Newmont Announces 2023 Mineral Reserves for Integrated Company of 136 Million Gold Ounces with Robust Copper Optionality of 30 Billion Pounds
Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) reported higher gold Mineral Reserves ("reserves") of 135.9 million attributable ounces for 2023 compared to the Company’s 96.1 million ounces at the end of 2022. Newmont has significant upside to other metals, including more than 30 billion pounds of copper reserves and nearly 600 million ounces of silver reserves.
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Percentage of Gold Reserves by Jurisdiction (Graphic: Business Wire)
"Newmont has strengthened its position as the responsible gold leader with the industry's highest concentration of quality operations, reserves and resources," said Tom Palmer, Newmont's President and Chief Executive Officer. "In 2023, we added more than 47 million ounces of gold reserves and 14 billion pounds of copper reserves through the acquisition of Newcrest and the continuation of our industry-leading exploration program. With the largest gold and copper reserve base in the industry, Newmont is well-positioned to deliver stable production and meaningful value to stakeholders today and in the future."
2023 Reserves & Resources Highlights
Robust gold reserves of 135.9 million ounces Newcrest acquisition accounted for net addition of 44 million ounces of gold reserves in 2023 (net of revisions) Nearly all gold and copper reserves and resources are attributable to the Newmont Tier 1 Portfolio1 Underpinned by a strong base of operating sites with gold reserve life of 10 years or more, including Boddington, Lihir, Cadia, Tanami, Ahafo, Merian, Pueblo Viejo and Nevada Gold Mines (NGM), and further enhanced by Newmont's broader portfolio and organic project pipeline Measured & Indicated Gold Mineral Resources of 104.8 million ounces and Inferred Resources of 69.1 million ounces Significant exposure to copper with 30.1 billion pounds in reserves, 33.1 billion pounds in Measured & Indicated resources and 24.0 billion pounds in Inferred resources; nearly all copper reserves and resources are attributable to the Newmont Tier 1 Portfolio1 Additional exposure to other metals including silver, lead, zinc, and molybdenumPercentage of Gold Reserves by Jurisdiction2
Newmont’s reserve base is a key differentiator with an average reserve grade of 0.97 grams per tonne and an operating reserve life of more than ten years at six managed sites and two non-managed joint ventures, with significant upside potential from a robust organic project pipeline. In addition, Newmont has substantial exposure to other metals, with 112 million gold equivalent ounces3 of reserves from copper, silver, lead, zinc, and molybdenum.
PROVEN AND PROBABLE GOLD RESERVES1 In thousands of ounces 2022 Gold Reserves96.1
Additions
2.8
Acquisitions4
55.9
Net Revisions
(11.6
)
Depletion(7.3
)
2023 Gold Reserves135.9
For 2023, Newmont reported 135.9 million ounces of gold Mineral Reserves, a 41 percent increase from the prior year total of 96.1 million ounces. The acquisition of Newcrest drove the increase by adding a net 44.3 million ounces after revisions, primarily due to changes in regulatory requirements and technical assumptions.
The gold reserve increases were primarily driven by Lihir and Cadia acquired in the Newcrest transaction; notably,
Lihir added 17.5 million ounces of reserves, with a projected mine life of 16 years Cadia added 14.7 million ounces of reserves, with a projected mine life of 34 yearsThese increases were supported by over 3 million ounces at the Brucejack mine, over 5 million ounces at the Wafi-Golpu project and nearly 4 million ounces the Red Chris project.
Newmont’s legacy sites had additions through drilling of 2.2 million ounces, which were offset by net negative revisions of 1.8 million ounces driven by Peñasquito, Tanami, Musselwhite and Ahafo. Peñasquito site had net negative revisions of 0.6 million ounces, before depletion, primarily due to an updated resource model that will further support future production planning. Sites including Éléonore, Porcupine, Cerro Negro and Merian substantially replaced depletion.
Newmont’s 38.5 percent interest in NGM represented 18.3 million attributable ounces of gold reserves at year end, compared to 18.6 million ounces at the end of 2022. Newmont's 40 percent interest in Pueblo Viejo represented 8.0 million attributable ounces of gold reserves at year end, compared to 8.2 million ounces at the end of 2022.
Gold reserve grade decreased 10 percent to 0.97 grams per tonne compared to 1.09 grams per tonne in the prior year, primarily due to the lower grade of the acquired Newcrest assets.
GOLD RESOURCES5
In thousands of ounces 2022 Gold Resources111.5
Additions
5.8
Acquisitions4
74.6
Net Revisions
(11.9
)
Conversions(6.1
)
2023 Gold Resources173.9
In 2023, Newmont reported Measured and Indicated Gold Mineral Resources of 104.8 million ounces, a 39 percent increase from the prior year total of 75.3 million ounces. Inferred Gold Mineral Resources totaled 69.1 million ounces, a 91 percent increase from the prior year total of 36.1 million ounces. The Newcrest acquisition added a total of 66.1 million ounces of resource growth to the Newmont portfolio, with reported Measured and Indicated Gold Mineral Resources of 32.3 million ounces and Inferred Gold Mineral Resources of 33.8 million ounces.
Total Mineral Resources at Newmont's legacy sites were largely unchanged from 2022, with 90.4 million ounces in 2023 compared to 92.3 million ounces in 2022. Significant growth in resources was supported by the acquisition of the Tier 1 assets at Cadia and Lihir, with the addition of 20.6 and 20.2 million ounces, respectively. The newly acquired projects of Wafi-Golpu, Namosi and Red Chris contributed nearly 17 million ounces of total resources.
Total Mineral Resources at Tanami increased by approximately 1.0 million ounces due to the addition of the Oberon Underground project. Total Mineral Resources at Peñasquito decreased by 2.2 million ounces due to the updated resource model and technical assumptions that resulted in the removal of a resource layback at the Peñasco pit. The layback could come back into Mineral Resources pending additional optimization work, including cost reductions, metallurgical recovery enhancements and metal price increases.
Newmont’s Measured and Indicated Gold Mineral Resource grade decreased to 0.57 grams per tonne compared to 0.67 grams per tonne in the prior year. Inferred Gold Mineral Resource grade of 0.6 grams per tonne decreased compared to 0.7 grams per tonne in the prior year.
OTHER METALS
In 2023, copper reserves and resources increased significantly, primarily due to the addition of the assets acquired in the Newcrest transaction, particularly Cadia, Wafi-Golpu and Red Chris. Copper reserves increased to 30.1 billion pounds from 15.7 billion pounds in the prior year, with a 20 percent increase in reserve grade from 0.29% in 2022 to 0.35% in 2023. Measured and Indicated copper resources increased to 33.1 billion pounds from 17.9 billion pounds. Inferred copper resources increased to 24.0 billion pounds from 8.6 billion pounds.
Silver reserves were largely stable at 596 million ounces compared to 593 million ounces in the prior year, primarily due to the addition of the assets acquired in the Newcrest transaction, specifically Brucejack and Cadia, which offset depletion and negative revisions at Peñasquito as a result of the updated resource model. Silver resources decreased during the year due to the impact of the negative revisions at Peñasquito, which were partially offset by the Newcrest asset additions. Measured and Indicated silver resources decreased to 457 million ounces from 500 million ounces in the prior year. Inferred silver resources decreased to 108 million ounces from 152 million ounces in the prior year.
Lead and zinc reserves and resources were impacted by the updated resource model at Peñasquito. Lead reserves decreased to 2.1 billion pounds from 2.3 billion pounds, Measured and Indicated lead resources decreased to 1.4 billion pounds from 1.6 billion pounds, and Inferred lead resources decreased to 100 million pounds from 440 million pounds in the prior year. Zinc reserves decreased to 4.9 billion pounds from 5.5 billion pounds, Measured and Indicated zinc resources decreased to 3.3 billion pounds from 3.7 billion pounds, and Inferred zinc resources decreased to 0.3 billion pounds from 1.0 billion pounds in the prior year.
Molybdenum reserves of 500 million pounds were declared in the current year due to the addition of the operating site at Cadia. Measured and Indicated molybdenum resources increased to 200 million pounds, with Inferred molybdenum resources of 100 million pounds.
NOTES ON NEWMONT’S DECLARATION
Newmont has reported the assets acquired in the Newcrest transaction in accordance with the Securities and Exchange Commission’s (SEC’s) rule S-K 1300 which has different requirements than those in the Joint Ore Reserves Committee (JORC) 2012 guidance, which was the ruling the assets were previously declared under. These differences include a requirement to report only the attributable portion of the company’s Mineral Reserves and Mineral Resources and to report Mineral Resources as Exclusive of Reserves, whereas the previous declaration of Mineral Resources were at 100% and included the metal also declared as Mineral Reserves.
EXPLORATION OUTLOOK
Newmont’s attributable exploration expenditure for managed operations is expected to be approximately $270 million in 2024 with 70 percent of total exploration investment dedicated to near-mine expansion programs and brownfields and the remaining 30 percent allocated to the advancement of greenfield projects.
Additionally, Newmont’s share of exploration investment for its non-managed operations is expected to be approximately $30 million, for a total consolidated exploration expense outlook of $300 million for 2024.
Geographically, the Company expects to invest approximately 27 percent in North America, 22 percent in Australia, 21 percent in South America and the remainder in Papua New Guinea, Africa and other locations.
GOLD RESERVE SENSITIVITY
A $100 increase in gold price would result in an approximate 5 percent increase in gold reserves while a $100 decrease in gold price would result in an approximate 6 percent decrease in gold reserves. These sensitivities assume an oil price of $75 per barrel (WTI), Australian dollar exchange rate of $0.70 and Canadian dollar exchange rate of $0.75. These sensitivities assume all other inputs remain equal, including all cost and capital assumptions, which may also have a material impact on these approximate estimates.
