Tom Palmer said Newmont’s ability to change had been the hallmark of its success during the past 100 years, so updating the brand to reflect the company’s vision for the next 100 years was the natural next step.

“While our proven strategy and core values remain key to our ongoing success, we’ve adapted our brand to reflect our position as a transformed business and the world’s leading gold company,” Palmer said.

“(The) two historic transactions in 2019 have transformed Newmont into a truly international organisation with an unmatched portfolio of assets and prospects in top-tier jurisdictions around the world.”

Australia remains a strong operating region for the company as it focusses on the future of the Boddington and Tanami operations in Western Australia and the Northern Territory respectively.

The sale of the Super Pit allows Newmont to invest in their profitable growth and long-term value creation.

Newmont set a production guidance of 1.2 million ounces at an all-in sustaining cost (AISC) of $US700 per ounce across its Australian operations for 2020.

The gold miner looks to increase this to 1.5 million ounces at an AISC of $US500–$600 within the next three years.

Newmont expects its 2020 global production to reach 6.4 million ounces at an AISC of $US975 per ounce, which it aims to lower to $US850–$950 by 2021.

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