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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Newmont Corporation | TSX:NGT | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.77 | -1.33% | 57.12 | 57.05 | 57.36 | 57.45 | 56.86 | 57.17 | 125,728 | 21:12:42 |
Newmont Corporation (NYSE: NEM, TSX: NGT) reported higher gold Mineral Reserves ("reserves") of 96.1 million attributable ounces for 2022 compared to the Company’s 92.8 million ounces at the end of 2021. Newmont has significant upside to other metals, including more than 15 billion pounds of copper reserves and nearly 600 million ounces of silver reserves.
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PERCENTAGE OF GOLD RESERVES BY JURISDICTION
"In 2022, Newmont replaced depletion and grew reserves by nearly 4 percent as we continued to focus on extending mine life, developing districts and discovering new opportunities in the most favorable mining jurisdictions. Our diverse, global portfolio of operations and projects delivers steady production for at least the next decade, leading the industry with approximately six million gold ounces per year. Supported by the most extensive exploration program in the industry, our team is actively building a profitable and resilient production pipeline for the next several decades." - Tom Palmer, President and Chief Executive Officer
2022 RESERVES & RESOURCES HIGHLIGHTS
PERCENTAGE OF GOLD RESERVES BY JURISDICTION1
Newmont’s reserve base is a key differentiator with over 90 percent of gold reserves located in top-tier jurisdictions, an average reserve grade of 1.09 grams per tonne and an operating reserve life of more than 10 years at six managed sites and two non-managed joint ventures, with significant upside potential from a robust organic project pipeline. In addition, Newmont has substantial exposure to other metals, with 68 million gold equivalent ounces2 of reserves from copper, silver, lead, zinc and molybdenum.
PROVEN & PROBABLE GOLD RESERVES In millions of ounces 2021 Gold Reserves92.8
Additions
8.6
Acquisitions3
3.1
Net Revisions
(1.2
)
Depletion(7.2
)
2022 Gold Reserves96.1
For 2022, Newmont reported 96.1 million ounces of gold Mineral Reserves, a 3.6 percent increase from the prior year total of 92.8 million ounces. Additions of 8.6 million ounces and acquisitions3 of 3.1 million ounces were partially offset by depletion of 7.2 million ounces and unfavorable net revisions of 1.2 million ounces.
Additions before revisions of 8.6 million ounces through exploration and technical studies met the Company’s target despite higher costs. Notable reserve additions for the year from Newmont’s operating sites included:
Net unfavorable revisions include 0.5 million ounces at Yanacocha due to updated models, technical assumptions and revised mine designs, as well as 0.2 million ounces at Merian and Éléonore due to revised technical assumptions and costs. Additional net negative revisions of 0.7 million ounces were attributable to NGM, mainly at Turquoise Ridge and Carlin. Negative revisions were partially offset by favorable revisions of 0.5 million ounces at Pueblo Viejo.
Newmont’s 38.5 percent interest in NGM represented 18.6 million attributable ounces of gold reserves at year end, compared to 19.3 million ounces at the end of 2021. Newmont's 40 percent interest in Pueblo Viejo represented 8.2 million attributable ounces of gold reserves at year end, compared to 3.6 million ounces at the end of 2021.
Gold reserve grade improved 2 percent to 1.09 grams per tonne compared to 1.06 grams per tonne in the prior year, primarily due to higher grade reserves from the Company’s 40 percent equity ownership in Pueblo Viejo and positive results from the Company's underground managed operations, including Cerro Negro, Tanami and Musselwhite, as well as increased equity ownership in Yanacocha.
MEASURED & INDICATED GOLD RESOURCES INFERRED GOLD RESOURCES In millions of ounces In millions of ounces 2021 Gold Resources68.3
2021 Gold Resources
33.2
Additions
2.8
Additions
2.6
Acquisitions3
8.2
Acquisitions3
4.3
Divestitures4
(1.8
)
Divestitures4(0.4
)
Net Revisions4.4
Net Revisions
(1.8
)
Conversions(6.6
)
Conversions(1.8
)
2022 Gold Resources75.3
2022 Gold Resources
36.1
In 2022, Newmont reported Measured and Indicated Gold Mineral Resources of 75.3 million ounces, a 10 percent increase from the prior year total of 68.3 million ounces. Inferred Gold Mineral Resources totaled 36.1 million ounces, a 9 percent increase from the prior year total of 33.2 million ounces. In total, resource conversions to reserves were more than offset by a combination of acquisitions, additions and net positive revisions.