KEY RESERVE AND RESOURCE ASSUMPTIONS6
At December 31,
2023
2022
Gold Reserves ($/oz)
$1,400
$1,400
Gold Resources ($/oz)
$1,600
$1,600
Copper Reserves ($/lb)
$3.50
$3.50
Copper Resources ($/lb)
$4.00
$4.00
Silver Reserves ($/oz)
$20.00
$20.00
Silver Resources ($/oz)
$23.00
$23.00
Lead Reserves ($/lb)
$1.00
$1.00
Lead Resources ($/lb)
$1.20
$1.20
Zinc Reserves ($/lb)
$1.20
$1.20
Zinc Resources ($/lb)
$1.45
$1.45
Molybdenum Reserves ($/lb)
$8.00
—
Molybdenum Resources ($/lb)
$10.00
—
Tungsten Resources ($/lb)
$16.00
—
Australian Dollar (A$:US$)
$0.70
$0.75
Canadian Dollar (C$:US$)
$0.75
$0.80
West Texas Intermediate ($/bbl)
$75.00
$85.00
For additional details on Newmont’s reported gold, copper, silver, lead, zinc, molybdenum and tungsten Mineral Reserves and Mineral Resources, please refer to the tables at the end of this release.
_________________________1 Newmont’s go-forward portfolio is focused on Tier 1 assets, consisting of (1) six managed Tier 1 assets (Boddington, Tanami, Cadia, Lihir, Peñasquito and Ahafo), (2) assets owned through two non-managed joint ventures at Nevada Gold Mines and Pueblo Viejo, including four Tier 1 assets (Carlin, Cortez, Turquoise Ridge and Pueblo Viejo), (3) three emerging Tier 1 assets (Merian, Cerro Negro and Yanacocha), which do not currently meet the criteria for Tier 1 Asset, and (4) an emerging Tier 1 district in the Golden Triangle in British Columbia (Red Chris and Brucejack), which does not currently meet the criteria for Tier 1 Asset. Newmont’s Tier 1 portfolio also includes attributable production from the Company’s equity interest in Lundin Gold (Fruta del Norte). Tier 1 Portfolio cost and capital metrics include the proportional share of the Company’s interest in the Nevada Gold Mines Joint Venture.
2 North America includes 38.5 percent interest in Nevada Gold Mines; South America includes Newmont's 40 percent interest in Pueblo Viejo.
3 Gold Equivalent Ounces (GEOs) are calculated using 2023 Mineral Reserve pricing for Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.), Zinc ($1.20/lb.) and Molybdenum ($8.00/lb.) and Resource pricing for Gold ($1,600/oz.), Copper ($4.00/lb.), Silver ($23.00/oz.), Lead ($1.20/lb.), Zinc ($1.45/lb.), Molybdenum ($10.00/lb.), Tungsten ($16.00/lb.) and metallurgical recoveries for each metal on a site by site basis, as metal * [(metal price * metal recovery) / (gold price * gold recovery)].
4 In 2023, Newmont completed the acquisition of Newcrest Mining Limited ("Newcrest").
5 Includes Measured and Indicated Gold Mineral Resources and Inferred Gold Mineral Resources.
6 For 2023 and 2022, Newmont reserves and resources were estimated using the price assumptions noted above, except for certain sites acquired through the Newcrest transaction, which have used more conservative price assumptions. Refer to the reserves and resources tables below for additional details.
RESERVE AND RESOURCE TABLES
Proven and probable reserves are based on extensive drilling, sampling, mine modeling and metallurgical testing from which Newmont determined economic feasibility. The reference point for mineral reserves is the point of delivery to the process plant. Metal price assumptions, adjusted for Newmont's exchange rate assumption, are based on considering such factors as market forecasts, industry consensus and management estimates. The price sensitivity of reserves depends upon several factors including grade, metallurgical recovery, operating cost, waste-to-ore ratio and ore type. Metallurgical recovery rates vary depending on the metallurgical properties of each deposit and the production process used. The reserve tables below list the average metallurgical recovery rate for each deposit, which takes into account the relevant processing methods. The cut-off grade, or lowest grade of mineralization considered economic to process, varies between deposits depending upon prevailing economic conditions, mineability of the deposit, by-products, amenability of the ore to gold, copper, silver, lead, zinc or molybdenum extraction and type of milling or leaching facilities available. Reserve estimates may have non-material differences in comparison to our joint venture partners due to differences in classification and rounding methodology.
The proven and probable reserve figures presented herein are estimates based on information available at the time of calculation. No assurance can be given that the indicated levels of recovery of gold, copper, silver, lead, zinc and molybdenum will be realized. Ounces of gold or silver or pounds of copper, lead, zinc or molybdenum included in the proven and probable reserves are those contained prior to losses during metallurgical treatment. Reserve estimates may require revision based on actual production. Market fluctuations in the price of gold, copper, silver, lead, zinc and molybdenum, as well as increased production costs or reduced metallurgical recovery rates, could render certain proven and probable reserves containing higher cost reserves uneconomic to exploit and might result in a reduction of reserves.
The measured, indicated, and inferred resource figures presented herein are estimates based on information available at the time of calculation and are exclusive of reserves. A “mineral resource” is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade, or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. The reference point for mineral resources is in situ. Mineral resources are sub-divided, in order of increasing geological confidence, into inferred, indicated and measured categories. Ounces of gold and silver or pounds of copper, zinc, lead, molybdenum and tungsten included in the measured, indicated and inferred resources are those contained prior to losses during metallurgical treatment. The terms "measured resource," "indicated resource," and "inferred resource" mean that part of a mineral resource for which quantity and grade or quality are estimated on the basis of geological evidence and sampling that is considered to be comprehensive, adequate, or limited, respectively. Market fluctuations in the price of gold, silver, copper, zinc, lead, molybdenum and tungsten as well as increased production costs or reduced metallurgical recovery rates, could change future estimates of resources.
Newmont publishes reserves annually, and will recalculate reserves at December 31, 2024, taking into account metal prices, changes, if any, to future production and capital costs, divestments and depletion as well as any acquisitions and additions during 2024.
Please refer to the reserves and resources cautionary statement at the end of the release.
Gold Reserves (1)
December 31, 2023
December 31, 2022
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Deposits/Districts
Newmont
Share
Tonnage (2)
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Tonnage (2)
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Tonnage (2)
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Metallurgical
Recovery (3)
Tonnage (2)
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
CC&V Open Pit
100%
38,800
0.42
500
7,800
0.35
100
46,600
0.40
600
58%
61,400
0.37
740
CC&V Leach Pads (4)
100%
—
—
—
28,300
0.74
700
28,300
0.74
700
56%
32,600
0.78
820
Total CC&V, United States (5)
38,800
0.42
500
36,100
0.66
800
75,000
0.53
1,300
57%
94,000
0.52
1,560
Musselwhite, Canada (6)
100%
3,200
6.78
700
3,800
6.30
800
7,000
6.52
1,500
96%
10,400
5.76
1,920
Porcupine Underground (7)
100%
1,400
7.06
300
1,600
8.34
400
3,000
7.75
700
94%
2,500
8.49
690
Porcupine Open Pit (8)
