Newmont Corporation (NYSE: NEM, TSX: NGT) reported gold Mineral Reserves (reserves) of 92.8 million attributable ounces for 2021 compared to the Company's 94.2 million ounces at the end of 2020. Newmont has significant upside to other metals, including more than 15 billion pounds of copper reserves and nearly 600 million ounces of silver reserves. In addition, reserves and resources were further strengthened with the purchase of Buenaventura's 43.65% interest in Minera Yanacocha in February 2022, adding 2.7 million ounces of gold reserves, 11.0 million gold resources, 700 million pounds of copper reserves and 2.6 billion copper resources.1
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PERCENTAGE OF GOLD RESERVES BY JURISDICTION
"Newmont's world-class portfolio of operations and projects is underpinned by a robust foundation of reserves and resources, along with the most extensive exploration program in the industry," said Tom Palmer, President and CEO. "In 2021, more than 80 percent of depletion was replaced as we continue to progress our most profitable greenfield and near-mine projects. Exploration continues to be a core competency at Newmont with a focus on extending mine life, developing districts, and discovering new opportunities in the most favorable jurisdictions."
KEY HIGHLIGHTS AND DIFFERENTIATORS:
Robust gold Mineral Reserves of 92.8 million ounces
Over 90 percent of gold reserves in top-tier jurisdictions
Addition of 6.5 million ounces in 2021 primarily through drilling
Gold reserve life at operating sites of 10 years or more, underpinned by a strong base at Boddington, Tanami, Ahafo, Yanacocha, Peñasquito, and Nevada Gold Mines (NGM), and further enhanced from our seven other operating mines and equity ownership in Pueblo Viejo
Significant gold reserves per share with 120 ounces per 1,000 shares, including the purchase of Buenaventura's interest in Minera Yanacocha
Measured & Indicated gold Mineral Resources of 68.3 million ounces and Inferred of 33.2 million ounces
Significant exposure to copper with 15.1 billion pounds in reserves, 17.8 billion pounds in Measured & Indicated resources and 8.6 billion pounds in Inferred resources
Additional exposure to other metals such as silver, zinc, and lead mainly at Peñasquito
Announced the acquisition of Buenaventura's 43.65% interest in Minera Yanacocha in February 2022; further enhancing world-class asset ownership with a consistent district consolidation strategy1
PERCENTAGE OF GOLD RESERVES BY JURISDICTION2
Newmont's reserve base is a key differentiator with over 90 percent of gold reserves located in top-tier jurisdictions, an operating reserve life of more than 10 years and average reserve grade of 1.06 grams per tonne. In addition, Newmont has substantial exposure to other metals, with 65 million gold equivalent ounces3 from copper, silver, zinc, lead and molybdenum.
PROVEN & PROBABLE GOLD RESERVES
In millions of ounces
2020 Gold Reserves
94.2
Additions
6.5
Net Revisions
(0.8
)
Depletion
(7.1
)
Reported 2021 Gold Reserves
92.8
Minera Yanacocha Transaction4
2.7
Adjusted 2021 Gold Reserves
95.5
For 2021, Newmont reported 92.8 million ounces of gold Mineral Reserves, slightly lower than the prior year total of 94.2 million ounces. Depletion of 7.1 million ounces and unfavorable net revisions of 0.8 million ounces were largely offset by additions of 6.5 million ounces.
Additions before revisions of 6.5 million ounces through exploration met the Company's target despite higher costs and challenges created by the pandemic with travel restrictions and additional safety protocols. Notable reserve additions for the year from Newmont's operating sites included:
Cerro Negro added 1.1 million ounces primarily due to drilling in the Eastern Districts
Tanami added 0.8 million ounces largely due to the first declaration of reserves at Liberator
Éléonore added 0.4 million ounces primarily from drilling
Merian added 0.4 million attributable ounces primarily from drilling at the Maraba open pit
Ahafo added 0.4 million ounces primarily from drilling and updated technical assumptions at Subika Underground
Newmont's 38.5 percent interest in NGM added 3.0 million attributable ounces primarily from drilling at Goldrush
Net unfavorable revisions include 0.9 million ounces at Cerro Negro due to reserve downgrades related to drill spacing studies and updated technical assumptions. In addition gold Mineral Reserves reported negative revisions of 0.4 million ounces at Tanami, 0.2 million ounces at Boddington, 0.2 million ounces at Porcupine underground and 0.2 million ounces at Pueblo Viejo. Negative revisions were partially offset by favorable revisions of 0.6 million attributable ounces at NGM and 0.4 million ounces at Éléonore, in addition to acquisitions of 0.1 million attributable ounces related to South Arturo at NGM.
Newmont's 38.5 percent interest in NGM represented 19.3 million attributable ounces of gold reserves at year end, as compared to 17.4 million ounces at the end of 2020. Pueblo Viejo represented 3.6 million attributable ounces of gold reserves at year end as compared to 4.1 million ounces at the end of 2020, representing Newmont's 40 percent interest.
Gold reserve grade improved three percent to 1.06 grams per tonne compared to 1.03 grams per tonne in the prior year largely due to higher-grade reserves from the Company's 38.5 percent equity ownership in Nevada Gold Mines and positive results from our underground managed operations, including Éléonore, Tanami and Porcupine.
MEASURED & INDICATED GOLD RESOURCES
INFERRED GOLD RESOURCES
In millions of ounces
In millions of ounces
2020 Gold Resources
69.6
2020 Gold Resources
31.6
Additions
1.6
Additions
3.3
Net Revisions
3.0
Net Revisions
0.6
Conversions
(5.9
)
Conversions
(2.3
)
Reported 2021 Gold Resources
68.3
Reported 2021 Gold Resources
33.2
Minera Yanacocha Transaction4
7.4
Minera Yanacocha Transaction4
3.6
Adjusted 2021 Gold Resources
75.7
Adjusted 2021 Gold Resources
36.8
In 2021, Newmont reported Measured and Indicated gold Mineral Resources of 68.3 million ounces as compared to 69.6 million ounces in the prior year. Inferred gold Mineral Resources totaled 33.2 million ounces as compared to 31.6 million ounces in 2020. In total, resource conversions to reserves were more than offset by additions and net positive revisions.
Measured and Indicated Gold Mineral Resources added through exploration programs were 1.6 million ounces and included notable additions before revisions of 0.3 million ounces at Tanami and 0.2 million ounces at Ahafo South underground.
Measured and Indicated gold Mineral Resources reported net revisions of 3.0 million ounces mainly driven by positive revisions of 1.3 million ounces at Boddington and 0.6 million ounces at Tanami. Additionally NGM added 2.1 million attributable ounces. Positive revisions were partially offset by negative revisions, including 1.1 million ounces at CC&V and 0.5 million ounces at Peñasquito.
Inferred Gold Mineral Resources added through exploration programs were 3.3 million ounces and included notable additions before revisions of 0.4 million ounces at Ahafo South, 0.4 million ounces at Éléonore, 0.4 million ounces at Cerro Negro and 0.4 million ounces at Tanami. Additionally, NGM added 0.8 million attributable ounces.
