18 Feb Newmont gold reserves in 2019 largest in company history
Newmont increased its gold reserves by 53% in 2019 to 100.2 million attributable ounces (Moz), following the completion of two major transactions and through ongoing global exploration success.
Last year, the US gold giant added almost 50 Moz of gold reserves through the acquisition of Goldcorp, the formation of the Nevada Gold Mines joint venture and the continuation of its exploration programme.
In more than doubling its gold reserves of 65.4 million ounces in 2018, Newmont currently boasts the largest reserves in its 100+ year history and lays claim to being the world’s largest gold miner.
“Newmont has the largest gold reserve base in the industry underpinned by our world-class ore bodies in top tier jurisdictions,” said Newmont president and CEO Tom Palmer. “Our reserve and resource base will support stable production of more than 6 Moz per annum for decades to come.”
Approximately 88% of Newmont’s reserves are located in tier 1 locations in the Americas and Australia – a point which the company believes to be a key differentiator.
The company said it would this year invest about 30% of its US$230 million exploration budget in North America, 25% in South America, 20% in Australia, and the remainder in Africa and other locations.