Measured and Indicated Gold Mineral Resources added through exploration programs were 2.8 million ounces and included notable additions before revisions of 0.5 million ounces at Ahafo South underground, 0.5 million ounces at Yanacocha, 0.4 million attributable ounces at NGM, 0.2 million ounces at Cerro Negro, 0.2 million ounces at Peñasquito and 0.2 million ounces at Ahafo North. Acquisitions added 8.2 million ounces, including 7.1 million ounces at Conga and 1.1 million ounces at Yanacocha, while the divestiture of Agua Rica had an impact of 1.8 million ounces.
Measured and Indicated Gold Mineral Resources reported net positive revisions of 4.4 million ounces primarily driven by 0.6 million ounces at Peñasquito, 0.5 million ounces at Tanami, 0.5 million ounces at CC&V, 0.5 million ounces at Musselwhite and 0.4 million ounces at Ahafo South underground. Additionally NGM added 1.4 million attributable ounces, primarily at Cortez and Carlin, and Pueblo Viejo added 0.5 million attributable ounces. Positive revisions were partially offset by negative revisions, including 0.4 million ounces at the Ahafo South open pit.
Inferred Gold Mineral Resources added through exploration programs were 2.6 million ounces and included notable additions before revisions of 0.4 million ounces at Cerro Negro, 0.4 million ounces at Ahafo South underground, 0.4 million ounces at Porcupine underground, 0.1 million ounces at Tanami and 0.1 million ounces at Éléonore. Additionally, NGM added 0.9 million attributable ounces. Acquisitions added 4.3 million ounces, including 2.6 million ounces at Yanacocha and 1.4 million ounces at Conga, while the divestiture of Agua Rica had an impact of 0.4 million ounces.
Inferred Gold Mineral Resources reported unfavorable net revisions of 1.8 million ounces, primarily driven by negative revisions of 0.3 million ounces at Ahafo South underground, 0.2 million ounces at Porcupine open pit, 0.1 million ounces at Ahafo South open pit and 0.1 million ounces at Éléonore. Additionally, Pueblo Viejo had negative revisions of 1.2 million attributable ounces. Negative revisions were partially offset by positive revisions of 0.2 million ounces at CC&V and 0.2 million attributable ounces at NGM.
Newmont’s Measured and Indicated Gold Mineral Resource grade increased slightly to 0.67 grams per tonne compared to 0.66 grams per tonne in the prior year. Inferred Gold Mineral Resource grade of 0.70 grams per tonne increased slightly compared to 0.69 grams per tonne in the prior year.
OTHER METALS
In 2022, copper reserves increased slightly to 15.7 billion pounds from 15.1 billion pounds in the prior year, primarily due to increased equity at Yanacocha. Measure and Indicated copper resources increased slightly to 17.9 billion pounds from 17.8 billion pounds, primarily due to increased equity at Conga and Yanacocha. Inferred copper resources remained flat at 8.6 billion pounds as compared to the prior year.
Silver reserves increased to 593 million ounces from 568 million ounces in the prior year, primarily due to increased equity at Yanacocha. Measured and Indicated silver resources also increased to 500 million ounces from 422 million ounces in the prior year, primarily due to increased equity at Yanacocha and Conga. Inferred silver resources decreased to 152 million ounces from 163 million ounces in the prior year, primarily due to the divestiture of Agua Rica and resource conversion at Cerro Negro.
Lead reserves decreased to 2.3 billion pounds from 2.6 billion pounds in the prior year, and zinc reserves also decreased to 5.5 billion pounds from 6.3 billion pounds. These decreases were primarily due to depletion at Peñasquito. Measured and Indicated lead resources increased to 1.6 billion pounds from 1.2 billion pounds, while Inferred lead resources decreased to 440 million pounds from 480 million pounds in the prior year. Measured and Indicated zinc resources increased to 3.7 billion pounds from 2.7 billion pounds and Inferred zinc resources decreased to 1.0 billion pounds from 1.1 billion pounds in the prior year. The increases in Measured and Indicated lead and zinc resources were primarily due to positive revision at Peñasquito. The decreases in Inferred lead and zinc resources were primarily due to negative revisions and conversion at Peñasquito.
EXPLORATION OUTLOOK
Newmont’s attributable exploration expenditure for managed operations is expected to be approximately $200 million in 2023 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 $25 million.
Geographically, the Company expects to invest approximately 32 percent in North America, 30 percent in South America, 18 percent in Africa and the remainder in Australia and other locations.
