Newmont Reports 2019 Gold Mineral Reserves of 100 Million Ounces, Largest in Company History
Newmont Corporation (NYSE: NEM, TSX: NGT) (Newmont or the Company) reported gold Mineral Reserves (reserves) of 100.2 million attributable ounces for 2019 compared to 65.4 million ounces at the end of 2018, an increase of 53 percent after successfully completing two historic transactions and through ongoing exploration success.
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Percentage of Gold Reserves by Jurisdiction (North America includes Nevada)
“Newmont has the largest gold reserve base in the industry underpinned by our world-class ore bodies in top tier jurisdictions. In 2019, we added almost 50 million ounces of gold reserves through the acquisition of Goldcorp, formation of the Nevada Gold Mines joint venture and the continuation of our leading exploration program,” said Tom Palmer, President and Chief Executive Officer. “Our reserve and resource base will support stable production of more than 6 million ounces per annum for decades to come.”
Key highlights and differentiators:
Industry’s largest gold Mineral Reserves of 100.2 million ounces Gold reserves located in top-tier jurisdictions with 88 percent in Americas and Australia Gold reserve life at operating sites of >10 years underpinned by a strong base at Boddington, Tanami, Ahafo, Peñasquito, and Nevada Gold Mines, and further enhanced from our eight other operating mines and equity ownership in Pueblo Viejo Significant gold reserves per share with 124 ounces per 1,000 shares Tanami added 1.5 million ounces of gold reserves, 1.1 million ounces of Measured and Indicated gold resources and 1.6 million ounces of inferred resource Stable production profile underpinned by long life operating assets such as Boddington with 14 years; Tanami and Peñasquito with 12 years and Ahafo with 11 years Significant exposure to copper, silver, zinc, and lead with 63 million gold equivalent ounces (GEO)1 Measured & Indicated gold Mineral Resources of 76.7 million ounces; Inferred of 31.3 million ouncesReported figures include Red Lake and the Company’s 50 percent interest in Kalgoorlie Consolidated Gold Mines (KCGM). Newmont successfully completed the sale of KCGM in January 2020 and expects to close the divestment of Red Lake in the first quarter of 2020. Combined, these sites represented approximately 4.5 million ounces of gold reserves and 2.6 million ounces of Measured and Indicated gold Mineral Resources (resources), bringing Newmont’s adjusted 2019 gold Mineral Reserves to 95.7 and Measured and Indicated gold Mineral Resources2 to 74.1 million ounces.
Newmont’s reserve base is a key differentiator with 88 percent of gold reserves located in top-tier jurisdictions in the Americas and Australia, an operating reserve life of more than 10 years and average reserve grade of 1.05 grams per tonne. In addition, Newmont significantly increased its exposure to other metals, with an estimated 63 million gold equivalent ounces1 from copper, silver, zinc, lead and molybdenum.
In 2019, Newmont reported 100.2 million ounces of gold Mineral Reserves and 95.7 million ounces after adjusting for the KCGM and Red Lake divestments.
The Company added 42.2 million net ounces of gold reserves through its acquisition of Goldcorp and formation of the Nevada Gold Mines (NGM) joint venture, after adjusting for revisions at select Goldcorp operating sites, which were assessed using Newmont’s rigorous technical standards.
As previously disclosed, the Coffee project and Dome pit as part of the Century project were reclassified from Mineral Reserves to Mineral Resources, due to Feasibility study requirements. The project revisions were 1.7 million ounces and 4.4 million ounces, respectively.
Additions before revisions of 7.4 million ounces through exploration exceeded the Company’s target demonstrating drilling success and the prospectivity across the portfolio. Notable reserve additions for the year included: 2.5 million equity ounces from NGM, 1.5 million ounces at Tanami, 0.7 million equity ounces at NuevaUnión, 0.5 million ounces at Merian and 0.4 million ounces at Ahafo underground. Additions nearly offset depletion of 7.7 million contained ounces, which corresponds to Newmont’s 2019 attributable production outlook of 6.3 million ounces.
Newmont’s gold reserve grade was 1.05 grams per tonne compared to 1.19 grams per tonne in the prior year, largely due to the addition of polymetallic mines and projects including Peñasquito, NuevaUnión and Norte Abierto, which was partially offset by higher-grade reserves from the Company’s 38.5 percent equity ownership in NGM.
Newmont reported attributable Measured and Indicated gold Mineral Resources of 76.7 million ounces and 31.3 million ounces of attributable Inferred gold Mineral Resources, an increase of 95 percent and 101 percent from the prior year, respectively, at a constant gold price. Adjusted for the divestitures of KCGM and Red Lake.
Measured and Indicated gold Mineral Resources are 74.1 million ounces and Inferred gold Mineral Resources are 29.4 million ounces.
The acquisition of Goldcorp and formation of the NGM joint venture added 26.5 million net ounces of Measured and Indicated gold Mineral Resources and 13.7 million net ounces of Inferred gold Mineral Resources.
Measured and Indicated gold Mineral Resources added through exploration and studies were 7.8 million ounces and included notable additions before revisions of 1.1 million ounces at Tanami, 0.9 million equity ounces at both NGM and Pueblo Viejo, 0.8 million ounces at each of Ahafo underground, NuevaUnión and Merian (equity ounces).
Additions before revisions of 5.2 million ounces of Inferred gold Mineral Resources notably included 1.6 million ounces at Tanami, 0.8 million equity ounces at NGM, and 0.7 million ounces at Peñasquito.
Newmont’s Measured and Indicated gold Mineral Resource grade increased to 0.72 grams per tonne compared to 0.69 grams per tonne in the prior year from higher grade resources from NGM and the underground mines from the Goldcorp acquisition. Inferred gold Mineral Resource grade decreased to 0.66 grams per tonne from 1.01 grams per tonne, largely due to lower grade ounces from acquired polymetallic mines and projects.
Other Metals
Newmont’s base metal reserves increased significantly with the addition of the Goldcorp assets. Copper reserves increased to 6.8 million tonnes from 1.3 million tonnes in 2018, primarily due to the additions at the NuevaUnión and Norte Abierto projects. Copper resources increased significantly, increasing to 6.8 million tonnes of Measured & Indicated and 3.5 million tonnes of Inferred from 4.1 million tonnes of Measured & Indicated and 0.5 million tonnes of Inferred.
Silver reserves also increased significantly to 652 million ounces from 86 million ounces, primarily due to additions at Peñasquito, but also supported by NuevaUnión, Norte Abierto, Cerro Negro and Pueblo Viejo. Silver resources increased to 481 million ounces of Measured & Indicated and 217 million ounces of Inferred from 128 million ounces of Measured & Indicated and 21 million ounces of Inferred.
The Company also had first time declarations totaling 3.4 million tonnes of zinc reserves and 1.5 million tonnes of lead reserves at Peñasquito, and 0.1 million tonnes of molybdenum at NuevaUnión. First time declarations of zinc and lead resources were 1.9 million tonnes of Measured & Indicated and 1.0 million tonnes of Inferred, and 0.8 million tonnes of Measured & Indicated and 0.5 million tonnes of Inferred, respectively.