100%
3,200
1.43
100
26,600
1.54
1,300
29,700
1.53
1,500
93%
34,500
1.46
1,610
Total Porcupine, Canada
4,500
3.14
500
28,200
1.93
1,700
32,700
2.10
2,200
93%
37,000
1.93
2,300
Éléonore, Canada (9)
100%
2,100
5.08
300
6,800
5.47
1,200
8,900
5.38
1,500
92%
9,400
5.22
1,570
Red Chris Open Pit
70%
—
—
—
30,200
0.37
300
30,200
0.37
300
53%
—
—
—
Red Chris Underground
70%
—
—
—
171,700
0.64
3,500
171,700
0.64
3,500
70%
—
—
—
Total Red Chris, Canada (10)(33)
—
—
—
201,900
0.60
3,900
201,900
0.60
3,900
68%
—
—
—
Brucejack, Canada (11)(33)
100%
—
—
—
11,500
8.44
3,100
11,500
8.44
3,100
96%
—
—
—
Peñasquito, Mexico (12)(31)
100%
123,700
0.57
2,200
167,300
0.44
2,400
291,000
0.50
4,600
59%
316,500
0.53
5,410
Merian, Suriname (13)
75%
29,600
1.19
1,100
74,400
1.15
2,800
104,000
1.16
3,900
93%
104,800
1.16
3,900
Cerro Negro, Argentina (14)
100%
1,900
11.81
700
7,300
10.75
2,500
9,200
10.97
3,200
94%
9,400
10.02
3,030
Yanacocha Open Pit (15)
100%
21,700
0.80
600
107,000
0.75
2,600
128,600
0.76
3,200
56%
146,500
0.72
3,380
Yanacocha Underground (16)
100%
—
—
—
12,300
6.06
2,400
12,300
6.06
2,400
97%
12,300
6.06
2,400
Total Yanacocha, Peru (31)
21,700
0.80
600
119,200
1.30
5,000
140,900
1.22
5,500
73%
158,800
1.13
5,780
Pueblo Viejo Open Pit
40%
25,800
2.28
1,900
50,800
2.08
3,400
76,600
2.15
5,300
82%
78,500
2.19
5,530
Pueblo Viejo Stockpiles (17)
40%
—
—
—
39,700
2.12
2,700
39,700
2.12
2,700
83%
38,200
2.17
2,670
Total Pueblo Viejo, Dominican Republic (18)(31)
25,800
2.28
1,900
90,500
2.10
6,100
116,300
2.14
8,000
82%
116,600
2.19
8,200
NuevaUnión, Chile (19)(30)
50%
—
—
—
341,100
0.47
5,100
341,100
0.47
5,100
66%
341,100
0.47
5,110
Norte Abierto, Chile (20)(30)
50%
—
—
—
598,800
0.60
11,600
598,800
0.60
11,600
74%
598,800
0.60
11,620
Boddington Open Pit
100%
215,300
0.67
4,600
192,600
0.64
3,900
407,900
0.66
8,600
85%
446,700
0.66
9,490
Boddington Stockpiles (17)
100%
2,000
0.72
—
70,000
0.43
1,000
72,000
0.44
1,000
80%
78,300
0.43
1,090
Total Boddington, Australia (10)
217,300
0.67
4,700
262,600
0.58
4,900
479,900
0.62
9,600
84%
524,900
0.63
10,580
Tanami, Australia (21)
100%
9,900
5.58
1,800
16,600
5.71
3,100
26,600
5.66
4,800
98%
33,000
5.34
5,660
Cadia, Australia (22)(31)(33)
100%
—
—
—
1,102,300
0.42
14,700
1,102,300
0.42
14,700
81%
—
—
—
Lihir Open Pits
100%
—
—
—
159,900
2.76
14,200
159,900
2.76
14,200
78%
—
—
—
Lihir Stockpiles (17)
100%
—
—
—
57,200
1.83
3,400
57,200
1.83
3,400
78%
—
—
—
Total Lihir, Papua New Guinea (23)(31)(33)
—
—
—
217,100
2.51
17,500
217,100
2.51
17,500
78%
—
—
—
Wafi-Golpu, Papua New Guinea (10)(30)(33)
50%
—
—
—
194,500
0.82
5,100
194,500
0.82
5,100
68%
—
—
—
Ahafo South Open Pit (24)
100%
5,200
2.76
500
35,500
1.68
1,900
40,700
1.82
2,400
90%
47,600
1.81
2,770
Ahafo South Underground (25)
100%
8,300
3.13
800
14,300
2.35
1,100
22,600
2.64
1,900
94%
22,600
3.06
2,230
Ahafo South Stockpiles (17)(26)
100%
23,400
1.01
800
—
—
—
23,400
1.01
800
91%
22,100
0.91
640
Total Ahafo South, Ghana
36,900
1.73
2,100
49,800
1.88
3,000
86,700
1.82
5,100
92%
92,300
1.90
5,650
Ahafo North, Ghana (27)
100%
26,000
2.38
2,000
27,100
2.43
2,100
53,100
2.41
4,100
91%
50,100
2.37
3,820
Akyem Open Pit
100%
13,000
1.52
600
5,900
1.61
300
19,000
1.55
900
90%
22,300
1.66
1,190
Akyem Stockpiles (17)
100%
6,700
0.78
200
—
—
—
6,700
0.78
200
90%
11,900
0.71
270
Total Akyem, Ghana (28)
19,700
1.27
800
5,900
1.61
300
25,600
1.35
1,100
90%
34,200
1.33
1,460
NGM Open Pit
38.5%
—
—
—
154,700
1.01
5,000
154,700
1.01
5,000
77%
159,400
1.00
5,110
NGM Stockpiles (17)
38.5%
15,100
2.01
1,000
14,000
2.44
1,100
29,100
2.22
2,100
69%
25,100
2.32
1,880
NGM Underground
38.5%
5,100
11.58
1,900
35,100
8.19
9,300
40,200
8.62
11,100
87%
41,300
8.75
11,610
Total NGM, United States (29)
20,200
4.42
2,900
203,900
2.35
15,400
224,100
2.54
18,300
82%
225,800
2.56
18,590
Total Gold
581,400
1.22
22,800
3,766,800
0.94
113,200
4,348,100
0.97
135,900
80%
2,757,100
1.09
96,140
(1)
Gold reserves, at sites in which Newmont is the operator for 2023 and 2022, were estimated at a gold price of $1,400 per ounce, unless otherwise noted. Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding.
(2)
Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to the nearest 100,000.
(3)
Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 100,000 in 2023 and nearest 10,000 in 2022.
(4)
Leach pad material is the material on leach pads at the end of the year from which gold remains to be recovered. In-process reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.
(5)
Cut-off grade utilized in 2023 reserves not less than 0.10 gram per tonne.
(6)
Cut-off grade utilized in 2023 reserves not less than 3.80 gram per tonne.
(7)
Cut-off grade utilized in 2023 reserves not less than 4.89 gram per tonne.
(8)
Cut-off grade utilized in 2023 reserves not less than 0.64 gram per tonne.
(9)
Cut-off grade utilized in 2023 reserves not less than 4.11 gram per tonne.
(10)
Gold cut-off grade varies with level of copper credits.
(11)
Gold cut-off grade varies with level of silver credits.
(12)
Gold cut-off grade varies with level of silver, lead, and zinc credits.
(13)
Cut-off grade utilized in 2023 reserves not less than 0.29 gram per tonne.
(14)
Cut-off grade utilized in 2023 reserves not less than 4.30 gram per tonne.
(15)
Gold cut-off grades utilized in 2023 reserves were as follows: oxide leach material not less than 0.14 gram per tonne and refractory mill material not less than 1.23 gram per tonne.
(16)
Gold cut-off grades utilized in 2023 were as follows: oxide mill material not less than 3.37 gram per tonne and refractory mill material varies with level of copper and silver credits.
(17)
Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.
(18)
The Pueblo Viejo mine, which is 40% owned by Newmont, is accounted for as an equity method investment. Reserve estimates provided by Barrick, the operator of Pueblo Viejo.
(19)
Project is currently undeveloped. Reserve estimates provided by the NuevaUnión joint venture.
(20)
Project is currently undeveloped. Reserve estimates provided by the Norte Abierto joint venture.
(21)
Cut-off grade utilized in 2023 reserves not less than 2.40 gram per tonne.
(22)
Gold cut-off grade varies with level of copper, silver, and molybdenum credits.
(23)
Cut-off grade utilized in 2023 reserves not less than 1.20 gram per tonne.
(24)
Cut-off grade utilized in 2023 reserves not less than 0.63 gram per tonne.
(25)
Cut-off grade utilized in 2023 reserves not less than 2.20 gram per tonne.
(26)
Cut-off grade utilized in 2023 reserves not less than 0.56 gram per tonne.
(27)
Cut-off grade utilized in 2023 reserves not less than 0.58 gram per tonne.
(28)
Cut-off grade utilized in 2023 reserves not less than 0.52 gram per tonne.
(29)
Reserve estimates provided by Barrick, the operator of the NGM joint venture.
(30)
Currently included in Corporate and Other which includes the Company's business activities relating to its corporate and regional offices and all equity method investments.
(31)
Amounts presented herein have been rounded to the nearest 100,000 in 2023 and nearest 10,000 in 2022 for ounces and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties.
(32)
In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest.
(33)
Sites acquired through the Newcrest transaction. Gold reserves at sites acquired through the Newcrest transaction were estimated at a gold price of $1,300 per ounce, with the exception of Lihir, for which gold reserves were estimated using Newmont's price assumptions, and certain legacy estimates, which have applied older, more conservative price assumptions.
