Newmont Goldcorp to account for over 7% of global gold output this year
Newmont Goldcorp Corporation (NYSE: NEM)(TSX: NGT), the world’s largest gold producer by market value, output and reserves, is expected to churn out 8.4 million ounces of the precious metal this year, or 7.1% of the total global output, according to data and analytics firm GlobalData.
In comparison, main rival Barrick Gold’s (TSX:ABX)(NYSE:GOLD) output for 2019 is estimated at only 5.6 million ounces, while Kinross Gold (NYSE: KGC) (TSX:K) should produce 2.8 million ounces, the firm notes.
The new gold giant, created after the recent merger of Newmont Mining and Goldcorp, is also expected to announce the sale of between $1 billion and $1.5 billion in assets over the next two years. Until then, most of the company’s operations will be in the Americas (72%), with Canada and the US collectively accounting for 67.5% of its total assets, followed by Australia (18%), Peru (6%), and Argentina (3.6%), according to GlobalData estimates.
Newmont Goldcorp’s total production will come from 29 mines currently in operation, while the company advances another 15 projects.
Barrick Gold, in turn, holds 21 operating gold mines and Kinross has 13, according to GlobalData.