Newmont Mining Corporation (NYSE: NEM) (Newmont or the Company) reported gold Reserves of 65.4 million attributable ounces for 2018 compared to 68.5 million ounces at the end of 2017. New additions of 6.7 million ounces exceeded the Company’s target, but were offset by negative revisions of 3.6 million ounces and depletion of 6.1 million ounces. Gold Resources1 increased significantly to 55.0 million ounces in 2018 compared to 48.2 million ounces in 2017 at a constant gold price.
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2018 attributable gold Reserves (Moz) (Graphic: Business Wire)
The Company outperformed its exploration target, adding 6.7 million ounces of gold Reserves by the drill bit, demonstrating the success of Newmont’s exploration program. Revisions of 3.6 million ounces were largely driven by model changes at Phoenix and cost and pit design changes at Carlin. Newmont reported 5.1 million ounces of attributable mine production in 2018 resulting in 6.1 million contained ounces of reserve depletion.
Notable reserve additions for the year include a first-time declaration of 2.2 million equity ounces from the Yanacocha Sulfides project, 0.8 million ounces each at Tanami and Cripple Creek & Victor (CC&V), 0.6 million ounces at Ahafo Open Pits, 0.5 million ounces at Carlin Underground and 0.4 million equity ounces at Turquoise Ridge.
The Company’s average gold Reserve grade increased four percent to 1.19 grams per tonne compared to 1.14 grams per tonne in the prior year, largely due to higher grade additions at Yanacocha Sulfides, Tanami, and Carlin Underground.
Newmont’s gold Resources increased significantly to 55.0 million ounces, up 14 percent from 48.2 million ounces in 2017 at a constant gold price, and more than offsetting the conversion of Resource ounces to Reserves. Positive changes to the Company’s resource base included 9.5 million ounces added through exploration and studies and 5.3 million ounces through the acquisition of a 50 percent interest in the Galore Creek project. These additions were offset by the conversion of 7.7 million ounces to Reserves, along with net negative revisions of 2.2 million ounces primarily driven by Phoenix.
Notable resource additions include 1.8 million equity ounces at KCGM, 1.6 million ounces at Tanami, 1.0 million equity ounces at Yanacocha, 0.8 million equity ounces at Merian, 0.8 million ounces each at Boddington and CC&V and 0.5 million ounces at Ahafo Open Pits.
Newmont’s gold Resource grade decreased to 0.76 grams per tonne compared to 0.92 grams per tonne in the prior year, largely due to the acquisition of Galore Creek and lower grade additions from Boddington.
The Company reported attributable Measured and Indicated2 gold resources of 39.4 million ounces, up 15 percent from the prior year, and 15.6 million ounces of attributable Inferred gold resources, an increase of 12 percent from the prior year.
The Company increased copper Reserves by seven percent to 1.3 million tonnes and copper Resources3 increased significantly to 4.7 million tonnes, as compared to 2.3 million tonnes at the end of 2017. The increase was largely driven by the Galore Creek acquisition of 2.8 million tonnes.
Newmont’s total attributable exploration expenditure4 is expected to increase to approximately $250 million in 2019, up nine percent from the prior year as the Company continues to focus on growing reserves and resources over the longer term. Around 75 percent of total exploration spend will be dedicated to near-mine expansion programs and the remaining 25 percent will be allocated to the advancement of greenfield projects and innovation programs. Geographically, the Company expects to invest approximately 35 percent in North America, 20 percent in Australia and the remainder in South America, Africa and other locations.
Gold Reserve Sensitivity
A $100 increase in gold price would result in an approximate seven percent increase in gold reserves while a $100 decrease in gold price would result in an approximate 13 percent decrease in gold reserves. These sensitivities assume an oil price of $65 per barrel (WTI) and an Australian dollar exchange rate of $0.75.
Resources include measured, indicated and inferred resources; see cautionary statement at the end of this release regarding reserves and resources. See Attributable Gold Mineral Resources tables at the end of this release.
Totals may not sum due to rounding; see Attributable Gold Mineral Resources tables at the end of this release
Resources include measured, indicated and inferred resources; see cautionary statement at the end of this release regarding reserves and resources. See Attributable Copper Mineral Resources tables at the end of this release.