Exploration Outlook
Newmont’s total attributable exploration expenditure3 is expected to be approximately $230 million in 2020, a decrease of 13 percent from the prior year as the Company captures $25 million of exploration synergies from the Goldcorp acquisition and approximately $10 million from the divestiture of KCGM and Red Lake. Around 80 percent of total exploration investment will be dedicated to near-mine expansion programs and the remaining 20 percent will be allocated to the advancement of greenfield projects and innovation programs. Geographically, the Company expects to invest approximately 30 percent in North America, 25 percent in South America, 20 percent in Australia and the remainder in Africa and other locations.
Gold Reserve Sensitivity
A $100 increase in gold price would result in an approximate six percent increase in gold reserves while a $100 decrease in gold price would result in an approximate six percent decrease in gold reserves. These sensitivities assume an oil price of $60 per barrel (WTI), Australian dollar exchange rate of $0.75 and Canadian dollar exchange rate of $0.77.
For additional details on Newmont’s reported Gold, Copper, Silver, Zinc, Lead and Molybdenum Mineral Reserves and Mineral Resources, please refer to the tables at the end of this release.
1 Gold Equivalent Ounces calculated using Mineral Reserve pricing as shown at the end of this release and metallurgical recoveries for each metal on a site-by-site basis.
2 Totals may not sum due to rounding.
3 Includes capitalized and expensed exploration.
Key Assumptions:
Years Ended
December 31
2019
2018
Gold Reserves (US$/oz.)
$1,200
$1,200
Gold Resources (US$/oz.)
$1,400
$1,400
Copper Reserves (US$/lb.)
$2.75
$2.50
Copper Resources (US$/lb.)
$3.25
$3.25
Silver Reserves (US$/oz.)
$16.00
$16.00
Silver Resources (US$/oz.)
$20.00
$20.00
Zinc Reserves (US$/lb.)
$1.20
NA
Zinc Resources (US$/lb.)
$1.45
NA
Lead Reserves (US$/lb.)
$0.95
NA
Lead Resources (US$/lb.)
$1.15
NA
Australian Dollar (A$:US$)
$0.75
$0.75
Canadian Dollar (C$:US$)
$0.77
NA
Mexican Peso (M$:US$)
$19.50
NA
West Texas Intermediate (US$/bbl.)
$60
$65
Reserve and Resource Tables
Proven and Probable reserves are based on extensive drilling, sampling, mine modeling and metallurgical testing from which we determine economic feasibility. Newmont’s metal price assumptions follow SEC guidance not to exceed a three year trailing average. 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 included in this release list the average metallurgical recovery rate for each deposit, which takes into account the assumed processing methods. The cut-off grade, or lowest grade of material considered economic to process, varies with material type, price, metallurgical recoveries, operating costs and co- or by-product credits. 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, silver, copper, lead, zinc and molybdenum will be realized. Ounces of gold and silver or tonnes of copper, zinc, lead, 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, silver, copper, zinc, lead, or molybdenum, as well as increased production costs or reduced metallurgical recovery rates, could render certain Proven and Probable reserves containing relatively lower grades of mineralization 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. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. Ounces of gold and silver or tonnes of copper, zinc, lead, and molybdenum included in the Measured, Indicated and Inferred resources are those contained prior to losses during metallurgical treatment. Market fluctuations in the price of gold, silver, copper, zinc, lead and molybdenum, as well as increased production costs or reduced metallurgical recovery rates, could change future estimates of resources. Please refer to the reserves and resources cautionary statement at the end of the release.
We publish reserves and resources annually, and will recalculate reserves and resources at year-end 2020, taking into account metal prices, changes, if any, in future production and capital costs, mine designs, model changes, divestments and depletion as well as any acquisitions and additions during 2020.
The following technical reports are available to the public on SEDAR:
Ahafo South Operations, Republic of Ghana, NI 43-101 Technical Report, Report Effective Date: December 31, 2018
Boddington Operations, Western Australia, Australia, NI 43-101 Technical Report, Report Effective Date: December 31, 2018
Peñasquito Polymetallic Operations, Zacatecas State, Mexico, NI 43-101 Technical Report, Report Effective Date: 30 June 2018 (under Goldcorp’s SEDAR profile)
Tanami Operations, Northern Territory, Australia, NI 43-101 Technical Report, Report Effective Date: December 31, 2018
Attributable Proven, Probable and Combined Gold Reserves (1), Metric Units
December 31, 2019
December 31, 2018
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Newmont
Tonnage (2)
Grade
Gold (3)
Tonnage (2)
Grade
Gold (3)
Tonnage (2)
Grade
Gold (3)
Metallurgical
Tonnage (2)
Grade
Gold (3)
Deposits/Districts
Share
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
Recovery
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
North America
CC&V Open Pits (4)
100
%
94,100
0.52
1,570
24,400
0.43
340
118,500
0.50
1,910
59
%
140,300
0.53
2,400
CC&V Leach Pads (5)
100
%
—
—
31,600
0.88
890
31,600
0.88
890
59
%
38,100
0.86
1,050
Total CC&V, Colorado
94,100
0.52
1,570
56,000
0.69
1,230
150,100
0.58
2,800
59
%
178,400
0.60
3,450
Red Lake, Canada (6)
100
%
900
8.69
260
3,700
8.68
1,040
4,600
8.68
1,300
94
%
—
—
Musselwhite, Canada (7)
100
%
4,900
6.48
1,020
5,000
6.57
1,070
9,900
6.52
2,090
95
%
—
—