Inferred Gold Mineral Resources reported net revisions of 0.6 million ounces mainly driven by positive revisions of 0.6 million ounces at Cerro Negro and 0.3 million ounces at Ahafo South underground. Additionally, NGM added 1.1 million attributable ounces. Positive revisions were partially offset by negative revisions of 0.7 million ounces at Peñasquito and 0.5 million ounces at Tanami.
Newmont's Measured and Indicated gold Mineral Resource grade increased slightly to 0.66 grams per tonne compared to 0.65 grams per tonne in the prior year. Inferred gold Mineral Resource grade of 0.69 grams per tonne increased compared with 0.65 grams per tonne from 2020.
OTHER METALS
In 2021, copper reserves decreased slightly to 15,090 million pounds from 15,220 pounds in the prior year primarily due to mining depletion. Copper resources increased to 17,820 million pounds of Measured & Indicated and 8,640 million pounds of Inferred from 17,620 million pounds of Measured and Indicated and 8,620 million pounds of Inferred due to the addition of a layback at Boddington. 2021 copper figures exclude 700 million pounds of reserves and 2,645 million pounds of resources acquired through the purchase of Buenaventura's 43.65% interest in Minera Yanacocha in February 2022.
Silver reserves decreased from 613 million ounces to 568 million ounces in the prior year, largely due to depletion at Peñasquito. Silver resources also decreased to 422 million ounces of Measured & Indicated and 163 million ounces of Inferred from 482 million ounces of Measured and Indicated and 204 million ounces of Inferred due to design updates at Peñasquito. 2021 silver figures exclude 49 million pounds of resources acquired through the purchase of Buenaventura's 43.65% interest in Minera Yanacocha in February 2022.
Lead reserves decreased to 2,580 million pounds from 2,940 million pounds in the prior year, and zinc reserves also decreased to 6,250 million pounds from 6,810 million pounds. These decreases are largely due to depletion at Peñasquito. Measured & Indicated lead resources decreased to 1,230 million pounds from 1,700 million pounds and Inferred lead resources decreased to 480 million pounds from 900 million pounds. Measured & Indicated zinc resources decreased to 2,690 million pounds from 3,700 million pounds and Inferred zinc resources decreased to 1,070 million pounds from 1,700 million pounds. These decreases are primarily due to design updates at Peñasquito.
1
The reserve and resource table contained herein reflect Newmont's ownership as of December 31, 2021. Investors are reminded that with the February 8, 2022 closing of Newmont's acquisition of Buenaventura's 43.65% interest in Minera Yanacocha, Newmont now holds a 95% interest.
2
North America includes 38.5 percent interest in Nevada Gold Mines; South America includes Newmont's 40 percent interest in Pueblo Viejo.
3
Gold Equivalent Ounces calculated using Mineral Reserve pricing as shown below and metallurgical recoveries for each metal on a site by site basis.
4
In February 2022, Newmont acquired Buenaventura's 43.65% interest in Minera Yanacocha.
EXPLORATION OUTLOOK
Newmont's attributable exploration expenditure for managed operations is expected to be approximately $250 million in 2022 with 80 percent of total exploration investment dedicated to near-mine expansion programs and the remaining 20 percent allocated to the advancement of greenfield projects.
Additionally, Newmont's share of exploration investment for its non-managed joint ventures will total approximately $45 million.
Geographically, the Company expects to invest approximately 38 percent in North America, 23 percent in South America, 17 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 eight 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 $0.77.
For additional details on Newmont's reported Gold, Copper, Silver, Zinc, Lead and Molybdenum Mineral Reserves and Mineral Resources, please refer to the tables at the end of this release.
KEY RESERVE AND RESOURCE ASSUMPTIONS:
At December 31,
2021
2020
Gold Reserves (US$/oz.)
$1,200
$1,200
Gold Resources (US$/oz.)
$1,400
$1,400
Copper Reserves (US$/lb.)
$2.75
$2.75
Copper Resources (US$/lb.)
$3.25
$3.25
Silver Reserves (US$/oz.)
$20.00
$17.00
Silver Resources (US$/oz.)
$23.00
$20.00
Zinc Reserves (US$/lb.)
$1.15
$1.15
Zinc Resources (US$/lb.)
$1.40
$1.40
Lead Reserves (US$/lb.)
$0.90
$0.90
Lead Resources (US$/lb.)
$1.10
$1.10
Australian Dollar (A$:US$)
$0.75
$0.75
Canadian Dollar (C$:US$)
$0.77
$0.77
Mexican Peso (M$:US$)
$19.50
$19.50
West Texas Intermediate (US$/bbl.)
$60
$50
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. 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.
Proven and Probable reserves disclosed at December 31, 2021 have been prepared in accordance with the new Regulation S-K 1300 requirements of the SEC; whereas Proven and Probable reserves disclosed at December 31, 2020 have been prepared in accordance with the SEC's Industry Guide 7 ("IG7"). Our historical methodology applied to the prior year of estimating reserves was not significantly impacted as a result of the change from IG7 to S-K 1300, therefore we believe the amounts presented at December 31, 2021 and 2020, under the respective methodologies, are comparable.
We publish reserves annually, and will recalculate reserves at December 31, 2022, taking into account metal prices, changes, if any, to future production and capital costs, divestments and depletion as well as any acquisitions and additions during 2022.