Includes capitalized and expensed exploration
For additional details on Newmont’s reported Gold, Copper and Silver Mineral Reserves and Resources, please refer to the tables at the end of this release.
|Years Ended December 31,|
|Gold Reserves (US$/oz)||$1,200||$1,200|
|Gold Resources (US$/oz)||$1,400||$1,400|
|Copper Reserves (US$/lb)||$2.50||$2.50|
|Copper Resources (US$/lb)||$3.25||$3.25|
|Australian Dollar (A$:US$)||$0.75||$0.75|
|West Texas Intermediate (US$/bbl)||$65||$55|
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. 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 and copper will be realized. Ounces of gold and silver or pounds of copper 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 or copper, 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 pounds of copper included in the Measured, Indicated and Inferred resources are those contained prior to losses during metallurgical treatment. Market fluctuations in the price of gold and copper, 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 2019, 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 2019.
|Attributable Proven, Probable and Combined Gold Reserves (1), U.S. Units|
December 31, 2018
|December 31, 2017|
|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 tons)||(oz/ton)||(x1000 ozs)||(x1000 tons)||(oz/ton)||(x1000 ozs)||(x1000 tons)||(oz/ton)||(x1000 ozs)||Recovery (3)||(x1000 tons)||(oz/ton)||(x1000 ozs)|
|Carlin Open Pits (4)||100||%||1,700||0.088||140||118,200||0.047||5,550||119,900||0.048||5,690||73||%||190,600||0.041||7,760|
|Carlin Leach Pad (5)||100||%||—||—||73,500||0.009||650||73,500||0.009||650||51||%||67,400||0.009||580|
|Carlin Stockpiles (6)||100||%||18,700||0.067||1,250||—||—||18,700||0.067||1,250||84||%||18,900||0.062||1,180|
|Carlin Underground (7)||100||%||8,400||0.305||2,580||7,900||0.293||2,290||16,300||0.300||4,870||83||%||18,400||0.291||5,310|
|Total Carlin, Nevada||28,800||0.138||3,970||199,600||0.043||8,490||228,400||0.055||12,460||77||%||295,300||0.050||14,830|
|Total Phoenix, Nevada||17,100||0.019||320||133,200||0.019||2,530||150,300||0.019||2,850||70||%||253,600||0.016||4,050|
|Turquoise Ridge (9)||25||%||3,300||0.397||1,310||2,700||0.355||960||6,000||0.378||2,270||92||%||4,400||0.454||1,980|
|Twin Creeks (10)||100||%||1,400||0.086||110||26,000||0.047||1,220||27,400||0.049||1,330||77||%||31,900||0.044||1,400|
|Twin Creeks Stockpiles (6)||100||%||—||—||31,300||0.061||1,910||31,300||0.061||1,910||71||%||31,900||0.063||2,010|
|Total Twin Creeks, Nevada||4,700||0.302||1,420||60,000||0.068||4,090||64,700||0.085||5,510||81||%||68,200||0.079||5,390|
|Long Canyon, Nevada (11)||100||%||700||0.064||50||23,900||0.038||920||24,600||0.039||970||76||%||21,600||0.049||1,070|
|CC&V Leach Pads (5)||100||%||—||—||41,900||0.025||1,050||41,900||0.025||1,050||57||%||45,800||0.025||1,140|
|CC&V Stockpiles (6)||100||%||900||0.070||60||—||—||900||0.070||60||82||%||2,900||0.084||250|
|Total CC&V, Colorado||123,900||0.016||2,000||72,800||0.020||1,450||196,700||0.018||3,450||59||%||174,200||0.020||3,480|
|TOTAL NORTH AMERICA||175,200||0.044||7,760||489,500||0.036||17,480||664,700||0.038||25,240||78||%||812,900||0.035||28,820|
|Yanacocha Open Pits (13)||51.35||%||7,500||0.020||150||111,500||0.019||2,060||119,000||0.019||2,210||64||%||93,000||0.018||1,720|
|Yanacocha Leach Pads (5)||51.35||%||7,200||0.022||160||—||—||7,200||0.022||
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