Gold Resources (1)(2) - December 31, 2023
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces(3)
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces(3)
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces(3)
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces(3)
(000)
Metallurgical
Recovery (3)
CC&V, United States
100%
77,400
0.43
1,100
43,700
0.36
500
121,100
0.40
1,600
22,400
0.43
300
56%
Musselwhite, Canada
100%
900
4.36
100
1,300
4.17
200
2,200
4.25
300
1,200
4.96
200
96%
Porcupine Underground
100%
200
4.55
—
1,100
6.89
200
1,300
6.49
300
2,400
8.04
600
94%
Porcupine Open Pit
100%
100
0.60
—
66,300
1.65
3,500
66,300
1.65
3,500
59,800
1.46
2,800
92%
Total Porcupine, Canada
300
3.67
—
67,400
1.73
3,800
67,700
1.74
3,800
62,200
1.71
3,400
92%
Éléonore, Canada
100%
700
4.59
100
2,100
4.70
300
2,800
4.68
400
1,800
5.70
300
92%
Red Chris, Canada (11)
70%
—
—
—
334,700
0.34
3,600
334,700
0.34
3,600
62,100
0.35
700
55%
Brucejack, Canada (11)
100%
—
—
—
1,800
7.64
500
1,800
7.64
500
12,100
10.35
4,000
96%
Coffee, Canada
100%
900
2.14
100
49,300
1.27
2,000
50,200
1.28
2,100
6,700
1.04
200
81%
Galore Creek, Canada (4)
50%
212,800
0.29
2,000
385,600
0.22
2,700
598,400
0.25
4,700
118,900
0.19
700
75%
Peñasquito, Mexico (9)
100%
37,400
0.26
300
157,300
0.22
1,100
194,700
0.23
1,400
22,800
0.19
100
57%
Noche Buena, Mexico
50%
—
—
—
19,900
0.37
200
19,900
0.37
200
1,600
0.21
—
50%
Merian, Suriname
75%
6,000
1.01
200
38,000
1.10
1,300
44,000
1.09
1,500
30,800
1.00
1,000
88%
Cerro Negro, Argentina
100%
1,300
3.71
200
2,100
6.17
400
3,400
5.22
600
6,200
4.73
900
94%
Conga, Peru
100%
—
—
—
693,800
0.65
14,600
693,800
0.65
14,600
230,500
0.39
2,900
75%
Yanacocha Open Pit
100%
16,800
0.41
200
111,300
0.43
1,500
128,000
0.42
1,700
186,500
0.80
4,800
67%
Yanacocha Underground
100%
500
4.07
100
6,200
4.70
900
6,700
4.65
1,000
3,400
4.99
500
97%
Total Yanacocha, Peru
17,300
0.52
300
117,500
0.65
2,500
134,800
0.64
2,800
189,900
0.88
5,400
73%
Pueblo Viejo, Dominican Republic (5)
40%
7,300
1.47
300
37,300
1.49
1,800
44,600
1.49
2,100
3,200
1.58
200
82%
NuevaUnión, Chile (6)
50%
4,800
0.47
100
118,300
0.59
2,300
123,100
0.59
2,300
239,800
0.40
3,100
68%
Norte Abierto, Chile (7)
50%
77,200
0.61
1,500
596,900
0.49
9,300
674,200
0.50
10,800
369,600
0.37
4,400
76%
Boddington, Australia
100%
98,200
0.55
1,700
169,700
0.54
2,900
267,900
0.54
4,700
2,400
0.51
—
83%
Tanami Open Pit
100%
9,400
1.67
500
23,800
1.47
1,100
33,200
1.53
1,600
4,200
1.13
200
90%
Tanami Underground
100%
2,500
3.82
300
5,600
4.43
800
8,000
4.24
1,100
15,900
4.48
2,300
96%
Total Tanami, Australia
11,900
2.12
800
29,400
2.03
1,900
41,200
2.06
2,700
20,100
3.78
2,400
94%
Cadia Underground
100%
—
—
—
1,596,600
0.32
16,200
1,596,600
0.32
16,200
497,000
0.24
3,800
80%
Cadia Stockpiles and Open Pit
100%
30,900
0.30
300
—
—
—
30,900
0.30
300
11,000
0.71
200
65%
Total Cadia, Australia (9)(11)
30,900
0.30
300
1,596,600
0.32
16,200
1,627,500
0.32
16,500
508,000
0.25
4,100
80%
Telfer Open Pit
100%
—
—
—
25,900
0.56
500
25,900
0.56
500
—
—
—
78%
Telfer Underground
100%
—
—
—
1,700
2.31
100
1,700
2.31
100
—
—
—
90%
Total Telfer, Australia (11)
—
—
—
27,600
0.67
600
27,600
0.67
600
—
—
—
81%
Havieron, Australia (11)
70%
—
—
—
33,200
2.65
2,800
33,200
2.65
2,800
11,400
1.71
600
87%
Namosi, Fiji (11)
73%
—
—
—
105,500
0.22
700
105,500
0.22
700
1,346,900
0.10
4,300
72%
Lihir Open Pit
100%
—
—
—
25,000
2.03
1,600
25,000
2.03
1,600
227,400
2.40
17,500
80%
Lihir Stockpiles
100%
—
—
—
22,200
1.47
1,000
22,200
1.47
1,000
—
—
—
78%
Lihir, Papua New Guinea (9)(11)
—
—
—
47,100
1.77
2,700
47,100
1.77
2,700
227,400
2.40
17,500
79%
Wafi-Golpu Open Pit
50%
—
—
—
53,600
1.66
2,900
53,600
1.66
2,900
15,500
1.30
600
65%
Wafi-Golpu Underground
50%
—
—
—
140,800
0.45
2,000
140,800
0.45
2,000
91,900
0.65
1,900
68%
Total Wafi-Golpu, Papua New Guinea (11)
—
—
—
194,500
0.78
4,900
194,500
0.78
4,900
107,300
0.74
2,600
67%
Ahafo South Open Pit
100%
3,200
1.21
100
5,600
0.92
200
8,800
1.03
300
6,100
1.40
300
88%
Ahafo South Underground
100%
—
—
—
27,200
3.71
3,200
27,200
3.71
3,200
13,800
3.00
1,300
91%
Total Ahafo South, Ghana
3,200
1.21
100
32,800
3.24
3,400
36,000
3.05
3,500
19,900
2.51
1,600
91%
Ahafo North, Ghana
100%
5,000
1.46
200
12,700
1.88
800
17,700
1.76
1,000
6,600
1.57
300
91%
Akyem, Ghana
100%
900
0.72
—
9,800
3.83
1,200
10,600
3.57
1,200
5,600
2.95
500
92%
NGM Open Pit and Stockpiles
38.5%
4,000
0.99
100
175,200
0.99
5,500
179,200
0.99
5,700
101,000
0.76
2,500
75%
NGM Underground
38.5%
1,400
7.51
300
20,900
5.95
4,000
22,200
6.04
4,300
23,100
6.52
4,800
84%
Total NGM, United States (8)
5,300
2.66
500
196,000
1.52
9,600
201,400
1.55
10,000
124,100
1.83
7,300
80%
Total Gold
599,700
0.52
9,900
5,121,900
0.58
94,900
5,721,600
0.57
104,800
3,761,500
0.57
69,100
78%
Gold Resources (1)(2) - December 31, 2022
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces(3)
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces(3)
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces(3)
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces(3)
(000)
Metallurgical
Recovery (3)
CC&V, United States
100%
79,700
0.38
980
42,300
0.32
440
122,000
0.36
1,420
32,200
0.34
350
59%
Musselwhite, Canada
100%
1,300
3.92
170
2,600
3.93
330
3,900
3.93
490
3,000
4.15
410
95%
Porcupine Underground
100%
300
6.69
70
1,000
8.64
270
1,300
8.15
340
1,800
8.08
480
92%
Porcupine Open Pit
100%
200
0.51
—
73,000
1.53
3,600
73,200
1.53
3,600
66,000
1.36
2,890
91%
Total Porcupine, Canada
500
4.36
70
73,900
1.63
3,860
74,500
1.64
3,940
67,900
1.54
3,370
91%
Éléonore, Canada
100%
400
5.05
70
2,100
5.10
350
2,500
5.09
420
2,600
5.45
460
92%
Coffee, Canada
100%
—
—
—
53,900
1.23
2,140
53,900
1.23
2,140
7,200
1.01
230
80%
Galore Creek, Canada (4)
50%
212,800
0.29
2,010
385,600
0.22
2,710
598,400
0.25
4,720
118,900
0.19
720
75%
Peñasquito, Mexico
100%
47,400
0.25
390
263,500
0.26
2,190
311,000
0.26
2,570
84,700
0.41
1,110
69%
Noche Buena, Mexico
50%
—
—
—
19,900
0.37
240
19,900
0.37
240
1,600
0.21
10
50%
Merian, Suriname
75%
5,600
0.99
180
35,300
1.26
1,430
40,900
1.22
1,610
37,000
0.86
1,020
89%
Cerro Negro Underground
100%
200
6.11
30
1,500
7.33
360
1,700
7.22
390
5,700
6.19
1,140
95%
Cerro Negro Open Pit
100%
1,200
3.28
130
1,200
3.15
120
2,400
3.22
250
300
2.46
20
90%
Total Cerro Negro, Argentina
100%
1,400
3.60
160
2,700
5.49
480
4,100
4.86
630
6,000
6.00
1,160
94%
Conga, Peru (10)
100%
—
—
—
693,800
0.65
14,590
693,800
0.65
14,590
230,500
0.39
2,880
75%
Yanacocha Open Pit
100%
13,500
0.38
170
114,900
0.42
1,570
128,400
0.42
1,730
189,700
0.79
4,830
66%
Yanacocha Underground
100%
500
4.07
70
6,200
4.70
940
6,700
4.65
1,010
3,400
4.99
550
97%
Total Yanacocha, Peru (10)
14,100
0.52
240
121,100
0.64
2,510
135,100
0.63
2,740
193,100
0.87
5,380
72%
Pueblo Viejo, Dominican Republic (5)(9)
40%
7,300
1.43
340
33,200
1.51
1,610
40,600
1.49
1,950
3,000
1.77
170
88%
NuevaUnión, Chile (6)
50%
4,800
0.47
70
118,300
0.59
2,260
123,100
0.59
2,330
239,800
0.40
3,050
68%
Norte Abierto, Chile (7)
50%
77,200
0.61
1,510
596,900
0.49
9,320
674,200
0.50
10,820
369,600
0.37
4,360
76%
Boddington, Australia
100%
92,800
0.55
1,630
167,400
0.54
2,900
260,200
0.54
4,530
2,800
0.51
50
83%
Tanami Open Pit
100%
9,400
1.67
500
23,800
1.47
1,120
33,200
1.53
1,630
4,200
1.13
150
90%
Tanami Underground
100%
1,700
3.26
180
5,400
4.29
750
7,100
4.04
920
8,800
5.19
1,460
97%
Total Tanami, Australia
100%
11,000
1.91
680
29,200
1.99
1,870
40,200
1.97
2,550
13,000
3.88
1,620
94%
Ahafo South Open Pit
100%
200
0.56
—
20,000
1.09
700
20,200
1.09
710
10,200
1.29
420
86%
Ahafo South Underground
100%
—
—
—
24,700
3.53
2,810
24,700
3.53
2,810
11,000
3.44
1,220
92%
Total Ahafo South, Ghana
200
0.56
—
44,700
2.44
3,510
44,900
2.43
3,510
21,200
2.41
1,640
91%
Ahafo North, Ghana
100%
2,900
1.28
120
12,700
1.94
790
15,700
1.81
910
10,000
1.50
490
92%
Akyem, Ghana
100%
1,000
0.70
20
9,000
3.68
1,060
10,000
3.38
1,090
7,100
2.74
620
92%
NGM Open Pit and Stockpiles
38.5%
23,200
1.89
1,410
175,200
0.99
5,600
198,400
1.10
7,000
129,900
0.69
2,880
73%
NGM Underground
38.5%
9,800
6.48
2,040
16,600
5.84
3,110
26,400
6.08
5,150
19,500
6.63
4,150
86%
Total NGM, United States (8)
33,000
3.25
3,450
191,700
1.41
8,700
224,800
1.68
12,160
149,300
1.47
7,040
79%
Total Gold
593,600
0.63
12,080
2,900,000
0.68
63,250
3,493,600
0.67
75,330
1,600,700
0.70
36,130
79%
(1)
Resources are reported exclusive of reserves. Amounts presented may not recalculate in total due to rounding.