Attributable Proven, Probable and Combined Gold Reserves (1)
December 31, 2021
December 31, 2020
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Tonnage (2)
Grade
Gold (3)
Tonnage (2)
Grade
Gold (3)
Tonnage (2)
Grade
Gold (3)
Tonnage (2)
Grade
Gold (3)
Deposits/Districts
Newmont Share
(000 tonnes)
(g/tonne)
Ounces (000)
(000 tonnes)
(g/tonne)
Ounces (000)
(000 tonnes)
(g/tonne)
Ounces (000)
Metallurgical Recovery
(000 tonnes)
(g/tonne)
Ounces (000)
North America
CC&V Open Pits (4)
100
%
70,700
0.44
1,000
15,400
0.37
180
86,100
0.43
1,180
60
%
105,200
0.48
1,610
CC&V Leach Pads (4)(5)
100
%
-
-
31,200
0.81
810
31,200
0.81
810
57
%
33,000
0.82
880
Total CC&V, Colorado
70,700
0.44
1,000
46,600
0.66
990
117,300
0.53
1,990
59
%
138,200
0.56
2,490
Musselwhite, Canada (6)
100
%
2,800
5.07
460
6,700
6.07
1,310
9,500
5.77
1,770
96
%
8,900
6.25
1,790
Porcupine Underground (7)
100
%
2,300
7.24
530
900
7.97
240
3,200
7.46
770
92
%
5,000
6.90
1,100
Porcupine Open Pit (8)
100
%
5,900
1.60
310
33,700
1.41
1,520
39,600
1.44
1,830
94
%
42,300
1.43
1,950
Total Porcupine, Canada
8,200
3.19
840
34,600
1.58
1,760
42,800
1.89
2,600
93
%
47,300
2.01
3,050
Éléonore, Canada (9)
100
%
2,200
5.03
350
9,000
5.06
1,470
11,200
5.05
1,820
91
%
7,800
5.00
1,260
Peñasquito Open Pits
100
%
107,200
0.62
2,140
219,100
0.56
3,910
326,300
0.58
6,050
69
%
348,200
0.60
6,680
Peñasquito Stockpiles (10)
100
%
7,800
0.43
110
27,900
0.19
170
35,700
0.24
280
69
%
39,600
0.33
420
Total Peñasquito, Mexico (11)
115,000
0.61
2,250
247,000
0.51
4,080
362,000
0.54
6,330
69
%
387,800
0.57
7,100
TOTAL NORTH AMERICA
198,900
0.77
4,900
343,900
0.87
9,610
542,800
0.83
14,510
78
%
590,000
0.83
15,690
South America
Yanacocha Open Pits (12)
51.35
%
16,500
0.66
350
68,200
0.68
1,490
84,700
0.68
1,840
57
%
95,100
0.66
2,020
Yanacocha Underground (13)
51.35
%
-
-
7,000
6.20
1,390
7,000
6.20
1,390
97
%
7,000
6.20
1,390
Total Yanacocha, Peru (26)
16,500
0.66
350
75,200
1.19
2,880
91,700
1.10
3,230
74
%
102,100
1.04
3,410
Merian, Suriname (14)
75
%
47,100
1.36
2,050
54,500
1.11
1,950
101,600
1.22
4,000
93
%
107,500
1.15
3,970
Cerro Negro, Argentina (15)
100
%
1,800
8.93
500
7,200
8.88
2,060
9,000
8.89
2,560
94
%
9,000
8.90
2,570
Pueblo Viejo Open Pits
40
%
5,000
2.20
350
8,200
2.33
620
13,200
2.28
970
89
%
19,600
2.34
1,470
Pueblo Viejo Stockpiles (10)
40
%
-
-
37,400
2.20
2,640
37,400
2.20
2,640
89
%
35,800
2.30
2,640
Total Pueblo Viejo, Dominican Republic (16)
5,000
2.20
350
45,600
2.22
3,260
50,600
2.22
3,610
89
%
55,400
2.31
4,110
NuevaUnión, Chile (17)
50
%
-
-
341,100
0.47
5,110
341,100
0.47
5,110
66
%
341,100
0.47
5,110
Norte Abierto, Chile (18)
50
%
-
-
598,800
0.60
11,620
598,800
0.60
11,620
74
%
598,800
0.60
11,620
TOTAL SOUTH AMERICA
70,400
1.44
3,250
1,122,400
0.75
26,880
1,192,800
0.79
30,130
78
%
1,213,900
0.79
30,790
Australia
Boddington Open Pit
100
%
237,400
0.70
5,360
239,100
0.66
5,080
476,500
0.68
10,440
86
%
534,700
0.67
11,490
Boddington Stockpiles (16)
100
%
2,700
0.68
60
79,100
0.43
1,090
81,800
0.44
1,150
79
%
86,400
0.43
1,200
Total Boddington, Western Australia (19)
240,100
0.70
5,420
318,200
0.60
6,170
558,300
0.65
11,590
85
%
621,100
0.64
12,690
Tanami, Northern Territory (20)
100
%
12,700
4.97
2,040
22,100
5.25
3,740
34,800
5.15
5,780
98
%
36,200
5.05
5,870
TOTAL AUSTRALIA
252,800
0.92
7,460
340,300
0.91
9,910
593,100
0.91
17,370
89
%
657,300
0.88
18,560
Africa
Ahafo South Open Pits (21)
100
%
11,800
2.35
890
39,700
1.67
2,140
51,500
1.83
3,030
95
%
50,000
1.90
3,050
Ahafo South Underground (22)
100
%
9,400
3.76
1,140
12,700
2.68
1,100
22,100
3.14
2,240
94
%
17,100
3.53
1,940
Ahafo South Stockpiles (10)
100
%
28,300
0.92
830
-
-
28,300
0.92
830
89
%
36,200
0.92
1,070
Total Ahafo South, Ghana
49,500
1.80
2,860
52,400
1.92
3,240
101,900
1.86
6,100
94
%
103,300
1.82
6,060
Ahafo North, Ghana (23)
100
%
-
-
46,300
2.40
3,570
46,300
2.40
3,570
91
%
45,100
2.40
3,480
Akyem Open Pit (24)
100
%
15,800
1.61
810
10,900
1.89
660
26,700
1.72
1,470
92
%
34,200
1.70
1,870
Akyem Stockpiles (10)
100
%
13,900
0.78
350
-
-
13,900
0.78
350
91
%
15,100
0.82
400
Total Akyem, Ghana
29,700
1.22
1,160
10,900
1.89
660
40,600
1.40
1,820
91
%
49,300
1.43
2,270
TOTAL AFRICA
79,200
1.58
4,020
109,600
2.12
7,470
188,800
1.89
11,490
92
%
197,700
1.86
11,810
Nevada
NGM Open Pits
38.5
%
10,000
1.86
600
119,500
1.21
4,650
129,500
1.26
5,250
70
%
134,300
1.26
5,440
NGM Stockpiles (10)
38.5
%
14,300
2.03
940
14,900
1,250
29,200
2.33
2,190
68
%
33,300
2.36
2,530
NGM Underground
38.5
%
13,600
9.95
4,340
28,000
8.39
7,560
41,600
8.90
11,900
88
%
29,700
9.85
9,420
TOTAL NEVADA (25)
37,900
4.82
5,880
162,400
2.58
13,460
200,300
3.00
19,340
81
%
197,300
2.74
17,390
TOTAL NEWMONT
639,200
1.24
25,510
2,078,600
1.01
67,330
2,717,800
1.06
92,840
81
%
2,856,200
1.03
94,240
(1)
See cautionary statement regarding reserves and resources. 2021 and 2020 reserves were estimated 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 2021 reserves were as follows: oxide mill material not less than 1.32 gram per tonne and leach material not less than 0.10 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)
Cut-off grade utilized in 2021 reserves not less than 3.10 gram per tonne.
(7)
Cut-off grade utilized in 2021 reserves not less than 4.00 gram per tonne.
(8)
Cut-off grade utilized in 2021 reserves not less than 0.44 gram per tonne.
(9)
Cut-off grade utilized in 2021 reserves not less than 4.30 gram per tonne.
(10)
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.
(11)
Gold cut-off grade varies with level of silver, lead and zinc credits.
(12)
Gold cut-off grades utilized in 2021 reserves were as follows: oxide leach material not less than 0.07 gram per tonne and refractory mill material not less than 1.45 gram per tonne.
(13)
Gold cut-off grades utilized in 2021 reserves were as follows: oxide mill material not less than 2.10 gram per tonne and refractory mill material varies with level of copper and silver credits.