Porcupine Underground (8)
100
%
600
10.53
200
4,300
6.89
950
4,900
7.33
1,150
87
%
—
—
Porcupine Open Pit (9)
100
%
11,900
1.50
570
32,700
1.04
1,100
44,600
1.16
1,670
88
%
—
—
Total Porcupine, Canada
12,500
1.92
770
37,000
1.72
2,050
49,500
1.77
2,820
88
%
—
—
Éléonore, Canada (10)
100
%
1,500
5.69
280
5,900
5.21
1,000
7,400
5.31
1,280
91
%
—
—
Peñasquito, Mexico (11)
100
%
109,700
0.63
2,220
331,800
0.55
5,860
441,500
0.57
8,080
77
%
—
—
TOTAL NORTH AMERICA
223,600
0.85
6,120
439,400
0.87
12,250
663,000
0.86
18,370
80
%
178,400
0.60
3,450
South America
Yanacocha Open Pits (12)
51.35
%
11,200
0.72
270
96,500
0.64
1,990
107,700
0.65
2,260
64
%
117,900
0.67
2,540
Yanacocha Underground (13)
51.35
%
—
—
6,000
6.88
1,310
6,000
6.88
1,310
96
%
5,700
1,270
Total Yanacocha, Peru
11,200
0.72
270
102,500
1.00
3,300
113,700
0.98
3,570
76
%
123,600
0.96
3,810
Merian, Suriname (14)
75
%
41,100
1.41
1,860
46,600
1.08
1,620
87,700
1.23
3,480
92
%
93,100
1.25
3,730
Cerro Negro, Argentina (15)
100
%
1,100
11.49
400
7,300
9.44
2,200
8,400
9.70
2,600
92
%
—
—
Pueblo Viejo Open Pits
40
%
6,700
2.68
580
5,600
2.72
490
12,300
2.70
1,070
91
%
—
—
Pueblo Viejo Stockpiles (16)
40
%
—
—
35,300
2.41
2,740
35,300
2.41
2,740
90
%
—
—
Total Pueblo Viejo, Dominican Republic (17)
6,700
2.68
580
40,900
2.46
3,230
47,600
2.49
3,810
90
%
—
—
NuevaUnión, Chile (18)
50
%
—
—
341,100
0.47
5,150
341,100
0.47
5,150
68
%
—
—
Norte Abierto, Chile (19)
50
%
—
—
598,800
0.60
11,620
598,800
0.60
11,620
74
%
—
—
TOTAL SOUTH AMERICA
60,100
1.60
3,110
1,137,200
0.74
27,120
1,197,300
0.79
30,230
78
%
216,700
1.08
7,540
Australia
Boddington Open Pit (20)
100
%
234,800
0.70
5,260
246,200
0.69
5,460
481,000
0.69
10,720
85
%
480,700
0.71
10,990
Boddington Stockpiles (16)
100
%
3,900
0.60
80
81,400
0.43
1,130
85,300
0.44
1,210
78
%
93,000
0.45
1,360
Total Boddington, Western Australia
238,700
0.69
5,340
327,600
0.63
6,590
566,300
0.65
11,930
84
%
573,700
0.67
12,350
Tanami, Northern Territory (21)
100
%
13,000
5.18
2,170
20,200
5.39
3,510
33,200
5.31
5,680
97
%
26,600
5.51
4,690
Kalgoorlie Open Pit and Underground (22)
50
%
3,700
1.94
230
20,400
2.04
1,330
24,100
2.02
1,560
83
%
29,000
2.13
1,990
Kalgoorlie Stockpiles (16)
50
%
13,500
1.06
460
51,500
0.68
1,120
65,000
0.76
1,580
74
%
67,300
0.77
1,660
Total Kalgoorlie, Western Australia (23)
17,200
1.24
690
71,900
1.06
2,450
89,100
1.10
3,140
78
%
96,300
1.18
3,650
TOTAL AUSTRALIA
268,900
0.95
8,200
419,700
0.93
12,550
688,600
0.94
20,750
86
%
696,600
0.92
20,690
Africa
Ahafo South Open Pits (24)
100
%
12,300
2.39
940
44,900
1.76
2,550
57,200
1.90
3,490
90
%
64,600
1.97
4,100
Ahafo Underground (25)
100
%
1,300
4.80
210
13,200
3.13
1,330
14,500
3.29
1,540
94
%
7,500
4.74
1,150
Ahafo Stockpiles (16)
100
%
38,300
0.92
1,140
—
—
38,300
0.92
1,140
88
%
38,000
0.92
1,130
Total Ahafo South, Ghana
51,900
1.37
2,290
58,100
2.08
3,880
110,000
1.74
6,170
91
%
110,100
1.80
6,380
Ahafo North, Ghana (26)
100
%
—
—
45,100
2.40
3,470
45,100
2.40
3,470
91
%
43,500
2.39
3,350
Akyem Open Pit (27)
100
%
18,300
1.65
970
20,600
1.74
1,150
38,900
1.70
2,120
90
%
34,200
1.69
1,860
Akyem Stockpiles (16)
100
%
16,400
0.88
460
—
—
16,400
0.88
460
84
%
12,900
0.90
380
Total Akyem, Ghana
34,700
1.29
1,430
20,600
1.74
1,150
55,300
1.46
2,580
89
%
47,100
1.47
2,240
TOTAL AFRICA
86,600
1.33
3,720
123,800
2.14
8,500
210,400
1.81
12,220
91
%
200,700
1.85
11,970
Nevada
NGM Open Pits, Nevada
38.5
%
9,900
1.81
570
141,800
1.18
5,370
151,700
1.22
5,940
83
%
—
—
NGM Stockpiles, Nevada (16)
38.5
%
37,100
2.38
2,830
—
—
37,100
2.38
2,830
73
%
—
—
NGM Underground, Nevada
38.5
%
14,900
10.49
5,000
15,400
9.81
4,830
30,300
10.14
9,830
83
%
—
—
Total NGM, Nevada (28)
61,900
4.24
8,400
157,200
2.02
10,200
219,100
2.64
18,600
81
%
—
—
Carlin Open Pits
100
%
—
—
—
—
—
—
108,700
1.63
5,690
Carlin Leach Pad (5)
100
%
—
—
—
—
—
—
66,800
0.30
650
Carlin Stockpiles (16)
100
%
—
—
—
—
—
—
16,900
2.30
1,250
Carlin Underground
100
%
—
—
—
—
—
—
14,800
10.27
4,870
Total Carlin, Nevada (29)
—
—
—
—
—
—
207,200
1.87
12,460
Phoenix
100
%
—
—
—
—
—
—
132,800
0.66
2,820
Lone Tree
100
%
—
—
—
—
—
—
3,600
0.29
30
Total Phoenix, Nevada (29)
—
—
—
—
—
—
136,400
0.65
2,850
Turquoise Ridge (30)
25
%
—
—
—
—
—
—
5,500
12.97
2,270
Twin Creeks
100
%
—
—
—
—
—
—
24,900
1.66
1,330
Twin Creeks Stockpiles (16)
100
%
—
—
—
—
—
—
28,400
2.09
1,910
Total Twin Creeks, Nevada (29)
—
—
—
—
—
—
58,800
2.91
5,510
Long Canyon, Nevada (29)
100
%
—
—
—
—
—
—
22,300
1.34
970
TOTAL NEVADA
61,900
4.24
8,400
157,200
2.02
10,200
219,100
2.64
18,600
81
%
424,700
1.60
21,790
TOTAL NEWMONT
701,100
1.31
29,550
2,277,300
0.96
70,620
2,978,400
1.05
100,170
81
%
1,717,100
1.19
65,440
Red Lake, Canada (6)
100
%
900
8.69
260
3,700
8.68
1,040
4,600
8.68
1,300
94
%
—
—
Kalgoorlie, Western Australia (23)
50
%
17,200
1.24
690
71,900
1.06
2,450
89,100
1.10
3,140
78
%
96,300
1.18
3,650
TOTAL NEWMONT ADJUSTED
683,000
1.30
28,600
2,201,700
0.95
67,130
2,884,700
1.03
95,730
82
%
1,620,800
1.19
61,790
(1)See cautionary statement regarding reserves and resources on page 12 hereof. 2019 and 2018 reserves were calculated at a gold price of $1,200 per ounce unless otherwise noted.
(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 10,000.
(4)Cut-off grades utilized in 2019 reserves were as follows: oxide mill material not less than 1.03 gram per tonne and leach material not less than 0.24 gram per tonne.
(5)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.
(6)Red Lake was classified as held for sale as of December 31, 2019. Cut-off grade utilized in 2019 reserves not less than 6.75 gram per tonne.
(7)Cut-off grade utilized in 2019 reserves not less than 3.70 gram per tonne.
