08 May Newmont Goldcorp to produce 7% of the world’s gold in 2019
Newmont Goldcorp is expected to produce 8.4 million ounces of gold in 2019, equating to 7.1% of total global output, after becoming the world’s largest gold producer through the recent merger with Goldcorp.
The new gold giant’s main rival, and JV partner in the Nevada goldfields, Barrick Gold has been estimated to produce 5.6 million ounces this year, while Kinross Gold should produce 2.8 million ounces, according to latest figures from GlobalData.
Newmont’s total gold production will come from 29 mines currently in operation around the world, compared to Barrick’s 21 operating gold mines and the 13 sites owned by Kinross. Newmont is also currently advancing another 15 projects.
However, after completing the US$10 million takeover of Goldcorp earlier this year, Newmont is expected to announce the sale of between $1 billion and $1.5 billion in assets over the next two years.
Until then, most of the company’s operations will be in the Americas (72%), with Canada and the US collectively accounting for 67.5% of its total assets, followed by Australia (18%), Peru (6%), and Argentina (3.6%).