(14)
Cut-off grade utilized in 2021 reserves not less than 0.33 gram per tonne.
(15)
Cut-off grade utilized in 2021 reserves not less than 5.00 gram per tonne.
(16)
The Pueblo Viejo mine, which is 40% owned by Newmont, is accounted for as an equity method investment. Reserve estimates provided by Barrick, the operator of Pueblo Viejo.
(17)
Project is currently undeveloped. Reserve estimates provided by the NuevaUnión joint venture.
(18)
Project is currently undeveloped. Reserve estimates provided by the Norte Abierto joint venture
(19)
Gold cut-off grade varies with level of copper credits.
(20)
Cut-off grade utilized in 2021 reserves not less than 2.20 gram per tonne.
(21)
Cut-off grade utilized in 2021 reserves not less than 0.46 gram per tonne.
(22)
Cut-off grade utilized in 2021 reserves not less than 2.40 gram per tonne.
(23)
Cut-off grade utilized in 2021 reserves not less than 0.57 gram per tonne.
(24)
Cut-off grade utilized in 2021 reserves not less than 0.56 gram per tonne.
(25)
Reserve estimates provided by Barrick, the operator of the NGM joint venture.
(26)
In February 2022, the Company increased its ownership interest in Yanacocha to 95% by acquiring Buenaventura's 43.65% noncontrolling interest. See Note 1 of the Consolidated Financial Statements for further information.
Attributable Gold Mineral Resources (1)(2) - December 31, 2021
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
(000 tonnes)
(g/tonne)
Ounces (000)
(000 tonnes)
(g/tonne)
Ounces (000)
(000 tonnes)
(g/tonne)
Ounces (000)
(000 tonnes)
(g/tonne)
Ounces (000)
Metallurgical Recovery
North America
CC&V,Colorado
100
%
54,000
0.41
700
24,100
0.38
300
78,100
0.40
1,000
12,700
0.39
160
62
%
Musselwhite, Canada
100
%
1,400
3.58
160
2,300
3.55
270
3,700
3.56
430
3,200
4.22
440
96
%
Porcupine Underground
100
%
300
5.25
50
900
6.12
180
1,200
5.92
230
1,100
6.43
220
92
%
Porcupine Open Pit
100
%
500
0.49
10
83,200
1.40
3,750
83,700
1.40
3,760
77,000
1.24
3,070
92
%
Total Porcupine, Canada
800
2.33
60
84,100
1.45
3,930
84,900
1.46
3,990
78,100
1.31
3,290
92
%
Éléonore, Canada
100
%
300
5.72
50
1,700
4.73
260
2,000
4.86
310
3,800
5.28
650
91
%
Peñasquito, Mexico
100
%
31,400
0.27
280
176,600
0.27
1,500
208,000
0.27
1,780
89,800
0.40
1,160
69
%
Noche Buena, Mexico
50
%
-
-
-
21,000
0.37
250
21,000
0.37
250
1,600
0.21
10
50
%
Coffee, Canada
100
%
1,000
2.01
60
54,500
1.19
2,080
55,500
1.20
2,140
6,800
1.07
230
80
%
Galore Creek, Canada (3)
50
%
128,400
0.36
1,500
423,400
0.23
3,130
551,800
0.26
4,630
99,100
0.21
670
73
%
TOTAL NORTH AMERICA
217,300
0.40
2,810
787,700
0.46
11,720
1,005,000
0.45
14,530
295,100
0.70
6,610
79
%
South America
Conga, Peru
51.35
%
-
-
-
356,300
0.65
7,490
356,300
0.65
7,490
118,400
0.39
1,480
75
%
Yanacocha Open Pit
51.35
%
5,500
0.42
70
52,400
0.46
770
57,900
0.46
840
96,700
0.80
2,470
66
%
Yanacocha Underground
51.35
%
-
6.29
10
1,800
6.28
370
1,800
6.28
380
1,900
4.93
300
97
%
Total Yanacocha, Peru (9)
5,500
0.45
80
54,200
0.65
1,140
59,700
0.64
1,220
98,600
0.87
2,770
70
%
Merian, Suriname
75
%
4,500
0.94
140
32,600
1.14
1,200
37,100
1.12
1,340
28,500
1.01
920
88
%
Cerro Negro Underground
100
%
100
5.48
20
1,300
7.38
300
1,400
7.25
320
7,500
6.85
1,650
93
%
Cerro Negro Open Pit
100
%
900
4.40
120
1,000
4.09
130
1,900
4.24
250
100
3.49
10
90
%
Total Cerro Negro, Argentina
100
%
1,000
4.51
140
2,300
5.96
430
3,300
5.52
570
7,600
6.82
1,660
93
%
Pueblo Viejo, Dominican Republic (4)
40
%
37,300
2.01
2,410
57,100
1.89
3,470
94,400
1.94
5,880
25,400
1.72
1,410
89
%
NuevaUnión, Chile (5)
50
%
4,800
0.47
70
118,300
0.59
2,260
123,100
0.59
2,330
239,800
0.40
3,050
68
%
Norte Abierto, Chile (6)
50
%
77,200
0.61
1,510
596,900
0.49
9,320
674,100
0.50
10,830
369,600
0.37
4,360
76
%
Agua Rica, Argentina (7)
18.75
%
141,900
0.25
1,150
137,400
0.15
650
279,300
0.20
1,800
139,900
0.09
410
35
%
TOTAL SOUTH AMERICA
272,200
0.63
5,500
1,355,100
0.60
25,960
1,627,300
0.60
31,460
1,027,800
0.49
16,060
73
%
Australia
Boddington, Western Australia
100
%
96,200
0.53
1,640
180,500
0.54
3,110
276,700
0.53
4,750
3,300
0.50
50
84
%
Tanami Open Pit
100
%
10,200
1.88
620
16,600
1.69
900
26,800
1.76
1,520
2,900
1.62
150
90
%
Tanami Underground
100
%
1,400
3.11
140
4,900
4.25
660
6,300
4.00
800
9,600
5.39
1,670
97
%
Total Tanami, Northern Territory
100
%
11,600
2.03
760
21,500
2.27
1,560
33,100
2.18
2,320
12,500
4.53
1,820
97
%
TOTAL AUSTRALIA
107,800
0.69
2,400
202,000
0.72
4,670
309,800
0.71
7,070
15,800
3.68
1,870
89
%
Africa
Ahafo South
100
%
500
0.56
10
30,000
1.16
1,120
30,500
1.15
1,130
13,500
1.33
570
93
%
Ahafo Underground
100
%
-
-
16,600
3.99
2,120
16,600
3.99
2,120
10,800
3.34
1,160
90
%
Total Ahafo South, Ghana
500
0.56
10
46,600
2.16
3,240
47,100
2.15
3,250
24,300
2.21
1,730
91
%
Ahafo North Open Pits, Ghana
100
%
2,800
1.21
100
10,400
1.90
630
13,200
1.76
730
9,800
1.60
500
92
%
Akyem Open Pits
100
%
900
0.57
20
1,100
0.67
20
2,000
0.62
40
1,300
1.43
60
91
%
Akyem Underground
100
%
-
-
6,800
3.69
810
6,800
3.69
810
5,400
2.97
520
93
%
Total Akyem, Ghana
900
0.57
20
7,900
3.27
830
8,800
3.00
850
6,700
2.69
580
92
%
TOTAL AFRICA
4,200
1.01
130
64,900
2.26
4,700
69,100
2.18
4,830
40,800
2.15
2,810
91
%
Nevada
NGM Open Pits and Stockpiles
38.5
%
18,300
1.89
1,110
181,100
0.90
5,230
199,400
0.99
6,340
101,100
0.82
2,670
67
%
NGM Underground
38.5
%
8,500
5.89
1,610
11,900
6.35
2,430
20,400
6.16
4,040
15,300
6.48
3,180
86
%
Total NGM (8)
26,800
3.17
2,720
193,000
1.23
7,660
219,800
1.47
10,380
116,400
1.56
5,850
76
%
TOTAL NEVADA
26,800
3.17
2,720
193,000
1.23
7,660
219,800
1.47
10,380
116,400
1.56
5,850
76
%
TOTAL NEWMONT
628,300
0.67
13,560
2,602,700
0.65
54,710
3,231,000
0.66
68,270
1,495,900
0.69
33,200
76
%
(1)
Resources are reported exclusive of reserves.