(8)Cut-off grade utilized in 2019 reserves not less than 4.06 gram per tonne.
(9)Cut-off grade utilized in 2019 reserves not less than 0.52 gram per tonne.
(10)Cut-off grade utilized in 2019 reserves not less than 4.80 gram per tonne.
(11)Gold cut-off grade varies with level of silver, lead and zinc credits.
(12)Gold cut-off grades utilized in 2019 reserves were as follows: oxide leach material not less than 0.12 gram per tonne; oxide mill material not less than 0.49 gram per tonne; and refractory mill material not less than 1.45 gram per tonne.
(13)Gold cut-off grades utilized in 2019 reserves not less than 1.86 gram per tonne.
(14)Cut-off grade utilized in 2019 reserves not less than 0.38 gram per tonne.
(15)Cut-off grade utilized in 2019 reserves not less than 5.00 gram per tonne.
(16)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.
(17)The Pueblo Viejo mine, which is 40 percent owned by Newmont, is accounted for as an equity method investment. Reserve estimates provided by Barrick, the operator of Pueblo Viejo.
(18)Project is currently undeveloped. Reserve estimates provided by the NuevaUnión joint venture.
(19)Project is currently undeveloped. Reserve estimates provided by the Norte Abierto joint venture
(20)Gold cut-off grade varies with level of copper credits.
(21)Cut-off grade utilized in 2019 reserves not less than 1.60 gram per tonne.
(22)Cut-off grade utilized in 2019 in situ reserves not less than 0.90 gram per tonne.
(23)Kalgoorlie was classified as held for sale as of December 31, 2019.
(24)Cut-off grade utilized in 2019 reserves not less than 0.68 gram per tonne.
(25)Cut-off grade utilized in 2019 reserves not less than 1.60 gram per tonne.
(26)Includes undeveloped reserves in the Ahafo trend totaling 3.4 million ounces. Cut-off grade utilized in 2019 reserves not less than 0.51 gram per tonne.
(27)Cut-off grade utilized in 2019 reserves not less than 0.59 gram per tonne.
(28)Reserve estimates provided by Barrick, the operator of the NGM joint venture.
(29)Property was contributed to NGM on July 1, 2019.
(30)Reserve estimates provided by Barrick, the operator of the Turquoise Ridge joint venture.
Attributable Gold Mineral Resources (1)(2) - December 31, 2019, Metric Units
Measured Resource
Indicated Resource
Measured and Indicated Resource (3)
Inferred Resource
Newmont
Tonnage
Grade
Gold
Tonnage
Grade
Gold
Tonnage
Grade
Gold
Tonnage
Grade
Gold
Deposits/Districts
Share
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
North America
CC&V,Colorado
100
%
67,100
0.50
1,080
43,600
0.44
620
110,700
0.48
1,700
16,800
0.39
210
Red Lake, Canada (4)
100
%
300
24.09
210
1,000
15.55
490
1,300
17.36
700
1,600
18.04
910
Musselwhite, Canada
100
%
1,800
4.04
230
4,600
4.09
600
6,400
4.08
830
3,200
4.37
440
Porcupine Underground
100
%
100
6.28
20
700
4.34
110
800
4.58
130
1,000
5.78
180
Porcupine Open Pit
100
%
2,700
1.17
100
248,400
0.89
7,130
251,100
0.90
7,230
108,200
0.70
2,430
Total Porcupine, Canada
2,800
1.33
120
249,100
0.90
7,240
251,900
0.91
7,360
109,200
0.74
2,610
Éléonore, Canada
100
%
300
4.39
40
2,500
4.57
370
2,800
4.55
410
3,400
5.21
580
Peñasquito, Mexico
100
%
37,300
0.25
300
304,000
0.25
2,440
341,300
0.25
2,740
193,600
0.34
2,090
Noche Buena, Mexico
50
%
—
—
27,500
0.37
330
27,500
0.37
330
2,500
0.22
20
Sandman, Nevada
100
%
—
—
1,200
1.23
50
1,200
1.23
50
1,100
1.85
60
Coffee, Canada
100
%
5,200
1.76
300
41,100
1.42
1,870
46,300
1.46
2,170
11,800
1.32
500
Galore Creek, Canada (5)
50
%
128,400
0.36
1,510
423,400
0.23
3,120
551,800
0.26
4,630
99,100
0.21
670
TOTAL NORTH AMERICA
243,200
0.48
3,790
1,098,000
0.49
17,130
1,341,200
0.49
20,920
442,300
0.57
8,090
South America
Conga, Peru
51.35
%
—
—
356,300
0.65
7,490
356,300
0.65
7,490
118,400
0.39
1,480
Yanacocha
51.35
%
5,800
0.75
140
33,300
0.43
460
39,100
0.48
600
92,400
0.84
2,490
Yanacocha Underground
51.35
%
—
—
1,600
6.50
330
1,600
6.50
330
5,100
3.54
580
Total Yanacocha, Peru
5,800
0.75
140
34,900
0.70
790
40,700
0.71
930
97,500
0.98
3,070
Merian, Suriname
75
%
6,400
1.01
200
30,500
1.15
1,130
36,900
1.12
1,330
22,300
1.05
750
Cerro Negro, Argentina
100
%
2,800
3.52
330
9,300
6.02
1,790
12,100
5.43
2,120
700
5.78
150
Pueblo Viejo, Dominican Republic (6)
40
%
11,300
2.25
820
77,100
2.22
5,490
88,400
2.22
6,310
21,700
2.10
1,470
NuevaUnión, Chile (7)
50
%
3,300
0.31
30
75,900
0.62
1,520
79,200
0.61
1,550
266,900
0.37
3,190
Norte Abierto, Chile (8)
50
%
77,300
0.61
1,500
596,900
0.49
9,310
674,200
0.50
10,810
369,600
0.37
4,370
Alumbrera, Argentina (9)
37.5
%
45,700
0.37
530
6,700
0.51
110
52,400
0.38
640
2,700
0.45
40
TOTAL SOUTH AMERICA
152,600
0.73
3,550
1,187,600
0.72
27,630
1,340,200
0.72
31,180
899,800
0.50
14,520
Australia
Boddington, Western Australia
100
%
101,300
0.55
1,800
257,300
0.54
4,480
358,600
0.55
6,280
6,200
0.45
90
Tanami, Northern Territory
100
%
200
3.37
20
17,500
2.21
1,240
17,700
2.22
1,260
14,900
4.52
2,160
Kalgoorlie, Western Australia (10)
50
%
6,000
1.46
280
28,400
1.75
1,610
34,400
1.70
1,890
12,800
2.34
960
TOTAL AUSTRALIA
107,500
0.61
2,100
303,200
0.75
7,330
410,700
0.71
9,430
33,900
2.96
3,210
Africa
Ahafo South
100
%
1,000
0.62
20
25,100
1.22
980
26,100
1.19
1,000
8,400
1.45
400
Ahafo Underground
100
%
—
—
15,900
3.93
2,020
15,900
3.93
2,020
11,300
3.35
1,220
Total Ahafo South, Ghana
1,000
0.62
20
41,000
2.28
3,000
42,000
2.24
3,020
19,700
2.56
1,620
Ahafo North Open Pits, Ghana
100
%
2,100
1.23
80
8,200
1.99
530
10,300
1.84
610
7,200
1.78
410
Akyem Open Pits
100
%
1,300
0.55
20
1,800
0.55
30
3,100
0.55
50
2,900
1.40
130
Akyem Underground
100
%
—
—
3,800
4.16
510
3,800
4.16
510
2,400
3.62
280
Akyem, Ghana
1,300
0.55
20
5,600
3.00
540
6,900
2.52
560
5,300
2.41
410
TOTAL AFRICA
4,400
0.89
120
54,800
2.30
4,070
59,200
2.20
4,190
32,200
2.35
2,440
Nevada
NGM Open Pits, Nevada
38.5
%
10,200
1.49
490
130,200
1.10
4,610
140,400
1.13
5,100
50,100
0.83
1,340
NGM Underground, Nevada
38.5
%
7,700
5.85
1,440
19,900
6.96
4,480
27,600
6.65
5,920
6,700
8.04
1,690
Total NGM, Nevada (11)
17,900
3.37
1,930
150,100
1.88
9,090
168,000
2.04
11,020
56,800
1.67
3,030
TOTAL NEVADA
17,900
3.37
1,930
150,100
1.88
9,090
168,000
2.04
11,020
56,800
1.67
3,030
TOTAL NEWMONT
525,600
0.68
11,490
2,793,700
0.73
65,250
3,319,300
0.72
76,740
1,465,000
0.66
31,290
Red Lake, Canada (4)
100
%
300
24.09
210
1,000
15.55
490
1,300
17.36
700
1,600
18.04
910
Kalgoorlie, Western Australia (10)
50
%
6,000
1.46
280
28,400
1.75
1,610
34,400
1.70
1,890
12,800
2.34
960
TOTAL NEWMONT ADJUSTED
519,300
0.66
11,000
2,764,300
0.71
63,150
3,283,600
0.70
74,150
1,450,600
0.63
29,420
(1)Resources are reported exclusive of reserves.