(2)
Resources, at sites in which Newmont is the operator, are estimated at a gold price of $1,600 per ounce for 2023 and 2022, unless otherwise noted. Resources provided by other operators may use pricing that differs. Tonnage amounts have been rounded to the nearest 100,000.
(3)
Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 100,000 in 2023 and nearest 10,000 in 2022.
(4)
Project is currently undeveloped. Resource estimates provided by Teck Resources, the Galore Creek joint venture partner.
(5)
Resource estimates provided by Barrick, the operator of Pueblo Viejo.
(6)
Project is currently undeveloped. Resource estimates provided by the NuevaUnión joint venture.
(7)
Project is currently undeveloped. Resource estimates provided by the Norte Abierto joint venture.
(8)
Resource estimates provided by Barrick, the operator of the NGM joint venture.
(9)
Amounts presented herein have been rounded to the nearest 100,000 in 2023 and nearest 10,000 in 2022 for ounces and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties.
(10)
In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest.
(11)
Sites acquired through the Newcrest transaction. Gold resources at sites acquired through the Newcrest transaction were estimated at a gold price of $1,400 per ounce, with the exception of Havieron and Lihir, for which gold resources were estimated using Newmont's price assumptions, and certain legacy estimates, which have applied older, more conservative price assumptions.
Copper Reserves (1)
December 31, 2023
December 31, 2022
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Deposits/Districts
Newmont
Share
Tonnage (2)
(000 tonnes)
Grade
(Cu %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
Grade
(Cu %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
Grade
(Cu %)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Tonnage (2)
(000 tonnes)
Grade
(Cu %)
Pounds (3)
(millions)
Red Chris Open Pit
70%
—
—%
—
30,200
0.43%
300
30,200
0.43%
300
80%
—
—%
—
Red Chris Underground
70%
—
—%
—
171,700
0.52%
2,000
171,700
0.52%
2,000
84%
—
—%
—
Total Red Chris, Canada (4)(14)
—
—%
—
201,900
0.51%
2,300
201,900
0.51%
2,300
84%
—
—%
—
Yanacocha, Peru (5)(13)
100%
—
—%
—
111,100
0.63%
1,500
111,100
0.63%
1,500
83%
111,100
0.63%
1,530
NuevaUnión, Chile (6)(11)
50%
—
—%
—
1,118,000
0.40%
9,800
1,118,000
0.40%
9,800
88%
1,118,000
0.40%
9,800
Norte Abierto, Chile (7)(11)
50%
—
—%
—
598,800
0.22%
2,900
598,800
0.22%
2,900
87%
598,800
0.22%
2,890
Boddington Open Pit
100%
215,300
0.09%
400
192,600
0.11%
400
407,900
0.10%
900
82%
446,700
0.10%
1,010
Boddington Stockpiles (8)
100%
2,000
0.15%
—
70,000
0.09%
100
72,000
0.09%
100
73%
78,300
0.09%
150
Total Boddington, Australia (4)
217,300
0.09%
400
262,600
0.10%
600
479,900
0.10%
1,000
80%
524,900
0.10%
1,160
Cadia, Australia (9)(12)(14)
100%
—
—%
—
1,102,300
0.29%
7,100
1,102,300
0.29%
7,100
86%
—
—%
—
Wafi-Golpu, Papua New Guinea (4)(11)(14)
50%
—
—%
—
194,500
1.20%
5,100
194,500
1.20%
5,100
95%
—
—%
—
NGM, United States (10)
38.5%
3,700
0.16%
—
82,400
0.17%
300
86,100
0.17%
300
65%
88,700
0.16%
320
Total Copper
221,000
0.09%
500
3,671,500
0.37%
29,700
3,892,500
0.35%
30,100
88%
2,441,500
0.29%
15,710
(1)
Copper reserves, at sites in which Newmont is the operator, for 2023 and 2022 were estimated at a copper price of $3.50 per pound, unless otherwise noted. Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding.
(2)
Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000.
(3)
Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million for 2023 and nearest 10 million for 2022.
(4)
Copper cut-off grade varies with level of gold credits.
(5)
Reserve estimates relate to the undeveloped Yanacocha Sulfides project. Copper cut-off grade varies with level of gold and silver credits.
(6)
Project is currently undeveloped. Reserve estimates provided by the NuevaUnión joint venture.
(7)
Project is currently undeveloped. Reserve estimates provided by the Norte Abierto joint venture.
(8)
Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpiles are reported separately where pounds exceed 100 million and are greater than 5% of the total site reported reserves.
(9)
Copper cut-off grade varies with level of gold, silver, and molybdenum credits.
(10)
Reserve estimates provided by Barrick, the operator of the NGM joint venture.
(11)
Currently included in Corporate and Other which includes the Company's business activities relating to its corporate and regional offices and all equity method investments.
(12)
Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties.
(13)
In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest.
(14)
Sites acquired through the Newcrest transaction. Copper reserves at sites acquired through the Newcrest transaction were estimated at a copper price of $3.00 per pound, with the exception of certain legacy estimates, which have applied older, more conservative price assumptions.
Copper Resources (1)(2) - December 31, 2023
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(Cu%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(Cu%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(Cu%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(Cu%)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Red Chris, Canada (10)
70%
—
—%
—
334,700
0.34%
2,500
334,700
0.34%
2,500
62,100
0.36%
500
81%
Galore Creek, Canada (4)
50%
212,800
0.44%
2,100
385,600
0.47%
4,000
598,400
0.46%
6,100
118,900
0.26%
700
93%
Conga, Peru
100%
—
—%
—
693,800
0.26%
4,000
693,800
0.26%
4,000
230,500
0.19%
900
84%
Yanacocha, Peru
100%
1,500
1.02%
—
99,800
0.36%
800
101,300
0.37%
800
39,700
0.37%
300
81%
NuevaUnión, Chile (5)
50%
164,300
0.19%
700
349,900
0.34%
2,700
514,100
0.30%
3,400
602,200
0.39%
5,200
89%
Norte Abierto, Chile (6)
50%
57,600
0.24%
300
551,300
0.19%
2,300
608,900
0.20%
2,600
361,800
0.18%
1,400
90%
Boddington, Australia
100%
98,200
0.11%
200
169,700
0.11%
400
267,900
0.11%
700
2,400
0.07%
—
82%
Cadia Underground
100%
—
—%
—
1,596,600
0.23%
8,200
1,596,600
0.23%
8,200
497,000
0.17%
1,900
85%
Cadia Open Pit
100%
30,900
0.13%
100
—
—%
—
30,900
0.13%
100
11,000
0.52%
100
80%
Total Cadia, Australia (8)(10)
30,900
0.13%
100
1,596,600
0.23%
8,200
1,627,500
0.23%
8,300
508,000
0.18%
2,000
85%
Telfer Open Pit
100%
—
—%
—
20,300
0.06%
—
20,300
0.06%
—
—
—%
—
49%
Telfer Stockpiles
100%
—
—%
—
5,600
0.07%
—
5,600
0.07%
—
—
—%
—
46%
Telfer Underground
100%
—
—%
—
1,700
0.56%
—
1,700
0.56%
—
—
—%
—
94%
Total Telfer, Australia (10)
—
—%
—
27,600
0.09%
100
27,600
0.09%
100
—
—%
—
65%
Havieron, Australia (10)
70%
—
—%
—
33,200
0.34%
300
33,200
0.34%
300
11,400
0.16%
—
86%
Telfer Projects, Australia (10)
100%
—
—%
—
51,700
0.29%
300
51,700
0.29%
300
1,900
0.28%
—
78%
Namosi Open Pit
73%
—
—%
—
105,500
0.61%
1,400
105,500
0.61%
1,400
1,346,900
0.32%
9,500
84%
Namosi Underground
73%
—
—%
—
—
—%
—
—
—%
—
209,900
0.43%
2,000
92%
Total Namosi, Fiji (10)
—
—%
—
105,500
0.61%
1,400
105,500
0.61%
1,400
1,556,800
0.33%
11,500
85%
Wafi-Golpu, Papua New Guinea (10)
50%
—
—%
—
140,800
0.73%
2,300
140,800
0.73%
2,300
91,900
0.68%
1,400
95%
NGM, United States (7)
38.5%
—
—%
—
136,000
0.15%
500
136,000
0.15%
500
19,300
0.16%
100
65%
Total Copper
565,300
0.28%
3,400
4,676,100
0.29%
29,700
5,241,400
0.29%
33,100
3,606,800
0.30%
24,000
88%
Copper Resources at December 31, 2022 (1)(2)
Measured Resources
Indicated Resources
Measured and Indicated Resources
Inferred Resources
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(Cu%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(Cu%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(Cu%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(Cu%)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Galore Creek, Canada (4)
50%
212,800
0.44%
2,060
385,600
0.47%
4,020
598,400
0.46%
6,080
118,900
0.26%
690
93%
Conga, Peru (9)
100%
—
—%
—
693,800
0.26%
3,970
693,800
0.26%
3,970
230,500
0.19%
950
84%
Yanacocha, Peru (9)
100%
500
0.18%
—
100,800
0.37%
830
101,300
0.37%
830
39,700
0.37%
320
81%
NuevaUnión, Chile (5)
50%
164,300
0.19%
700
349,900
0.34%
2,650
514,100
0.30%
3,360
602,200
0.39%
5,170
89%
Norte Abierto, Chile (6)
50%
57,600
0.24%
310
551,300
0.19%
2,340
608,900
0.20%
2,640
361,800
0.18%
1,450
90%
Boddington, Australia
100%
92,800
0.11%
230
167,400
0.11%
420
260,200
0.11%
650
2,800
0.08%
10
82%
NGM, United States (7)
38.5%
2,600
0.14%
10
116,900
0.14%
350
119,500
0.14%
360
19,900
0.13%
60
65%
Total Copper
530,600
0.28%
3,310
2,365,500
0.28%
14,580
2,896,100
0.28%
17,890
1,375,800
0.28%
8,640
88%
(1)
Resources are reported exclusive of reserves. Amounts presented may not recalculate in total due to rounding.