(2)
Resources are estimated at a gold price of $1,400 per ounce for 2021 and 2020. 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)
Project is currently undeveloped. Resource estimates provided by Teck Resources.
(4)
Resource estimates provided by Barrick, the operator of Pueblo Viejo.
(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)
Project is currently undeveloped. Resource estimates provided by Yamana, the operator of the Agua Rica joint venture.
(8)
Resource estimates provided by Barrick, the operator of the NGM joint venture.
(9)
In February 2022, the Company increased its ownership interest in Yanacocha to 95% by acquiring Buenaventura's 43.65% noncontrolling interest. See Note 1 of the Consolidated Financial Statements for further information.
Attributable Copper Reserves (1)
December 31, 2021
December 31, 2020
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
(000 tonnes)
(Cu %)
Pounds (millions)
(000 tonnes)
(Cu %)
Pounds (millions)
(000 tonnes)
(Cu %)
Pounds (millions)
Recovery
(000 tonnes)
(Cu %)
Pounds (millions)
South America
Yanacocha Open Pits and Underground, Peru (4)(10)
51.35
%
-
-
57,700
0.61
%
780
57,700
0.61
%
780
84
%
57,700
0.62
%
790
NuevaUnión, Chile (5)
50
%
-
-
1,118,000
0.40
%
9,800
1,118,000
0.40
%
9,800
88
%
1,118,000
0.40
%
9,800
Norte Abierto, Chile (6)
50
%
-
-
598,800
0.22
%
2,890
598,800
0.22
%
2,890
87
%
598,800
0.22
%
2,890
TOTAL SOUTH AMERICA
-
-
1,774,500
0.34
%
13,470
1,774,500
0.34
%
13,470
87
%
1,774,500
0.34
%
13,480
Australia
Boddington Open Pit, Western Australia (7)
100
%
237,400
0.10
%
540
239,100
0.11
%
590
476,500
0.11
%
1,130
82
%
534,700
0.11
%
1,260
Boddington Stockpiles, Western Australia (8)
100
%
2,600
0.09
%
10
79,100
0.09
%
150
81,700
0.09
%
160
77
%
86,400
0.09
%
160
TOTAL AUSTRALIA
240,000
0.10
%
550
318,200
0.11
%
740
558,200
0.11
%
1,290
82
%
621,100
0.10
%
1,420
Nevada
NGM, Nevada (9)
38.5
%
6,900
0.17
%
30
80,200
0.17
%
300
87,100
0.17
%
330
65
%
82,600
0.18
%
320
TOTAL NEVADA
6,900
0.17
%
30
80,200
0.17
%
300
87,100
0.17
%
330
65
%
82,600
0.18
%
320
TOTAL NEWMONT
246,900
0.11
%
580
2,172,900
0.30
%
14,510
2,419,800
0.28
%
15,090
87
%
2,478,200
0.28
%
15,220
(1)
See footnote (1) to the Gold Reserves table above. Copper reserves for 2021 and 2020 were estimated at a copper price of $2.75 per pound.
(2)
See footnote (2) to the Gold Reserves table above. Tonnages are rounded to nearest 100,000.
(3)
Pounds 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. Pounds may not recalculate as they are rounded to the nearest 10 million.
(4)
Reserve estimates relate to the undeveloped Yanacocha Sulfide project. 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)
In February 2022, the Company increased its ownership interest in Yanacocha to 95% by acquiring Buenaventura's 43.65% noncontrolling interest. See Note 1 of the Consolidated Financial Statements for further information.
Attributable Copper Mineral Resources (1)(2) - December 31, 2021
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Newmont
Tonnage
Grade
Copper
Tonnage
Grade
Copper
Tonnage
Grade
Copper
Tonnage
Grade
Copper
Deposits/Districts
Share
(000 tonnes)
(Cu %)
Pounds (millions)
(000 tonnes)
(Cu %)
Pounds (millions)
(000 tonnes)
(Cu %)
Pounds (millions)
(000 tonnes)
(Cu %)
Pounds (millions)
Metallurgical Recovery
North America
Galore Creek, Canada (3)
50
%
128,400
0.72
%
2,030
423,400
0.39
%
3,630
551,800
0.47
%
5,660
99,100
0.27
%
600
91
%
TOTAL NORTH AMERICA
128,400
0.72
%
2,030
423,400
0.39
%
3,630
551,800
0.47
%
5,660
99,100
0.27
%
600
91
%
South America
Conga, Peru
51.35
%
-
-
%
-
356,300
0.26
%
2,040
356,300
0.26
%
2,040
118,400
0.19
%
490
84
%
Yanacocha Open Pits and Stockpiles
51.35
%
-
-
%
-
48,600
0.39
%
420
48,600
0.39
%
420
18,700
0.39
%
160
80
%
Yanacocha Underground
51.35
%
-
-
%
-
1,800
0.09
%
-
1,800
0.09
%
-
1,900
0.13
%
10
96
%
Total Yanacocha, Peru (8)
-
-
%
-
50,400
0.38
%
420
50,400
0.38
%
420
20,600
0.37
%
170
81
%
NuevaUnión, Chile (4)
50
%
164,300
0.19
%
700
349,900
0.34
%
2,650
514,200
0.30
%
3,350
602,100
0.39
%
5,150
89
%
Norte Abierto, Chile (5)
50
%
57,600
0.24
%
310
551,200
0.19
%
2,340
608,800
0.20
%
2,650
361,700
0.18
%
1,450
90
%
Agua Rica, Argentina (6)
18.75
%
141,900
0.51
%
1,580
137,400
0.36
%
1,100
279,300
0.43
%
2,680
139,900
0.23
%
710
86
%
TOTAL SOUTH AMERICA
363,800
0.32
%
2,590
1,445,200
0.27
%
8,550
1,809,000
0.28
%
11,140
1,242,700
0.29
%
7,970
87
%
Australia
Boddington, Western Australia
100
%
96,200
0.11
%
220
180,500
0.11
%
450
276,700
0.11
%
670
3,300
0.09
%
10
82
%
TOTAL AUSTRALIA
96,200
0.11
%
220
180,500
0.11
%
450
276,700
0.11
%
670
3,300
0.09
%
10
82
%
Nevada
NGM, Nevada (7)
38.5
%
3,100
0.14
%
10
111,500
0.14
%
340
114,600
0.14
%
350
19,900
0.13
%
60
66
%
TOTAL NEVADA
3,100
0.14
%
10
111,500
0.14
%
340
114,600
0.14
%
350
19,900
0.13
%
60
66
%
TOTAL NEWMONT
591,500
0.37
%
4,850
2,160,600
0.27
%
12,970
2,752,100
0.29
%
17,820
1,365,000
0.29
%
8,640
88
%
(1)
Resources are reported exclusive of reserves.