(2)Resources are calculated at a gold price of $1,400 per ounce for 2019 and 2018. Tonnage amounts have been rounded to the nearest 100,000. Ounces may not recalculate as they have been rounded to the nearest 10,000.
(3)Measured and Indicated Resources (combined) are equivalent to Mineralized Material disclosed in Newmont’s 10-K filing.
(4)Red Lake was classified as held for sale as of December 31, 2019.
(5)Project is currently undeveloped. Resource estimates provided by Teck.
(6)Resource estimates provided by Barrick, the operator of Pueblo Viejo.
(7)Project is currently undeveloped. Resource estimates provided by the NuevaUnión joint venture.
(8)Project is currently undeveloped. Resource estimates provided by the Norte Abierto joint venture.
(9)Resource estimates provided by Glencore.
(10)Kalgoorlie was classified as held for sale as of December 31, 2019.
(11)Resource estimates provided by Barrick, the operator of the NGM joint venture.
Attributable Copper Reserves (1) Metric Units
December 31, 2019
December 31, 2018
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Newmont
Tonnage (2)
Grade
Copper (3)
Tonnage (2)
Grade
Copper (3)
Tonnage (2)
Grade
Copper (3)
Metallurgical
Tonnage (2)
Grade
Copper (3)
Deposits/Districts
Share
(x1000 tonnes)
(Cu %)
(Tonnes)
(x1000 tonnes)
(Cu %)
(Tonnes)
(x1000 tonnes)
(Cu %)
(Tonnes)
Recovery
(x1000 tonnes)
(Cu %)
(Tonnes)
South America
Yanacocha Open Pits and Underground, Peru (4)
51.35
%
—
—
53,600
0.63
%
340,000
53,600
0.63
%
340,000
83
%
53,600
0.63
%
340,000
NuevaUnión, Chile (5)
50
%
—
—
1,118,000
0.40
%
4,420,000
1,118,000
0.40
%
4,420,000
88
%
—
—
Norte Abierto, Chile (6)
50
%
—
—
598,800
0.22
%
1,310,000
598,800
0.22
%
1,310,000
87
%
—
—
TOTAL SOUTH AMERICA
—
—
1,770,400
0.34
%
6,070,000
1,770,400
0.34
%
6,070,000
87
%
53,600
0.63
%
340,000
Australia
Boddington Open Pit, Western Australia (7)
100
%
234,800
0.09
%
220,000
246,200
0.11
%
270,000
481,000
0.10
%
490,000
78
%
480,700
0.10
%
490,000
Boddington Stockpiles, Western Australia (8)
100
%
3,900
0.09
%
—
81,400
0.09
%
70,000
85,300
0.09
%
70,000
72
%
93,000
0.08
%
70,000
TOTAL AUSTRALIA
238,700
0.09
%
220,000
327,600
0.10
%
340,000
566,300
0.10
%
560,000
78
%
573,700
0.10
%
560,000
Nevada
NGM, Nevada (9)
38.5
%
17,100
0.19
%
30,000
80,000
0.17
%
140,000
97,100
0.18
%
170,000
65
%
—
—
Phoenix, Nevada (10)
100
%
—
—
—
—
—
—
220,500
0.18
%
400,000
TOTAL NEVADA
17,100
0.19
%
30,000
80,000
0.17
%
140,000
97,100
0.18
%
170,000
65
%
220,500
0.18
%
400,000
TOTAL NEWMONT
255,800
0.10
%
250,000
2,178,000
0.30
%
6,550,000
2,433,800
0.28
%
6,800,000
86
%
847,800
0.15
%
1,300,000
(1)See footnote (1) to the Gold Reserves table above. Copper reserves for 2019 were calculated at a copper price of $2.75 per pound. Copper reserves for 2018 were calculated at a copper price of $2.50 per pound.
(2)See footnote (2) to the Gold Reserves table above. Tonnages are rounded to nearest 100,000.
(3)See footnote (3) to the Gold Reserves table above. Tonnes may not recalculate as they are rounded to the nearest 10,000.
(4)Copper cut-off grade varies with level of gold and silver credits.
(5)Project is currently undeveloped. Reserve estimates provided by the NuevaUnión joint venture.
(6)Project is currently undeveloped. Reserve estimates provided by the Norte Abierto joint venture.
(7)Copper cut-off grade varies with level of gold credits.
(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)Reserve estimates provided by Barrick, the operator of the NGM joint venture.
(10)Property was contributed to NGM on July 1, 2019.
