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Mining News February 18, 2020 04:30:43 PM

Newmont Corp’s Gold Reserves Hit Historic High

Paul Ploumis
ScrapMonster Author
The above gold reserves are located in top-tier jurisdictions with 37% in North America, 30% in South America, 21% in Australia and the remaining 12% in Africa.

Newmont Corp’s Gold Reserves Hit Historic High

SEATTLE (Scrap Monster): Newmont Corporation reported highest ever gold mineral reserves in its history.

The company reported gold mineral reserves of 100.2 million attributable ounces for the year 2019. This is significantly higher by 53% when matched with 65.4 million ounces recorded in 2018. The completion of acquisition of Goldcorp and formation of the Nevada Gold Mines joint venture project added at least 50 million ounces to its reserves during the previous year, said company news release.

ALSO READ: Newmont Goldcorp Declares Production Restart at Penasquito Gold-Silver Mine

The above gold reserves are located in top-tier jurisdictions with 37% in North America, 30% in South America, 21% in Australia and the remaining 12% in Africa. The figure is inclusive of Red Lake and the Company’s 50 percent interest in Kalgoorlie Consolidated Gold Mines (KCGM). The gold reserves after adjusting for the KCGM and Red Lake divestments stood at 95.7 million ounces.

Tom Palmer, President and Chief Executive Officer, Newmont stated that the company has the largest gold reserve base in the entire industry. The abundant reserve and resource base will support stable production in excess of 6 million ounces per annum for several decades to come, he added.

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