(2)
Resources, at sites in which Newmont is the operator, are estimated at a copper price of $4.00 per pound for 2023 and 2022, unless otherwise noted. Resources provided by other operators may use pricing that differs. Tonnage amounts have been rounded to the nearest 100,000.
(3)
Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 and nearest 10 million in 2022.
(4)
Project is currently undeveloped. Resource estimates provided by Teck Resources.
(5)
Project is currently undeveloped. Resource estimates provided by the NuevaUnión joint venture.
(6)
Project is currently undeveloped. Resource estimates provided by the Norte Abierto joint venture.
(7)
Resource estimates provided by Barrick, the operator of the NGM joint venture.
(8)
Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties.
(9)
In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest.
(10)
Sites acquired through the Newcrest transaction. Copper resources at sites acquired through the Newcrest transaction were estimated at a copper price of $3.40 per pound, with the exception of Havieron, for which copper resources were estimated using Newmont's price assumptions, and certain legacy estimates, which have applied older, more conservative price assumptions.
Silver Reserves (1)
December 31, 2023
December 31, 2022
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Deposits/Districts
Newmont
Share
Tonnage (2)
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Tonnage (2)
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Tonnage (2)
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Metallurgical
Recovery (3)
Tonnage (2)
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Brucejack, Canada (4)(17)
100%
—
—
—
11,500
34.71
12,800
11,500
34.71
12,800
85%
—
—
—
Peñasquito Open Pits
100%
121,700
37.98
148,600
142,800
30.31
139,200
264,500
33.84
287,800
80%
288,500
34.82
323,000
Peñasquito Stockpiles (5)
100%
2,000
33.97
2,200
24,500
28.79
22,700
26,500
29.18
24,900
80%
28,000
25.57
23,050
Total Peñasquito, Mexico (6)(15)
123,700
37.91
150,800
167,300
30.09
161,800
291,000
33.42
312,600
80%
316,500
34.00
346,050
Cerro Negro, Argentina (4)
100%
1,900
85.48
5,200
7,300
69.23
16,300
9,200
72.58
21,500
75%
9,400
64.47
19,490
Yanacocha Open Pits and Underground (7)
100%
—
—
—
93,400
19.89
59,800
93,400
19.89
59,800
54%
93,400
19.90
59,760
Yanacocha Stockpiles and Leach Pads (5)(8)
100%
—
—
—
86,000
9.07
25,100
86,000
9.07
25,100
13%
96,400
8.71
27,010
Total Yanacocha, Peru (16)
—
—
—
179,500
14.70
84,800
179,500
14.70
84,800
42%
189,800
14.22
86,770
Pueblo Viejo Open Pits
40%
25,800
13.15
10,900
50,800
12.31
20,100
76,600
12.59
31,000
74%
78,500
12.87
32,460
Pueblo Viejo Stockpiles (5)
40%
—
—
—
39,700
14.48
18,500
39,700
14.48
18,500
70%
38,200
15.10
18,520
Total Pueblo Viejo, Dominican
Republic (9)(15)
25,800
13.15
10,900
90,500
13.26
38,600
116,300
13.24
49,500
73%
116,600
13.60
50,980
NuevaUnión, Chile (10)(14)
50%
—
—
—
1,118,000
1.31
47,200
1,118,000
1.31
47,200
66%
1,118,000
1.31
47,170
Norte Abierto, Chile (11)(14)
50%
—
—
—
598,800
1.52
29,300
598,800
1.52
29,300
74%
598,800
1.52
29,340
Cadia, Australia (12)(15)(17)
100%
—
—
—
1,102,300
0.68
24,000
1,102,300
0.68
24,000
67%
—
—
—
NGM, United States (13)
38.5%
2,400
7.97
600
60,800
6.93
13,600
63,200
6.97
14,200
38%
65,500
6.34
13,340
Total Silver
153,900
33.87
167,600
3,335,900
4.00
428,400
3,489,800
5.31
596,000
70%
2,414,600
7.64
593,140
(1)
Silver reserves, at sites in which Newmont is the operator, for 2023 and 2022 were estimated at a silver price of $20.00 per ounce, unless otherwise noted. Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding.
(2)
Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000.
(3)
Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 100,000 for 2023 and nearest 10,000 for 2022.
(4)
Silver cut-off grade varies with gold credits.
(5)
Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.
(6)
Silver cut-off grade varies with gold, lead, and zinc credits.
(7)
Silver cut-off grade varies with gold and copper credits.
(8)
Leach pad material is the material on leach pads at the end of the year from which silver remains to be recovered. In-process reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.
(9)
The Pueblo Viejo mine, which is 40% owned by Newmont, is accounted for as an equity method investment. Reserve estimates provided by Barrick, the operator of Pueblo Viejo.
(10)
Project is currently undeveloped. Reserve estimates provided by the NuevaUnión joint venture.
(11)
Project is currently undeveloped. Reserve estimates provided by the Norte Abierto joint venture.
(12)
Silver cut-off grade varies with gold, copper, and molybdenum credits.
(13)
Reserve estimates provided by Barrick, the operator of the NGM joint venture.
(14)
Currently included in Corporate and Other which includes the Company's business activities relating to its corporate and regional offices and all equity method investments.
(15)
Amounts presented herein have been rounded to the nearest 100,000 in 2023 and nearest 10,000 in 2022 for ounces and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties.
(16)
In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest.
(17)
Sites acquired through the Newcrest transaction. Silver reserves at sites acquired through the Newcrest transaction were estimated at a silver price of $18.00 per ounce.
