Newmont Targets 5M-Ounce Lihir Expansion, Keeps 2026 Guidance
Mining News | 2026-07-27 05:27:16
The company reported adjusted EBITDA of $3.8 billion and adjusted earnings of $2.10 per share. Gold all-in sustaining costs stood at $1,621 per ounce, below the company's full-year guidance.
By Paul Ploumis
SEATTLE (Scrap Monster): Newmont has reaffirmed its 2026 production outlook after reporting strong second-quarter financial results. The company outlined a major long-term expansion plan for its Lihir gold mine in Papua New Guinea.
According to the company, construction of a nearshore barrier at Lihir is expected to unlock more than 5 million ounces of additional gold reserves, with production benefits anticipated from 2028 onward.
During the second quarter, the company produced 1.3 million ounces of gold, 17,000 tonnes of copper, and 7 million ounces of silver. Newmont also generated $2.9 billion in operating cash flow after working capital and achieved a record $2.2 billion in quarterly free cash flow.
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The company reported adjusted EBITDA of $3.8 billion and adjusted earnings of $2.10 per share. Gold all-in sustaining costs stood at $1,621 per ounce, below the company's full-year guidance.
The miner also returned approximately $1.9 billion to shareholders through dividends and share repurchases, bringing total buybacks to more than 100 million shares over the past two years.
Chief Executive Officer Natascha Viljoen said the company remains well positioned to achieve its full-year 2026 production targets, citing solid operational performance across its global portfolio. Meantime, discussions with Barrick regarding Nevada Gold Mines remain unresolved, he added.
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What was the biggest highlight of Newmont's second-quarter 2026 update?
Frequently Asked Questions
- Did Newmont maintain its 2026 production guidance?
Yes. Newmont reaffirmed its full-year 2026 production outlook, citing strong operational performance across its global portfolio.
- What is the significance of the Lihir expansion project?
The planned nearshore barrier at the Lihir mine is expected to unlock more than 5 million ounces of additional gold reserves, with production benefits beginning in 2028.
- How did Newmont perform financially in the second quarter?
The miner generated $2.9 billion in operating cash flow, $2.2 billion in record free cash flow, $3.8 billion in adjusted EBITDA, and returned $1.9 billion to shareholders through dividends and share repurchases.