________________________________________________
1 North America includes 38.5 percent interest in Nevada Gold Mines; South America includes Newmont's 40 percent interest in Pueblo Viejo. 2 Gold Equivalent Ounces (GEOs) are calculated using 2022 Mineral Reserve pricing for Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.), and Zinc ($1.20/lb.) and Resource pricing for Gold ($1,600/oz.), Copper ($4.00/lb.), Silver ($23.00/oz.), Lead ($1.20/lb.), and Zinc ($1.45/lb.) and metallurgical recoveries for each metal on a site by site basis, as metal * [(metal price * metal recovery) / (gold price * gold recovery)]. 3 In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% and Sumitomo's 5% noncontrolling interest, respectively. 4 In November 2022, Newmont sold its 18.75% ownership in Agua Rica.
GOLD RESERVE SENSITIVITY
A $100 increase in gold price would result in an approximate three percent increase in gold reserves while a $100 decrease in gold price would result in an approximate seven percent decrease in gold reserves. These sensitivities assume an oil price of $85 per barrel (WTI), Australian dollar exchange rate of $0.75 and Canadian dollar exchange rate of $0.80. These sensitivities assume all other inputs remain equal, including all cost and capital assumptions, which may impact the reality of these approximate estimates.
KEY RESERVE AND RESOURCE ASSUMPTIONS
At December 31,
2022
2021
Gold Reserves ($/oz)
$
1,400
$
1,200
Gold Resources ($/oz)
$
1,600
$
1,400
Copper Reserves ($/lb)
$
3.50
$
2.75
Copper Resources ($/lb)
$
4.00
$
3.25
Silver Reserves ($/oz)
$
20.00
$
20.00
Silver Resources ($/oz)
$
23.00
$
23.00
Lead Reserves ($/lb)
$
1.00
$
0.90
Lead Resources ($/lb)
$
1.20
$
1.10
Zinc Reserves ($/lb)
$
1.20
$
1.15
Zinc Resources ($/lb)
$
1.45
$
1.40
Australian Dollar (A$:US$)
$
0.75
$
0.75
Canadian Dollar (C$:US$)
$
0.80
$
0.77
West Texas Intermediate ($/bbl)
$
85
$
60
For additional details on Newmont’s reported gold, copper, silver, lead, zinc and molybdenum Mineral Reserves and Mineral Resources, please refer to the tables at the end of this release.
RESERVE AND RESOURCE TABLES
Proven and probable reserves are based on extensive drilling, sampling, mine modeling and metallurgical testing from which we determined economic feasibility. The reference point for mineral reserves is the point of delivery to the process plant. Metal price assumptions, adjusted for our exchange rate assumption, are based on considering such factors as market forecasts, industry consensus and management estimates. 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 below list the average metallurgical recovery rate for each deposit, which takes into account the relevant processing methods. The cut-off grade, or lowest grade of mineralization considered economic to process, varies between deposits depending upon prevailing economic conditions, mineability of the deposit, by-products, amenability of the ore to gold, copper, silver, lead, zinc or molybdenum extraction and type of milling or leaching facilities available. Reserve estimates may have non-material differences in comparison to our joint venture partners due to differences in classification and rounding methodology.
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, copper, silver, lead, zinc and molybdenum will be realized. Ounces of gold or silver or pounds of copper, lead, zinc 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, copper, silver, lead, zinc and molybdenum, as well as increased production costs or reduced metallurgical recovery rates, could render certain proven and probable reserves containing higher cost reserves 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. The reference point for mineral resources is in situ. Mineral resources are sub-divided, in order of increasing geological confidence, into inferred, indicated and measured categories. Ounces of gold and silver or pounds of copper, zinc, lead, and molybdenum included in the measured, indicated and inferred resources are those contained prior to losses during metallurgical treatment. The terms "measured resource," "indicated resource," and "inferred resource" mean that part of a mineral resource for which quantity and grade or quality are estimated on the basis of geological evidence and sampling that is considered to be comprehensive, adequate, or limited, respectively. 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.
We publish reserves annually, and will recalculate reserves at December 31, 2023, 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 2023.
Please refer to the reserves and resources cautionary statement at the end of the release.