(2)
Resources for 2021 and 2020 were estimated at a copper price of $3.25 per pound. Tonnage amounts have been rounded to the nearest 100,000.
(3)
Project is currently undeveloped. Resource estimates provided by Teck Resources.
(4)
Project is currently undeveloped. Resource estimates provided by the NuevaUnión joint venture.
(5)
Project is currently undeveloped. Resource estimates provided by the Norte Abierto joint venture.
(6)
Project is currently undeveloped. Resource estimates provided by Yamana, the operator of the Agua Rica joint venture.
(7)
Resource estimates provided by Barrick, the operator of the NGM joint venture.
(8)
In February 2022, the Company increased its ownership interest in Yanacocha to 95% by acquiring Buenaventura's 43.65% noncontrolling interest. See Note 1 of the Consolidated Financial Statements for further information.
Attributable Proven, Probable and Combined Silver Reserves (1)
December 31, 2021
December 31, 2020
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Tonnage (2)
Grade
Silver (3)
Tonnage (2)
Grade
Silver (3)
Tonnage (2)
Grade
Silver (3)
Tonnage (2)
Grade
Silver (3)
Deposits/Districts
Newmont Share
(000 tonnes)
(g/tonne)
Ounces (000)
(000 tonnes)
(g/tonne)
Ounces (000)
(000 tonnes)
(g/tonne)
Ounces (000)
Metallurgical Recovery (3)
(000 tonnes)
(g/tonne)
Ounces (000)
North America
Peñasquito Open Pits, Mexico (4)
100
%
107,200
38.79
133,650
219,100
32.75
230,760
326,300
34.73
364,410
87
%
348,200
35.10
392,890
Peñasquito Stockpiles, Mexico (5)
100
%
7,800
31.10
7,810
27,900
24.15
21,670
35,700
25.67
29,480
87
%
39,600
25.81
32,860
TOTAL NORTH AMERICA
115,000
38.26
141,460
247,000
31.78
252,430
362,000
33.84
393,890
87
%
387,800
34.15
425,750
South America
Yanacocha Open Pits and Underground (6)
51.35
%
1,200
7.57
280
48,900
19.08
30,000
50,100
18.80
30,280
55
%
55,700
17.82
31,910
Yanacocha Stockpiles (5)
51.35
%
1,400
31.48
1,450
-
-
-
1,400
31.48
1,450
75
%
2,700
36.02
3,120
Yanacocha Leach Pads (7)
51.35
%
-
-
-
47,300
8.16
12,400
47,300
8.16
12,400
5
%
55,400
8.18
14,560
Total Yanacocha, Peru (13)
2,600
20.81
1,730
96,200
13.85
42,400
98,800
13.85
44,130
42
%
113,800
13.85
49,590
Cerro Negro, Argentina (8)
100
%
1,700
71.26
4,010
7,200
54.16
12,540
8,900
57.51
16,550
76
%
9,000
70.75
20,420
Pueblo Viejo, Dominican Republic (9)
40
%
5,000
11.18
1,790
45,600
14.85
21,790
50,600
14.49
23,580
77
%
55,400
15.16
26,990
NuevaUnión, Chile (10)
50
%
-
-
-
1,118,000
1.31
47,170
1,118,000
1.31
47,170
66
%
1,118,000
1.31
47,170
Norte Abierto, Chile (11)
50
%
-
-
-
598,800
1.52
29,340
598,800
1.52
29,340
74
%
598,800
1.52
29,340
TOTAL SOUTH AMERICA
9,300
25.14
7,530
1,865,800
2.56
153,240
1,875,100
2.67
160,770
63
%
1,895,000
2.85
173,510
Nevada
NGM, Nevada (12)
38.5
%
5,200
7.40
1,230
60,000
6.35
12,250
65,200
6.43
13,480
38
%
59,800
6.99
13,430
TOTAL NEVADA
5,200
7.40
1,230
60,000
6.35
12,250
65,200
6.43
13,480
38
%
59,800
6.99
13,430
TOTAL NEWMONT
129,500
36.08
150,220
2,172,800
5.98
417,920
2,302,300
7.68
568,140
74
%
2,342,600
8.14
612,690
(1)
See footnote (1) to the Gold Reserves table above. Silver reserves for 2021 and 2020 were estimated at a silver price of $20 and $17 per ounce, respectively.
(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% 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)
In February 2022, the Company increased its ownership interest in Yanacocha to 95% by acquiring Buenaventura's 43.65% noncontrolling interest. See Note 1 of the Consolidated Financial Statements for further information.
