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NEWMONT CORPORATION

(NEM)
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Newmont Expects Gold Output to Rise to 6.2 Million Oz in 2022 -- Commodity Comment

12/02/2021 | 08:23am EST

By Robb M. Stewart

Newmont Corp. is targeting a rise in gold production next year to 6.2 million ounces, growing to as much as 6.8 million ounces annually over a five-year period even as costs are set to fall.

On guidance:

The mining company Thursday forecast production of between six million and 6.6 million ounces in 2023, and between 6.2 million and 6.8 million ounces in each of the following three years. Production of other metals is expected to be 1.3 million gold-equivalent ounces in 2022, it said.

Newmont, which produced 1.45 million ounces of gold in the third quarter, in late October said it expected output for 2021 of six million ounces and affirmed guidance for 1.3 million gold-equivalent ounces of copper, silver, lead and zinc for 2021.

The rise in gold production expected next year reflects growth at the company's Boddington mine in Australia and Ahafo mine in Ghana, while the lift in 2024 through 2026 will mark the inclusion of profitable production from the Ahafo North operation and Tanami Expansion 2 in Australia, as well as reaching higher gold grade at Penasquito in Mexico, it said.

Newmont said costs are expected to improve throughout over a five-year period, in part thanks to investments in profitable projects. Gold cost applicable to sales is expected to be $820 an ounce next year, improving to between $740 and $840 an ounce for 2023 and $700 and $800 an ounce in 2024 through 2026, it said. Gold all-in sustaining costs is expected to be $1,050 an ounce next year, improving to between $980 and $1,080 an ounce in 2023 and $920 to $1,020 an ounce longer-term, it said.

The outlook assumes operations continue without major Covid-19-related interruption, and assumes a revenue gold price of $1,800 an ounce for costs in 2022, Newmont said.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

12-02-21 0823ET

Stocks mentioned in the article
ChangeLast1st jan.
GOLD 0.00% 1832.6 Delayed Quote.0.53%
NEWMONT CORPORATION -1.17% 63.09 Delayed Quote.2.93%
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Financials (USD)
Sales 2021 12 152 M - -
Net income 2021 1 856 M - -
Net Debt 2021 933 M - -
P/E ratio 2021 24,5x
Yield 2021 3,49%
Capitalization 50 411 M 50 411 M -
EV / Sales 2021 4,23x
EV / Sales 2022 4,01x
Nbr of Employees 14 300
Free-Float -
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Number of Analysts 20
Last Close Price 63,09 $
Average target price 64,24 $
Spread / Average Target 1,82%
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Managers and Directors
Thomas R. Palmer President, Chief Executive Officer & Director
Nancy K. Buese Chief Financial Officer & Executive Vice President
Gregory H. Boyce Independent Chairman
Dean Gehring Chief Technology Officer & Executive VP
Luis Canepari Chief Information Officer & Senior Vice President
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