Attributable Copper Mineral Resources (1)(2) - December 31, 2019, Metric Units
Measured Resource
Indicated Resource
Measured and Indicated Resource (3)
Inferred Resource
Newmont
Tonnage
Grade
Copper
Tonnage
Grade
Copper
Tonnage
Grade
Copper
Tonnage
Grade
Copper
Deposits/Districts
Share
(x1000 tonnes)
(Cu%)
(tonnes)
(x1000 tonnes)
(Cu%)
(tonnes)
(x1000 tonnes)
(Cu%)
(tonnes)
(x1000 tonnes)
(Cu%)
(tonnes)
North America
Galore Creek, Canada (4)
50
%
128,400
0.72
%
920,000
423,400
0.39
%
1,640,000
551,800
0.47
%
2,560,000
99,100
0.27
%
260,000
TOTAL NORTH AMERICA
128,400
0.72
%
920,000
423,400
0.39
%
1,640,000
551,800
0.47
%
2,560,000
99,100
0.27
%
260,000
South America
Conga, Peru
51.35
%
—
—
356,300
0.26
%
930,000
356,300
0.26
%
930,000
118,400
0.19
%
220,000
Yanacocha Open Pits and Stockpiles
51.35
%
1,600
0.32
%
10,000
1,300
0.33
%
—
2,900
0.32
%
10,000
2,000
0.44
%
10,000
Yanacocha Underground
51.35
%
—
—
1,600
0.07
%
—
1,600
0.07
%
—
5,100
0.12
%
—
Total Yanacocha, Peru
1,600
0.32
%
10,000
2,900
0.16
%
—
4,500
0.20
%
10,000
7,100
0.19
%
10,000
NuevaUnión, Chile (5)
50
%
162,800
0.19
%
310,000
307,400
0.33
%
1,010,000
470,200
0.28
%
1,320,000
629,200
0.37
%
2,310,000
Norte Abierto, Chile (6)
50
%
57,600
0.24
%
140,000
551,200
0.19
%
1,060,000
608,800
0.20
%
1,200,000
361,800
0.18
%
650,000
Alumbrera, Argentina (7)
37.5
%
45,700
0.37
%
170,000
6,700
0.25
%
20,000
52,400
0.36
%
190,000
2,700
0.21
%
—
TOTAL SOUTH AMERICA
267,700
0.23
%
630,000
1,224,500
0.25
%
3,020,000
1,492,200
0.24
%
3,650,000
1,119,200
0.29
%
3,190,000
Australia
Boddington, Western Australia
100
%
101,300
0.11
%
110,000
257,300
0.12
%
300,000
358,600
0.12
%
410,000
6,200
0.09
%
—
TOTAL AUSTRALIA
101,300
0.11
%
110,000
257,300
0.12
%
300,000
358,600
0.12
%
410,000
6,200
0.09
%
—
Nevada
NGM, Nevada (8)
38.5
%
9,800
0.16
%
20,000
80,100
0.14
%
110,000
89,900
0.14
%
130,000
11,500
0.15
%
20,000
TOTAL NEVADA
9,800
0.16
%
20,000
80,100
0.14
%
110,000
89,900
0.14
%
130,000
11,500
0.15
%
20,000
TOTAL NEWMONT
507,200
0.33
%
1,680,000
1,985,300
0.26
%
5,070,000
2,492,500
0.27
%
6,750,000
1,236,000
0.28
%
3,470,000
(1)Resources are reported exclusive of reserves.
(2)Resources are calculated at a copper price of $3.25 per pound for 2019 and 2018. Tonnage amounts have been rounded to the nearest 100,000.
(3)Measured and Indicated Resources (combined) are equivalent to Mineralized Material disclosed in Newmont’s Form 10-K filing.
(4)Project is currently undeveloped. Resource estimates provided by Teck.
(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 Glencore.
(8)Resource estimates provided by Barrick, the operator of the NGM joint venture.
Attributable Proven, Probable and Combined Silver Reserves (1) Metric Units
December 31, 2019
December 31, 2018
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Newmont
Tonnage (2)
Grade
Silver (3)
Tonnage (2)
Grade
Silver (3)
Tonnage (2)
Grade
Silver (3)
Metallurgical
Tonnage (2)
Grade
Silver (3)
Deposits/Districts
Share
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
Recovery (3)
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
North America
Peñasquito Open Pits, Mexico (4)
100%
105,200
37.43
126,630
304,500
32.25
315,830
409,700
33.58
442,460
90%
—
—
Peñasquito Stockpiles, Mexico (5)
100%
4,500
53.29
7,730
27,300
24.10
21,170
31,800
28.24
28,900
86%
—
—
TOTAL NORTH AMERICA
109,700
38.08
134,360
331,800
31.58
337,000
441,500
33.20
471,360
89%
—
—
South America
Yanacocha Open Pits and Underground, Peru (6)
51.35%
4,500
10.22
1,500
56,700
18.43
33,600
61,200
17.84
35,100
46%
66,600
16.73
35,820
Yanacocha Stockpiles, Peru (5)
51.35%
1,200
39.85
1,640
1,400
41.74
1,920
2,600
40.85
3,560
58%
3,600
39.20
4,510
Yanacocha Leach Pads, Peru (7)
51.35%
—
—
53,000
8.19
13,950
53,000
8.19
13,950
6%
49,600
8.50
13,460
Total Yanacocha, Peru
5,700
17.13
3,140
111,100
13.85
49,470
116,800
14.01
52,610
36%
119,800
53,790
Cerro Negro, Argentina (8)
100%
1,100
98.48
3,400
7,300
76.70
17,940
8,400
79.51
21,340
75%
—
—
Pueblo Viejo, Dominican Republic (9)
40%
6,700
14.45
3,130
40,900
16.30
21,440
47,600
16.04
24,570
77%
—
—
NuevaUnión, Chile (10)
50%
—
—
776,900
1.54
38,440
776,900
1.54
38,440
65%
—
—
Norte Abierto, Chile (11)
50%
—
—
598,800
1.52
29,340
598,800
1.52
29,340
74%
—
—
TOTAL SOUTH AMERICA
13,500
22.04
9,670
1,535,000
3.17
156,630
1,548,500
3.34
166,300
60%
119,800
14.00
53,790
Nevada
NGM, Nevada (12)
38.5%
5,800
8.18
1,550
58,800
6.99
13,210
64,600
7.10
14,760
38%
—
—
Phoenix, Nevada (13)
100%
—
—
—
—
—
0.00
—
0%
132,800
7.50
31,910
TOTAL NEVADA
5,800
8.18
1,550
58,800
6.99
13,210
64,600
7.10
14,760
38%
132,800
7.50
31,910
TOTAL NEWMONT
129,000
35.03
145,580
1,925,600
8.19
506,840
2,054,600
9.88
652,420
76%
252,600
10.60
85,700
(1)
See footnote (1) to the Gold Reserves table above. Silver reserves for 2019 and 2018 were calculated at a silver price of $16 per ounce.
(2)
See footnote (2) to the Gold Reserves table above. Tonnages are rounded to nearest 100,000.
(3)
See footnote (3) to the Gold Reserves table above. Ounces may not recalculate as they are rounded to the nearest 10,000.
(4)
Silver cut-off grade varies with gold, lead 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 ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.
(6)
Silver cut-off grade varies with gold and copper credits.
(7)
Leach Pad material is the material on leach pads at the end of the year from which silver remains to be recovered. In-process material reserves are reported separately where tonnage or ounces are greater than 5% of the total site-reported reserves and ounces are greater than 100,000.
(8)
Silver cut-off grade varies with gold credits.
(9)
The Pueblo Viejo mine, which is 40 percent 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)
Reserve estimates provided by Barrick, the operator of the NGM joint venture.