Attributable Silver Mineral Resources (1)(2) - December 31, 2021
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Newmont
Tonnage
Grade
Silver
Tonnage
Grade
Silver
Tonnage
Grade
Silver
Tonnage
Grade
Silver
Deposits/Districts
Share
(000 tonnes)
(g/tonne)
Ounces (000)
(000 tonnes)
(g/tonne)
Ounces (000)
(000 tonnes)
(g/tonne)
Ounces (000)
(000 tonnes)
(g/tonne)
Ounces (000)
Metallurgical Recovery
North America
Peñasquito, Mexico
100
%
31,400
25.71
25,990
176,600
26.36
149,620
208,000
26.26
175,610
89,800
28.00
80,840
87
%
Noche Buena, Mexico
50
%
-
0.00
-
21,000
13.94
9,400
21,000
13.94
9,400
1,600
11.08
570
25
%
Galore Creek, Canada (3)
50
%
128,400
5.79
23,900
423,400
3.75
51,030
551,800
4.22
74,930
99,100
2.65
8,440
64
%
TOTAL NORTH AMERICA
159,800
9.71
49,890
621,000
10.52
210,050
780,800
10.35
259,940
190,500
14.67
89,850
75
%
South America
Conga, Peru
51.35
%
-
0.00
-
356,300
2.06
23,580
356,300
2.06
23,580
89,900
1.13
3,250
70
%
Yanacocha Open Pits and Stockpiles
51.35
%
4,600
3.31
490
44,600
13.09
18,750
49,200
12.17
19,240
14,400
13.09
6,070
43
%
Yanacocha Underground
51.35
%
-
1.13
-
1,800
64.29
3,760
1,800
62.68
3,760
1,900
37.56
2,260
87
%
Total Yanacocha, Peru (9)
4,600
3.31
490
46,400
15.09
22,510
51,000
14.03
23,000
16,300
15.90
8,330
55
%
Cerro Negro Underground
100
%
100
46.22
140
1,300
57.30
2,360
1,400
56.55
2,500
7,500
39.04
9,400
75
%
Cerro Negro Open Pit
100
%
900
8.53
240
1,000
7.87
250
1,900
8.18
490
100
11.07
20
60
%
Total Cerro Negro, Argentina
1,000
12.15
380
2,300
35.92
2,610
3,300
28.76
2,990
7,600
38.80
9,420
74
%
Pueblo Viejo, Dominican Republic (4)
40
%
37,300
11.51
13,800
57,100
10.85
19,940
94,400
11.11
33,740
25,400
9.00
7,360
NuevaUnión, Chile (5)
50
%
164,300
0.96
5,080
349,800
1.19
13,360
514,100
1.12
18,440
602,100
1.16
22,520
66
%
Norte Abierto, Chile (6)
50
%
77,200
1.20
2,990
596,900
1.07
20,550
674,100
1.09
23,540
369,600
0.95
11,340
78
%
Agua Rica, Argentina (7)
18.75
%
120,200
2.90
11,190
135,700
2.41
10,520
255,900
2.64
21,710
139,300
1.62
7,260
43
%
TOTAL SOUTH AMERICA
404,600
2.61
33,930
1,544,500
2.28
113,070
1,949,100
2.35
147,000
1,250,200
1.73
69,480
61
%
Nevada
NGM, Nevada (8)
38.5
%
2,900
5.57
520
84,000
5.54
14,960
86,900
5.54
15,480
18,900
5.60
3,410
38
%
TOTAL NEVADA
2,900
5.57
520
84,000
5.54
14,960
86,900
5.54
15,480
18,900
5.60
3,410
38
%
TOTAL NEWMONT
567,300
4.62
84,340
2,249,500
4.68
338,080
2,816,800
4.66
422,420
1,459,600
3.47
162,740
66
%
(1)
Resources are reported exclusive of reserves.
(2)
Resource for 2021 and 2020 were estimated at a silver price of $23 and $20 per ounce, respectively. Tonnage amounts have been rounded to the nearest 100,000.
(3)
Project is currently undeveloped. Resource estimates provided by Teck Resources.
(4)
Resource estimates provided by Barrick, the operator of Pueblo Viejo.
(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)
Project is currently undeveloped. Resource estimates provided by Yamana, the operator of the Agua Rica joint venture.
(8)
Resource estimates provided by Barrick, the operator of the NGM joint venture.
(9)
In February 2022, the Company increased its ownership interest in Yanacocha to 95% by acquiring Buenaventura's 43.65% noncontrolling interest. See Note 1 of the Consolidated Financial Statements for further information.
Attributable Zinc Reserves (1)
December 31, 2021
December 31, 2020
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Newmont
Tonnage (2)
Grade
Zinc (3)
Tonnage (2)
Grade
Zinc (3)
Tonnage (2)
Grade
Zinc (3)
Metallurgical
Tonnage (2)
Grade
Zinc (3)
Deposits/Districts
Share
(000 tonnes)
(Zn %)
Pounds (millions)
(000 tonnes)
(Zn %)
Pounds (millions)
(000 tonnes)
(Zn %)
Pounds (millions)
Recovery
(000 tonnes)
(Zn %)
Pounds (millions)
North America
Peñasquito Open Pits, Mexico (4)
100
%
107,200
0.96
%
2,260
219,100
0.74
%
3,590
326,300
0.81
%
5,850
81
%
348,200
0.83
%
6,380
Peñasquito Stockpiles, Mexico (5)
100
%
7,800
0.67
%
120
27,900
0.45
%
280
35,700
0.50
%
400
81
%
39,600
0.49
%
430
TOTAL NEWMONT
115,000
0.94
%
2,380
247,000
0.71
%
3,870
362,000
0.78
%
6,250
81
%
387,800
0.80
%
6,810
(1)
See footnote (1) to the Gold Reserves table above. Zinc reserves for 2021 and 2020 were estimated at a zinc price of $1.15 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 Copper Reserves table above. Pounds may not recalculate as they are rounded to the nearest 10 million.
(4)
Zinc 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 tonnes exceed 10,000 and are greater than 5% of the total site-reported reserves.
Attributable Zinc Resources (1)(2) - December 31, 2021
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Newmont
Tonnage
Grade
Zinc
Tonnage
Grade
Zinc
Tonnage
Grade
Zinc
Tonnage
Grade
Zinc
Deposits/Districts
Share
(000 tonnes)
(Zn %)
Pounds (millions)
(000 tonnes)
(Zn %)
Pounds (millions)
(000 tonnes)
(Zn %)
Pounds (millions)
(000 tonnes)
(Zn %)
Pounds (millions)
Metallurgical Recovery
North America
Peñasquito, Mexico
100
%
31,400
0.66
%
460
176,600
0.57
%
2,230
208,000
0.59
%
2,690
89,800
0.54
%
1,070
81
%
TOTAL NEWMONT
31,400
0.66
%
460
176,600
0.57
%
2,230
208,000
0.59
%
2,690
89,800
0.54
%
1,070
81
%
(1)
Resources are reported exclusive of reserves.
(2)
Resources for 2021 and 2020 were estimated at a zinc price of $1.40 per pound. Tonnage amounts have been rounded to the nearest 100,000.
Attributable Lead Reserves (1)
December 31, 2021
December 31, 2020
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Newmont
Tonnage (2)
Grade
Lead (3)
Tonnage (2)
Grade
Lead (3)
Tonnage (2)
Grade
Lead (3)
Metallurgical
Tonnage (2)
Grade
Lead (3)
Deposits/Districts
Share
(000 tonnes)
(Pb %)
Pounds (millions)
(000 tonnes)
(Pb %)
Pounds (millions)
(000 tonnes)
(Pb %)
Pounds (millions)
Recovery
(000 tonnes)
(Pb %)
Pounds (millions)
North America
Peñasquito Open Pits, Mexico (4)
100
%
107,200
0.37
%
880
219,100
0.30
%
1,440
326,300
0.32
%
2,320
73
%
348,200
0.34
%
2,650
Peñasquito Stockpiles, Mexico (5)
100
%
7,800
0.34
%
60
27,900
0.32
%
200
35,700
0.33
%
260
73
%
39,600
0.33
%
290
TOTAL NEWMONT
115,000
0.37
%
940
247,000
0.30
%
1,640
362,000
0.32
%
2,580
73
%
387,800
0.34
%
2,940
(1)
See footnote (1) to the Gold Reserves table above. Lead reserves for 2021 and 2020 were estimated at a lead price of $0.90 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 Copper Reserves table above. Pounds may not recalculate as they are rounded to the nearest 10 million.