Silver Resources (1)(2) - December 31, 2023
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Metallurgical
Recovery (3)
Brucejack, Canada (11)
100%
—
—
—
1,800
8.09
500
1,800
8.09
500
12,100
10.02
3,900
85%
Galore Creek, Canada (4)
50%
212,800
4.08
27,900
385,600
4.77
59,100
598,400
4.52
87,000
118,900
2.60
9,900
73%
Peñasquito, Mexico
100%
37,400
24.48
29,400
157,300
25.12
127,100
194,700
25.00
156,500
22,800
25.41
18,700
79%
Noche Buena, Mexico
50%
—
—
—
19,900
13.99
9,000
19,900
13.99
9,000
1,600
10.98
500
25%
Cerro Negro Underground
100%
100
61.50
200
900
60.12
1,800
1,000
60.28
2,000
5,900
27.47
5,200
75%
Cerro Negro Open Pit
100%
1,200
6.77
300
1,200
6.63
300
2,400
6.70
500
300
6.68
100
71%
Total Cerro Negro, Argentina
1,300
11.71
500
2,100
30.02
2,000
3,400
22.95
2,500
6,200
26.45
5,300
75%
Conga, Peru
100%
—
—
—
693,800
2.06
45,900
693,800
2.06
45,900
175,000
1.13
6,300
70%
Yanacocha Open Pit
100%
16,100
6.76
3,500
105,200
10.43
35,300
121,300
9.94
38,800
26,400
13.51
11,500
44%
Yanacocha Underground
100%
500
0.37
—
6,200
37.02
7,300
6,700
34.23
7,400
3,400
40.45
4,400
83%
Total Yanacocha, Peru
16,600
6.57
3,500
111,300
11.91
42,600
128,000
11.21
46,100
29,800
16.56
15,900
51%
Pueblo Viejo, Dominican Republic (5)
40%
7,300
7.96
1,900
37,300
8.04
9,600
44,600
8.02
11,500
3,200
8.14
800
74%
NuevaUnión, Chile (6)
50%
164,300
0.96
5,100
349,900
1.19
13,400
514,100
1.12
18,400
602,200
1.16
22,500
66%
Norte Abierto, Chile (7)
50%
77,200
1.20
3,000
596,900
1.07
20,600
674,200
1.09
23,500
369,600
0.95
11,300
78%
Cadia, Australia (9)(11)
100%
—
—
—
1,596,600
0.61
31,300
1,596,600
0.61
31,300
497,000
0.47
7,500
65%
Wafi-Golpu, Papua New Guinea (11)
50%
—
—
—
53,600
4.42
7,600
53,600
4.42
7,600
15,500
4.46
2,200
45%
NGM Open Pit
38.5%
—
—
—
93,000
5.59
16,700
93,000
5.59
16,700
16,700
5.38
2,900
38%
NGM Stockpiles
38.5%
—
—
—
—
—
—
—
—
—
1,800
5.63
300
38%
NGM, United States (8)
—
—
—
93,000
5.59
16,700
93,000
5.59
16,700
18,400
5.41
3,200
38%
Total Silver
516,900
4.29
71,300
4,099,200
2.92
385,400
4,616,200
3.08
456,700
1,872,300
1.80
108,100
68%
Silver Resources (1)(2) - December 31, 2022
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Metallurgical
Recovery (3)
Galore Creek, Canada (4)
50%
212,800
4.08
27,950
385,600
4.77
59,100
598,400
4.52
87,040
118,900
2.60
9,940
73%
Peñasquito, Mexico
100%
47,400
23.94
36,510
263,500
23.99
203,240
311,000
23.98
239,740
84,700
27.24
74,220
86%
Noche Buena, Mexico
50%
—
—
—
19,900
13.99
8,970
19,900
13.99
8,970
1,600
10.98
550
25%
Cerro Negro Underground
100%
200
42.43
210
1,500
51.31
2,490
1,700
50.51
2,690
5,700
35.10
6,450
76%
Cerro Negro Open Pit
100%
1,200
6.77
260
1,200
6.63
250
2,400
6.70
520
300
6.68
70
60%
Total Cerro Negro, Argentina
1,400
10.72
470
2,700
31.64
2,740
4,100
24.64
3,210
6,000
33.66
6,520
75%
Conga, Peru (10)
100%
—
—
—
693,800
2.06
45,910
693,800
2.06
45,910
175,000
1.13
6,330
70%
Yanacocha Open Pit
100%
12,500
3.30
1,330
108,100
11.11
38,610
120,600
10.30
39,930
29,600
12.52
11,920
41%
Yanacocha Underground
100%
500
0.37
10
6,200
37.02
7,350
6,700
34.23
7,350
3,400
40.45
4,390
83%
Total Yanacocha, Peru (10)
13,000
3.19
1,330
114,200
12.51
45,950
127,200
11.56
47,290
33,000
15.38
16,310
49%
Pueblo Viejo, Dominican Republic (5)(9)
40%
7,300
7.68
1,810
33,200
8.28
8,840
40,600
8.17
10,650
3,000
10.49
1,030
74%
NuevaUnión, Chile (6)
50%
164,300
0.96
5,080
349,900
1.19
13,370
514,100
1.12
18,440
602,200
1.16
22,530
66%
Norte Abierto, Chile (7)
50%
77,200
1.20
2,990
596,900
1.07
20,550
674,200
1.09
23,540
369,600
0.95
11,340
78%
NGM, United States (8)
38.5%
2,400
5.33
410
81,700
5.46
14,340
84,100
5.46
14,760
18,700
5.57
3,350
38%
Total Silver
525,900
4.53
76,550
2,541,500
5.18
423,010
3,067,400
5.07
499,560
1,412,800
3.35
152,120
75%
(1)
Resources are reported exclusive of reserves. Amounts presented may not recalculate in total due to rounding.
(2)
Resources, at sites in which Newmont is the operator, are estimated at a silver price of $23.00 per ounce for 2023 and 2022, unless otherwise noted. Resources provided by other operators may use pricing that differs. Tonnage amounts have been rounded to the nearest 100,000.
(3)
Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 100,000 in 2023 and nearest 10,000 in 2022.
(4)
Project is currently undeveloped. Resource estimates provided by Teck Resources.
(5)
Resource estimates provided by Barrick, the operator of the Pueblo Viejo.
(6)
Project is currently undeveloped. Resource estimates provided by the NuevaUnión joint venture.
(7)
Project is currently undeveloped. Resource estimates provided by the Norte Abierto joint venture.
(8)
Resource estimates provided by Barrick, the operator of the NGM joint venture.
(9)
Amounts presented herein have been rounded to the nearest 100,000 in 2023 and nearest 10,000 in 2022 for ounces and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties.
(10)
In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest.
(11)
Sites acquired through the Newcrest transaction. Silver resources at sites acquired through the Newcrest transaction were estimated at a silver price of $21.00 per ounce, with the exception of certain legacy estimates, which have applied older, more conservative price assumptions.
Lead Reserves (1)
December 31, 2023
December 31, 2022
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Deposits/Districts
Newmont
Share
Tonnage (2)
(000 tonnes)
Grade
(Pb %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
Grade
(Pb %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
Grade
(Pb %)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Tonnage (2)
(000 tonnes)
Grade
(Pb %)
Pounds (3)
(millions)
Peñasquito Open Pits, Mexico (4)(6)
100%
121,700
0.37%
1,000
142,800
0.28%
900
264,500
0.32%
1,900
73%
288,500
0.33%
2,090
Peñasquito Stockpiles, Mexico (4)(5)(6)
100%
2,000
0.32%
—
24,500
0.38%
200
26,500
0.37%
200
73%
28,000
0.33%
200
Total Lead
123,700
0.37%
1,000
167,300
0.30%
1,100
291,000
0.33%
2,100
73%
316,500
0.33%
2,300
(1)
Lead reserves for 2023 and 2022 were estimated at a lead price of $1.00 per pound. Amounts presented may not recalculate in total due to rounding.
(2)
Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000.
(3)
Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 and nearest 10 million in 2022.
(4)
Lead cut-off grade varies with level of gold, silver, and zinc credits.
(5)
Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where pounds exceed 100 million and are greater than 5% of the total site-reported reserves.
(6)
Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
Lead Resources (1)(2) - December 31, 2023
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(Pb %)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(Pb %)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(Pb %)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(Pb %)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Peñasquito, Mexico (4)
100%
37,400
0.28%
200
157,300
0.24%
800
194,700
0.24%
1,000
22,800
0.23%
100
72%
Telfer Projects, Australia (5)
100%
—
—%
—
51,700
0.30%
300
51,700
0.30%
300
1,900
0.24%
—
89%
Total Lead
37,400
0.28%
200
209,100
0.25%
1,200
246,500
0.26%
1,400
24,700
0.23%
100
76%
Lead Resources (1)(2) - December 31, 2022
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(Pb %)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(Pb %)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(Pb %)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(Pb %)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Peñasquito, Mexico
100%
47,400
0.26%
270
263,500
0.23%
1,360
311,000
0.24%
1,630
84,700
0.23%
440
72%
Total Lead
47,400
0.26%
270
263,500
0.23%
1,360
311,000
0.24%
1,630
84,700
0.23%
440
72%
(1)
Resources are reported exclusive of reserves.
(2)
Resources are estimated at a lead price of $1.20 per pound for 2023 and 2022. Tonnage amounts have been rounded to the nearest 100,000.
(3)
Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 and nearest 10 million in 2022.
(4)
Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties.
(5)
Site acquired through the Newcrest transaction. Lead resources at sites acquired through the Newcrest transaction were estimated at a lead price of $1.07 per pound.
Zinc Reserves (1)
December 31, 2023
December 31, 2022
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Deposits/Districts
Newmont
Share
Tonnage (2)
(000 tonnes)
Grade
(Zn %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
Grade
(Zn %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
Grade
(Zn %)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Tonnage (2)
(000 tonnes)
Grade
(Zn %)
Pounds (3)
(millions)
Peñasquito Open Pits, Mexico (4)(6)
100%
121,700
0.95%
2,500
142,800
0.66%
2,100
264,500
0.79%
4,600
82%
288,500
0.82%
5,240
Peñasquito Stockpiles, Mexico (4)(5)(6)
100%
2,000
0.66%
—
24,500
0.52%
300
26,500
0.53%
300
82%
28,000
0.47%
290
Total Zinc
123,700
0.94%
2,600
167,300
0.63%
2,300
291,000
0.77%
4,900
82%
316,500
0.79%
5,540
(1)
Zinc reserves for 2023 and 2022 were estimated at a zinc price of $1.20 per pound. Amounts presented may not recalculate in total due to rounding.
(2)
Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000.
(3)
Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 and nearest 10 million in 2022.
(4)
Zinc cut-off grade varies with level of gold, silver, and lead credits.
(5)
Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where pounds exceed 100 million and are greater than 5% of the total site-reported reserves.
(6)
Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
Zinc Resources (1)(2) - December 31, 2023
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(Zn %)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(Zn %)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(Zn %)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(Zn %)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Peñasquito, Mexico (4)
100%
37,400
0.69%
600
157,300
0.59%
2,000
194,700
0.61%
2,600
22,800
0.57%
300
81%
Telfer Projects, Australia (5)
100%
—
—%
—
51,700
0.63%
700
51,700
0.63%
700
1,900
0.47%
—
78%
Total Zinc
37,400
0.69%
600
209,100
0.60%
2,800
246,500
0.61%
3,300
24,700
0.56%
300
80%
Zinc Resources (1)(2) - December 31, 2022
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(Zn %)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(Zn %)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(Zn %)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(Zn %)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Peñasquito, Mexico
100%
47,400
0.62%
650
263,500
0.53%
3,080
311,000
0.54%
3,740
84,700
0.53%
1,000
81%
Total Zinc
47,400
0.62%
650
263,500
0.53%
3,080
311,000
0.54%
3,740
84,700
0.53%
1,000
81%
(1)
Resources are reported exclusive of reserves.
(2)
Resources are estimated at a zinc price of $1.45 per pound for 2023 and 2022. Tonnage amounts have been rounded to the nearest 100,000.
(3)
Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 and nearest 10 million in 2022.
(4)
Amounts presented herein have been rounded to the nearest 10 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties.