(13)
Property was contributed to NGM on July 1, 2019.
Attributable Silver Mineral Resources (1)(2) - December 31, 2019, Metric Units
Measured Resource
Indicated Resource
Measured and Indicated Resource (3)
Inferred Resource
Newmont
Tonnage
Grade
Silver
Tonnage
Grade
Silver
Tonnage
Grade
Silver
Tonnage
Grade
Silver
Deposits/Districts
Share
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
(x1000 tonnes)
(g/tonne)
(x1000 ozs)
North America
Peñasquito, Mexico
100
%
37,300
26.69
32,000
304,000
24.57
240,170
341,300
24.81
272,170
193,600
25.96
161,610
Noche Buena, Mexico
50
%
—
—
27,500
12.35
10,920
27,500
12.35
10,920
2,500
8.08
640
Sandman, Nevada
100
%
—
—
1,200
6.83
260
1,200
6.83
260
1,100
4.12
140
Galore Creek (4)
50
%
128,400
5.79
23,900
423,400
3.75
51,020
551,800
4.22
74,920
99,100
2.65
8,440
TOTAL NORTH AMERICA
165,700
10.49
55,900
756,100
12.44
302,370
921,800
12.09
358,270
296,300
17.93
170,830
South America
Conga, Peru
51.35
%
—
—
356,300
2.06
23,580
356,300
2.06
23,580
89,900
1.12
3,250
Yanacocha Open Pits and Stockpiles
51.35
%
4,600
2.99
440
7,800
12.91
3,250
12,400
9.25
3,690
4,400
28.12
4,020
Yanacocha Underground
51.35
%
—
—
1,600
73.57
3,690
1,600
73.57
3,690
5,100
13.27
2,180
Total Yanacocha, Peru
4,600
2.99
440
9,400
22.96
6,940
14,000
16.40
7,380
9,500
20.30
6,200
Cerro Negro, Argentina
100
%
2,800
14.33
1,320
9,300
32.42
9,590
12,100
28.13
10,910
700
47.75
1,330
Pueblo Viejo, Dominican Republic (5)
40
%
11,300
14.39
5,240
77,100
11.14
27,610
88,400
11.55
32,850
21,700
10.61
7,400
NuevaUnión, Chile (6)
50
%
159,500
0.96
4,940
231,500
1.23
9,150
391,000
1.12
14,090
362,300
1.30
15,140
Norte Abierto, Chile (7)
50
%
77,300
1.20
2,990
596,900
1.07
20,560
674,200
1.09
23,550
369,600
0.95
11,330
TOTAL SOUTH AMERICA
255,500
1.82
14,930
1,280,500
2.37
97,430
1,536,000
2.28
112,360
853,700
1.63
44,650
Nevada
NGM, Nevada (8)
38.5
%
3,300
6.07
640
55,300
5.73
10,180
58,600
5.75
10,820
7,800
6.12
1,540
TOTAL NEVADA
3,300
6.07
640
55,300
5.73
10,180
58,600
5.75
10,820
7,800
6.12
1,540
TOTAL NEWMONT
424,500
5.24
71,470
2,091,900
6.10
409,980
2,516,400
5.95
481,450
1,157,800
5.83
217,020
(1)Resources are reported exclusive of reserves.
(2)Resource for 2019 and 2018 was calculated at a silver price of $20 per ounce. Tonnage amounts have been rounded to the nearest 100,000.
(3)Measured and Indicated Resources (combined) are equivalent to Mineralized Material disclosed in Newmont’s Form 10-K filing.
(4)Project is currently undeveloped. Resource estimates provided by Teck.
(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.
Attributable Zinc Reserves (1) Metric Units
December 31, 2019
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Newmont
Tonnage (2)
Grade
Zinc (3)
Tonnage (2)
Grade
Zinc (3)
Tonnage (2)
Grade
Zinc (3)
Metallurgical
Deposits/Districts
Share
(x1000 tonnes)
(Zn %)
(Tonnes)
(x1000 tonnes)
(Zn %)
(Tonnes)
(x1000 tonnes)
(Zn %)
(Tonnes)
Recovery
North America
Peñasquito, Mexico
100
%
108,100
0.93
%
1,000,000
330,500
0.71
%
2,360,000
438,600
0.77
%
3,360,000
81
%
TOTAL NEWMONT
108,100
0.93
%
1,000,000
330,500
0.71
%
2,360,000
438,600
0.77
%
3,360,000
81
%
(1)
See footnote (1) to the Gold Reserves table above. Zinc reserves for 2019 were calculated at a zinc price of $1.20 per pound.
(2)
See footnote (2) to the Gold Reserves table above. Tonnages are rounded to nearest 100,000.
(3)
See footnote (3) to the Gold Reserves table above. Tonnes may not recalculate as they are rounded to the nearest 10,000.
Attributable Zinc Resources (1)(2) - December 31, 2019, Metric Units
Measured Resource
Indicated Resource
Measured and Indicated Resource (3)
Inferred Resource
Newmont
Tonnage
Grade
Zinc
Tonnage
Grade
Zinc
Tonnage
Grade
Zinc
Tonnage
Grade
Zinc
Deposits/Districts
Share
(x1000 tonnes)
(Zn%)
(tonnes)
(x1000 tonnes)
(Zn%)
(tonnes)
(x1000 tonnes)
(Zn%)
(tonnes)
(x1000 tonnes)
(Zn%)
(tonnes)
North America
Peñasquito, Mexico
100
%
36,000
0.64
%
230,000
293,100
0.55
%
1,620,000
329,100
0.56
%
1,850,000
188,600
0.50
%
950,000
TOTAL NEWMONT
36,000
0.64
%
230,000
293,100
0.55
%
1,620,000
329,100
0.56
%
1,850,000
188,600
0.50
%
950,000
(1)
Resources are reported exclusive of reserves.
(2)
Resources are calculated at a zinc price of $1.45 per pound for 2019. Tonnage amounts have been rounded to the nearest 100,000.
(3)
Measured and Indicated Resources (combined) are equivalent to Mineralized Material disclosed in Newmont’s Form 10-K filing.
Attributable Lead Reserves (1) Metric Units
December 31, 2019
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Newmont
Tonnage (2)
Grade
Lead (3)
Tonnage (2)
Grade
Lead (3)
Tonnage (2)
Grade
Lead (3)
Metallurgical
Deposits/Districts
Share
(x1000 tonnes)
(Pb %)
(Tonnes)
(x1000 tonnes)
(Pb %)
(Tonnes)
(x1000 tonnes)
(Pb %)
(Tonnes)
Recovery
North America
Peñasquito Open Pits (4)
100
%
103,600
0.39
%
400,000
303,200
0.32
%
970,000
406,800
0.34
%
1,370,000
75
%
Peñasquito Stockpiles (5)
100
%
4,500
0.54
%
20,000
27,300
0.32
%
90,000
31,800
0.35
%
110,000
64
%
TOTAL NEWMONT
108,100
0.39
%
420,000
330,500
0.32
%
1,060,000
438,600
0.34
%
1,480,000
74
%
(1)See footnote (1) to the Gold Reserves table above. Lead reserves for 2019 were calculated at a lead price of $0.95 per pound.