(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 tonnes exceed 10,000 and are greater than 5% of the total site-reported reserves.
Attributable Lead Resources (1)(2) - December 31, 2021
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Newmont
Tonnage
Grade
Lead
Tonnage
Grade
Lead
Tonnage
Grade
Lead
Tonnage
Grade
Lead
Deposits/Districts
Share
(000 tonnes)
(Pb %)
Pounds (millions)
(000 tonnes)
(Pb %)
Pounds (millions)
(000 tonnes)
(Pb %)
Pounds (millions)
(000 tonnes)
(Pb %)
Pounds (millions)
Metallurgical Recovery
North America
Peñasquito, Mexico
100
%
31,400
0.29
%
200
176,600
0.26
%
1,020
208,000
0.27
%
1,230
89,800
0.24
%
480
73
%
TOTAL NEWMONT
31,400
0.29
%
200
176,600
0.26
%
1,020
208,000
0.27
%
1,230
89,800
0.24
%
480
73
%
(1)
Resources are reported exclusive of reserves.
(2)
Resources for 2021 and 2020 were estimated at a lead price of $1.10 per pound. Tonnage amounts have been rounded to the nearest 100,000.
Attributable Molybdenum Reserves (1)
December 31, 2021
December 31, 2020
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Newmont
Tonnage (2)
Grade
Molybdenum (3)
Tonnage (2)
Grade
Molybdenum (3)
Tonnage (2)
Grade
Molybdenum (3)
Metallurgical
Tonnage (2)
Grade
Molybdenum (3)
Deposits/Districts
Share
(000 tonnes)
(Mo %)
Pounds (millions)
(000 tonnes)
(Mo %)
Pounds (millions)
(000 tonnes)
(Mo %)
Pounds (millions)
Recovery
(000 tonnes)
(Mo %)
Pounds (millions)
South America
NuevaUnión, Chile (4)
50.00
%
-
-
%
-
776,900
0.02
%
270
776,900
0.02
%
270
48
%
776,900
0.02
%
270
TOTAL NEWMONT
-
-
%
-
776,900
0.02
%
270
776,900
0.02
%
270
48
%
776,900
0.02
%
270
(1)
See footnote (1) to the Gold Reserves table above. Molybdenum reserves were estimated 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 Copper Reserves table above. Pounds may not recalculate as they are rounded to the nearest 10 million.
(4)
Project is currently undeveloped. Resource estimates provided by NuevaUnión joint venture.
Attributable Molybdenum Resources (1)(2) - December 31, 2021
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Newmont
Tonnage
Grade
Molybdenum
Tonnage
Grade
Molybdenum
Tonnage
Grade
Molybdenum
Tonnage
Grade
Molybdenum
Deposits/Districts
Share
(000 tonnes)
(Mo %)
Pounds (millions)
(000 tonnes)
(Mo %)
Pounds (millions)
(000 tonnes)
(Mo %)
Pounds (millions)
(000 tonnes)
(Mo %)
Pounds (millions)
Metallurgical Recovery
South America
NuevaUnión, Chile (3)
50
%
159,500
0.01
%
20
231,500
0.01
%
40
391,000
0.01
%
60
362,300
0.01
%
100
52
%
Agua Rica, Argentina (4)
18.75
%
141,900
0.03
%
80
137,400
0.03
%
90
279,300
0.03
%
170
139,900
0.03
%
90
44
%
TOTAL NEWMONT
301,400
0.02
%
100
368,900
0.02
%
130
670,300
0.02
%
230
502,200
0.02
%
190
46
%
(1)
Resources are reported exclusive of reserves.
(2)
Resources for NuevaUnión and Agua Rica are estimated based on a molybdenum price set by NuevaUnión joint venture and Yamana, respectively. Tonnage amounts have been rounded to the nearest 100,000.
(3)
Project is currently undeveloped. Resource estimates provided by NuevaUnión joint venture.
(4)
Resource estimates provided by Yamana, the operator of the Agua Rica joint venture.
Cautionary Statement Regarding Reserve and Resource Estimates:
The reserves stated in this report represent estimates at December 31, 2021, which could be economically and legally extracted or produced at the time of the reserve determination. Estimates of proven and probable reserves are subject to considerable uncertainty. Such estimates are, or will be, to a large extent, based on the prices of gold, silver, copper, zinc and lead and interpretations of geologic data obtained from drill holes and other exploration techniques, which data may not necessarily be indicative of future results. If our reserve estimations are required to be revised due to significantly lower gold, silver, zinc, copper and lead prices, increases in operating costs, reductions in metallurgical recovery or other modifying factors, this could result in material write-downs of our investment in mining properties, goodwill and increased amortization, reclamation and closure charges. Producers use feasibility studies for undeveloped ore bodies to derive estimates of capital and operating costs based upon anticipated tonnage and grades of ore to be mined and processed, the predicted configuration of the ore body, expected recovery rates of metals from the ore, the costs of comparable facilities, the costs of operating and processing equipment and other factors. Actual operating and capital cost and economic returns on projects may differ significantly from original estimates. Further, it may take many years from the initial phases of exploration until commencement of production, during which time, the economic feasibility of production may change. Additionally, resource does not indicate proven and probable reserves as defined by the SEC or the Company's standards. Estimates of measured, indicated and inferred resource are subject to further exploration and development, and are, therefore, subject to considerable uncertainty. Inferred resources, in particular, have a great amount of uncertainty as to their existence and their economic and legal feasibility. The Company cannot be certain that any part or parts of the resource will ever be converted into reserves. In addition, if the price of gold, silver, copper, zinc or lead declines from recent levels, if production costs increase, grades decline, recovery rates decrease or if applicable laws and regulations are adversely changed, the indicated level of recovery may not be realized or mineral reserves or resources might not be mined or processed profitably. If we determine that certain of our mineral reserves have become uneconomic, this may ultimately lead to a reduction in our aggregate reported reserves and resources. Consequently, if our actual mineral reserves and resources are less than current estimates, our business, prospects, results of operations and financial position may be materially impaired. For additional information see the "Reserve and Resource Tables" section of this release and Item 2 of the Company's Form 10-K, filed on February 24, 2022, with the SEC.
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, reserve estimates, exploration outlook and expected expenditure, 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". Such assumptions, include, but are not limited to the key assumptions set forth above. Investors are also encouraged to refer to the Company's 2021 Form 10-K, filed on February 24, 2022, 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.
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 expertise. Newmont was founded in 1921 and has been publicly traded since 1925.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220223006208/en/
Contact
Media Contact Courtney Boone 303.837.5159 courtney.boone@newmont.com
Investor Contact Daniel Horton 303.837.5468 daniel.horton@newmont.com