(5)
Site acquired through the Newcrest transaction. Zinc resources at sites acquired through the Newcrest transaction were estimated at a zinc price of $1.15 per pound.
Molybdenum Reserves (1)
December 31, 2023
December 31, 2022
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Deposits/Districts
Newmont
Share
Tonnage (2)
(000 tonnes)
Grade
(Mo %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
Grade
(Mo %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
Grade
(Mo %)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Tonnage (2)
(000 tonnes)
Grade
(Mo %)
Pounds (3)
(millions)
NuevaUnión, Chile (4)(5)
50%
—
—%
—
776,900
0.02%
300
776,900
0.02%
300
48%
776,900
0.02%
270
Total Cadia, Australia (6)(7)(8)
100%
—
—%
—
1,085,100
0.01%
200
1,085,100
0.01%
200
72%
—
—%
—
Total Molybdenum
—
—%
—
1,862,000
0.01%
500
1,862,000
0.01%
500
55%
776,900
0.02%
270
(1)
Molybdenum reserves, at sites in which Newmont is the operator, for 2023 were estimated at a molybdenum price of $8.00 per pound. Reserves for NuevaUnión are estimated based on a molybdenum price set by NuevaUnión joint venture. Amounts presented may not recalculate in total due to rounding.
(2)
Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000.
(3)
Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 and nearest 10 million in 2022.
(4)
Project is currently undeveloped. Reserve estimates provided by the NuevaUnión joint venture.
(5)
Currently included in Corporate and Other which includes the Company's business activities relating to its corporate and regional offices and all equity method investments.
(6)
Molybdenum cut-off grade varies with level of gold, silver, and copper credits.
(7)
Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties.
(8)
Site acquired through the Newcrest transaction.
Molybdenum Resources (1)(2) - December 31, 2023
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(Mo %)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(Mo %)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(Mo %)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(Mo %)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
NuevaUnión, Chile (4)
50%
159,500
0.01%
—
231,500
0.01%
—
391,000
0.01%
100
362,300
0.01%
100
52%
Cadia, Australia (5)(6)
100%
—
—%
—
1,515,400
0.01%
200
1,515,400
0.01%
200
497,000
—%
—
72%
Total Molybdenum
159,500
0.01%
—
1,746,900
0.01%
200
1,906,400
0.01%
200
859,400
0.01%
100
60%
Molybdenum Resources (1)(2) - December 31, 2022
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(Mo %)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(Mo %)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(Mo %)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(Mo %)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
NuevaUnión, Chile (4)
50%
159,500
0.01%
20
231,500
0.01%
40
391,000
0.01%
70
362,300
0.01%
100
52%
Total Molybdenum
159,500
0.01%
20
231,500
0.01%
40
391,000
0.01%
70
362,300
0.01%
100
52%
(1)
Resources are reported exclusive of reserves.
(2)
Resources, at sites in which Newmont is the operator, are estimated at a molybdenum price of $10.00 per pound for 2023. Resources for NuevaUnión are estimated based on a molybdenum price set by NuevaUnión joint venture. Tonnage amounts have been rounded to the nearest 100,000.
(3)
Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 nearest 10 million in 2022.
(4)
Project is currently undeveloped. Resource estimates provided by NuevaUnión joint venture.
(5)
Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties.
(6)
Site acquired through the Newcrest transaction.
Tungsten Resources (1)(2) - December 31, 2023
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(W %)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(W %)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(W %)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(W %)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Telfer Projects, Australia (4)
100%
—
—%
—
51,700
0.35%
400
51,700
0.35%
400
1,900
0.4%
—
74%
Total Tungsten
—
—%
—
51,700
0.35%
400
51,700
0.35%
400
1,900
0.4%
—
74%
(1)
Resources are reported exclusive of reserves.
(2)
Resources are estimated at a tungsten price of $16.00 per pound for 2023. Tonnage amounts have been rounded to the nearest 100,000.
(3)
Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million.
(4)
Site acquired through the Newcrest transaction.
Cautionary Statement Regarding Reserve and Resource Estimates:
The reserves stated herein were prepared in compliance with Subpart 1300 of Regulation S-K adopted by the United States Securities and Exchanges Commission ("the SEC") and represent the amount of gold, copper, silver, lead, zinc, molybdenum and tungsten estimated, at December 31, 2023, could be economically and legally extracted or produced at the time of the reserve determination. The term “economically,” as used in this definition, means that profitable extraction or production has been established or analytically demonstrated in at a minimum, a pre-feasibility study to be viable and justifiable under reasonable investment and market assumptions. The term “legally,” as used in this definition, does not imply that all permits needed for mining and processing have been obtained or that other legal issues have been completely resolved. However, for a reserve to exist, Newmont (or our joint venture partners) must have a justifiable expectation, based on applicable laws and regulations, that issuance of permits or resolution of legal issues necessary for mining and processing at a particular deposit will be accomplished in the ordinary course and in a timeframe consistent with Newmont’s (or our joint venture partners') current mine plans. Reserves in this presentation are aggregated from the proven and probable classes. The term “Proven reserves” used in the tables of the appendix means reserves for which (a) quantity is estimated from dimensions revealed in outcrops, trenches, workings or drill holes; (b) grade and/or quality are estimated from the results of detailed sampling; and (c) the sites for inspection, sampling and measurements are spaced so closely and the geologic character is sufficiently defined that size, shape, depth and mineral content of reserves are well established. The term “Probable reserves” means reserves for which quantity and grade are estimated from information similar to that used for Proven reserves, but the sites for sampling are farther apart or are otherwise less closely spaced. The degree of assurance, although lower than that for Proven reserves, is high enough to assume continuity between points of observation. Newmont classifies all reserves as Probable on its development projects until a year of production has confirmed all assumptions made in the reserve estimates. Proven and Probable reserves include gold, copper, silver, zinc, lead, molybdenum or tungsten attributable to Newmont’s ownership or economic interest. Proven and Probable reserves were calculated using cut-off grades. The term “cutoff grade” means the lowest grade of mineralized material considered economic to process. Cut-off grades vary between deposits depending upon prevailing economic conditions, mineability of the deposit, by-products, amenability of the ore to gold, copper, silver, zinc, lead, molybdenum or tungsten extraction and type of milling or leaching facilities available.
Estimates of Proven and Probable reserves are subject to considerable uncertainty. Such estimates are, or will be, to a large extent, based on the prices of gold, silver, copper, zinc, lead, molybdenum and tungsten and interpretations of geologic data obtained from drill holes and other exploration techniques, which data may not necessarily be indicative of future results. If our reserve estimations are required to be revised using significantly lower gold, silver, zinc, copper, lead, molybdenum and tungsten prices as a result of a decrease in commodity prices, increases in operating costs, reductions in metallurgical recovery or other modifying factors, this could result in material write-downs of our investment in mining properties, goodwill and increased amortization, reclamation and closure charges. Producers use pre-feasibility and feasibility studies for undeveloped ore bodies to derive estimates of capital and operating costs based upon anticipated tonnage and grades of ore to be mined and processed, the predicted configuration of the ore body, expected recovery rates of metals from the ore, the costs of comparable facilities, the costs of operating and processing equipment and other factors. Actual operating and capital cost and economic returns on projects may differ significantly from original estimates. Further, it may take many years from the initial phases of exploration until commencement of production, during which time, the economic feasibility of production may change. Estimates of resources are subject to further exploration and development, are subject to additional risks, and no assurance can be given that they will eventually convert to future reserves. Inferred resources, in particular, have a great amount of uncertainty as to their existence and their economic and legal feasibility. Investors are cautioned not to assume that any part of all of the Inferred resource exists or is economically or legally mineable. The Company cannot be certain that any part or parts of the resource will ever be converted into reserves. In addition, if the price of gold, silver, copper, zinc, lead, molybdenum or tungsten declines from recent levels, if production costs increase, grades decline, recovery rates decrease or if applicable laws and regulations are adversely changed, the indicated level of recovery may not be realized or mineral reserves or resources might not be mined or processed profitably. If we determine that certain of our mineral reserves or resources have become uneconomic, this may ultimately lead to a reduction in our aggregate reported mineral reserves and resources. Consequently, if our actual mineral reserves and resources are less than current estimates, our business, prospects, results of operations and financial position may be materially impaired. For additional information see the “Proven and Probable Reserve" and "Measured and Indicated and Inferred Resource" tables herein.
Cautionary Statement Regarding Forward Looking Statements:
This release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Such forward-looking statements may include, without limitation, estimates and expectations of future production, reserve estimates, exploration outlook and expected expenditure, and operational and financial performance. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties, assumptions and other factors, which could cause actual results to differ materially from future results expressed or implied by the “forward-looking statements”. Such assumptions, include, but are not limited to the key assumptions set forth on page 4 hereof. Investors are also encouraged to refer to the Company’s Form 10-K for its fiscal year 2022, filed with the SEC on February 23, 2023, as updated by the current report on Form 8-K filed with the SEC on July 20, 2023, Form 10-Q for the quarterly period ended September 30, 2023, filed with the SEC on October 26, 2023 as well as Newmont's other SEC filings, including the definitive proxy statement filed with the SEC on September 5, 2023, under the headings “Risk Factors” and “Forward-Looking Statements” for additional information. The Company does not undertake any obligation to release publicly revisions to any “forward-looking statement,” including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. Continued reliance on “forward-looking statements” is at investors' own risk.
Investors are also encouraged to review our Form 10-K expected to be filed on, or about, February 27, 2024.
About Newmont
Newmont is the world’s leading gold company and a producer of copper, zinc, lead, and silver. The company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the company has been publicly traded since 1925.
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