(2)See footnote (2) to the Gold Reserves table above. Tonnages are rounded to nearest 100,000.
(3)See footnote (3) to the Gold Reserves table above. Tonnes may not recalculate as they are rounded to the nearest 10,000.
(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 ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.
Attributable Lead Resources (1)(2) - December 31, 2019, Metric Units
Measured Resource
Indicated Resource
Measured and Indicated Resource (3)
Inferred Resource
Newmont
Tonnage
Grade
Lead
Tonnage
Grade
Lead
Tonnage
Grade
Lead
Tonnage
Grade
Lead
Deposits/Districts
Share
(x1000 tonnes)
(Pb%)
(tonnes)
(x1000 tonnes)
(Pb%)
(tonnes)
(x1000 tonnes)
(Pb%)
(tonnes)
(x1000 tonnes)
(Pb%)
(tonnes)
North America
Peñasquito, Mexico
100
%
36,000
0.28
%
100,000
293,100
0.24
%
700,000
329,100
0.24
%
800,000
188,600
0.27
%
510,000
TOTAL NEWMONT
36,000
0.28
%
100,000
293,100
0.24
%
700,000
329,100
0.24
%
800,000
188,600
0.27
%
510,000
(1)Resources are reported exclusive of reserves.
(2)Resources are calculated at a lead price of $1.15 per pound for 2019. Tonnage amounts have been rounded to the nearest 100,000.
(3)Measured and Indicated Resources (combined) are equivalent to Mineralized Material disclosed in Newmont’s Form 10-K filing.
Attributable Molybdenum Reserves (1) Metric Units
December 31, 2019
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Newmont
Tonnage (2)
Grade
Molybdenum (3)
Tonnage (2)
Grade
Molybdenum (3)
Tonnage (2)
Grade
Molybdenum (3)
Metallurgical
Deposits/Districts
Share
(x1000 tonnes)
(Mo %)
(Tonnes)
(x1000 tonnes)
(Mo %)
(Tonnes)
(x1000 tonnes)
(Mo %)
(Tonnes)
Recovery
South America
NuevaUnión, Chile (4)
50
%
—
—
776,900
0.02
%
120,000
776,900
0.02
%
120,000
48
%
TOTAL NEWMONT
—
—
776,900
0.02
%
120,000
776,900
0.02
%
120,000
48
%
(1)
See footnote (1) to the Gold Reserves table above. Molybdenum reserves for 2019 were calculated based on a molybdenum price set by NuevaUnión joint venture.
(2)
See footnote (2) to the Gold Reserves table above. Tonnages are rounded to nearest 100,000.
(3)
See footnote (3) to the Gold Reserves table above. Tonnes may not recalculate as they are rounded to the nearest 10,000.
(4)
Project is currently undeveloped. Resource estimates provided by NuevaUnión joint venture.
Attributable Molybdenum Resources (1)(2) - December 31, 2019, Metric Units
Measured Resource
Indicated Resource
Measured and Indicated Resource (3)
Inferred Resource
Newmont
Tonnage
Grade
Molybdenum
Tonnage
Grade
Molybdenum
Tonnage
Grade
Molybdenum
Tonnage
Grade
Molybdenum
Deposits/Districts
Share
(x1000 tonnes)
(Mo%)
(tonnes)
(x1000 tonnes)
(Mo%)
(tonnes)
(x1000 tonnes)
(Mo%)
(tonnes)
(x1000 tonnes)
(Mo%)
(tonnes)
South America
NuevaUnión, Chile (4)
50
%
159,500
0.01
%
10,000
231,500
0.01
%
20,000
391,000
0.01
%
30,000
362,300
0.01
%
40,000
Alumbrera, Argentina (5)
37.5
%
43,900
0.01
%
10,000
2,300
0.01
%
—
46,200
0.01
%
10,000
400
0.01
%
—
TOTAL NEWMONT
203,400
0.01
%
20,000
233,800
0.01
%
20,000
437,200
0.01
%
40,000
362,700
0.01
%
40,000
(1)
Resources are reported exclusive of reserves.
(2)
Resources for NuevaUnión and Alumbrera are calculated based on a molybdenum price set by NuevaUnión joint venture and Glencore, respectively. Tonnage amounts have been rounded to the nearest 100,000.
(3)
Measured and Indicated Resources (combined) are equivalent to Mineralized Material disclosed in Newmont’s Form 10-K filing.
(4)
Project is currently undeveloped. Resource estimates provided by NuevaUnión joint venture.
(5)
Resource estimates provided by Glencore.
About Newmont
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. 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. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical proficiency. Newmont was founded in 1921 and has been publicly traded since 1925.
Cautionary Statement:
The “reserves” disclosed in this release have been prepared in compliance with Industry Guide 7 published by the SEC. As used in this news release, the term “reserve” means that part of a mineral deposit that can 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 a 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 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 current mine plans. Reserves in this news release are aggregated from the proven and probable classes.
The term “Proven Reserves” used in the tables of this news release means reserves for which (a) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes; (b) grade and/or quality are computed 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 computed 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 or molybdenum attributable to Newmont’s ownership or economic interest. Proven and probable reserves were calculated using cut-off grades. The term “cut-off 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 extraction and type of milling or leaching facilities available.
Notice for U.S. Investors:
The terms “resources” and “Measured, Indicated and Inferred resources” are used in this news release. Investors are advised that the SEC does not recognize these terms and “resources” have not been prepared in accordance with Industry Guide 7. Newmont has determined that such “resources” would be substantively the same as those prepared using the Guidelines established by the Society of Mining, Metallurgy and Exploration (SME) and defined as “Mineral Resource”. 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 or all of the Inferred Resource exists, or is economically or legally mineable. Also, disclosure of contained ounces is permitted under the SME Guideline and other regulatory guidelines, such as Canada’s NI 43-101 and Australia’s JORC. However, the SEC generally requires mineral resource information in SEC-filed documents to be reported only as in-place tonnage and grade. Investors are reminded that even if significant mineralization is discovered and converted to reserves, during the time necessary to ultimately move such mineralization to production the economic feasibility of production may change. See the Company’s Annual Report for the “Proven and Probable Reserve” and “Mineralized Material” tables prepared in compliance with the SEC’s Industry Guide 7, available at www.newmont.com and on www.sec.gov. Investors are reminded that the tables presented in the Annual Report are estimates as of December 31, 2019 and were presented on an attributable basis reflecting the Company’s ownership interest at such time.
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, mine plans, operational and project development, exploration outlook, 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”. For a more detailed discussion of risks and other factors that might impact future looking statements, see the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 under the heading “Risk Factors”, filed with the U.S. Securities and Exchange Commission (the “SEC”) and available on the SEC website or www.newmontgoldcorp.com, as well as the Company’s other SEC filings. Investors are also encouraged to refer to the Company’s 2019 Form 10-K, which is expected to be filed on or about February 20, 2020, with the SEC 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.
Qualified Person
The technical information about the Company’s mineral properties contained in this news release has been approved by Mr. Donald Doe, Group Executive Reserves, who is a “qualified person” within the meaning of National Instrument 43-101.
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