Newmont Goldcorp (NYSE: NEM, TSX: NGT), the world’s largest gold miner, has announced its 2020 outlook with attributable gold production guidance of 6.7 million ounces at AISC of $975/oz.
Annual attributable gold production is expected to be between 6.5 and 7 million ounces through 2024 with improving costs. The company also expects to produce approximately 1.1 million gold equivalent ounces from other metals in 2020 and increasing through 2024.
Attributable sustaining capital guidance is set at $975 million for 2020, and is estimated at between $900 million to $1.1 billion longer term through 2024.
“As Newmont enters our centenary year in 2020, our people, mines, projects and balance sheet are all very well positioned to deliver stable and sustainable industry leading performance,” President and CEO Tom Palmer stated.
“Our five-year outlook reflects steady gold production of 6.5 to 7 million attributable gold ounces as well as an additional 1.2 to 1.4 million gold equivalent ounces of copper, silver, lead and zinc. Our outlook also highlights our steadily improving cost profile, which includes more than half a billion dollars per year in sustainable operating, cost and supply chain improvements by 2021.”
Additionally, Newmont announced Monday that its board of directors has unanimously approved a stock repurchase program for up to $1 billion of common equity to be completed in the next 12 months.
The company also expects to generate an additional $635 million in total cash proceeds by the end of Q1 2020 from the sale of its 19.9% equity stake in Continental Gold for $260 million and the previously announced sale of Red Lake operations for $375 million.