Gold Reserves (1)
December 31, 2022
December 31, 2021
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Deposits/Districts
Newmont Share
Tonnage (2)
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Tonnage (2)
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Tonnage (2)
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Metallurgical Recovery (3)
Tonnage (2)
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
North America
CC&V Open Pits
100
%
49,300
0.39
620
12,000
0.31
120
61,400
0.37
740
57
%
86,100
0.43
1,180
CC&V Leach Pads (4)(5)
100
%
—
—
—
32,600
0.78
820
32,600
0.78
820
56
%
31,200
0.81
810
Total CC&V, Colorado
49,300
0.39
620
44,600
0.66
940
94,000
0.52
1,560
56
%
117,300
0.53
1,990
Musselwhite, Canada (6)
100
%
3,400
5.48
590
7,000
5.89
1,320
10,400
5.76
1,920
96
%
9,500
5.77
1,770
Porcupine Underground (7)
100
%
1,800
8.50
500
700
8.47
190
2,500
8.49
690
92
%
3,200
7.46
770
Porcupine Open Pit (8)
100
%
2,600
1.60
130
31,900
1.44
1,480
34,500
1.46
1,610
93
%
39,600
1.44
1,830
Total Porcupine, Canada
4,400
4.44
630
32,600
1.59
1,670
37,000
1.93
2,300
93
%
42,800
1.89
2,600
Éléonore, Canada (9)
100
%
1,900
5.11
310
7,400
5.25
1,260
9,400
5.22
1,570
92
%
11,200
5.05
1,820
Peñasquito, Mexico (10)(17)
100
%
104,500
0.58
1,960
212,000
0.51
3,450
316,500
0.53
5,410
69
%
362,000
0.54
6,330
TOTAL NORTH AMERICA
163,500
0.78
4,110
303,700
0.89
8,640
467,200
0.85
12,750
79
%
542,800
0.83
14,510
South America
Yanacocha Open Pits (11)
100
%
27,500
0.71
630
119,000
0.72
2,750
146,500
0.72
3,380
57
%
84,700
0.68
1,840
Yanacocha Underground (12)
100
%
—
—
—
12,300
6.06
2,400
12,300
6.06
2,400
97
%
7,000
6.20
1,390
Total Yanacocha, Peru (13)
27,500
0.71
630
131,300
1.22
5,140
158,800
1.13
5,780
73
%
91,700
1.10
3,230
Merian, Suriname (14)
75
%
31,000
1.16
1,150
73,800
1.16
2,750
104,800
1.16
3,900
93
%
101,600
1.22
4,000
Cerro Negro, Argentina (15)
100
%
1,600
9.46
500
7,800
10.13
2,530
9,400
10.02
3,030
95
%
9,000
8.89
2,560
Pueblo Viejo Open Pits
40
%
23,500
2.29
1,730
55,000
2.15
3,800
78,500
2.19
5,530
90
%
13,200
2.28
970
Pueblo Viejo Stockpiles (16)
40
%
—
—
—
38,200
2.17
2,670
38,200
2.17
2,670
90
%
37,400
2.20
2,640
Total Pueblo Viejo, Dominican Republic (17)(18)
23,500
2.29
1,730
93,100
2.16
6,470
116,600
2.19
8,200
90
%
50,600
2.22
3,610
NuevaUnión, Chile (19)(28)
50
%
—
—
—
341,100
0.47
5,110
341,100
0.47
5,110
66
%
341,100
0.47
5,110
Norte Abierto, Chile (20)(28)
50
%
—
—
—
598,800
0.60
11,620
598,800
0.60
11,620
74
%
598,800
0.60
11,620
TOTAL SOUTH AMERICA
83,700
1.49
4,010
1,245,800
0.84
33,630
1,329,500
0.88
37,640
80
%
1,192,800
0.79
30,130
Australia
Boddington Open Pit
100
%
237,400
0.68
5,190
209,300
0.64
4,300
446,700
0.66
9,490
85
%
476,500
0.68
10,440
Boddington Stockpiles (16)
100
%
2,000
0.71
50
76,200
0.43
1,040
78,300
0.43
1,090
80
%
81,800
0.44
1,150
Total Boddington, Western Australia (17)(21)
239,400
0.68
5,240
285,500
0.58
5,350
524,900
0.63
10,580
84
%
558,300
0.65
11,590
Tanami, Northern Territory (22)
100
%
11,300
5.05
1,840
21,600
5.49
3,820
33,000
5.34
5,660
98
%
34,800
5.15
5,780
TOTAL AUSTRALIA
250,800
0.88
7,080
307,100
0.93
9,160
557,900
0.91
16,240
89
%
593,100
0.91
17,370
Africa
Ahafo South Open Pits (23)
100
%
9,000
2.42
700
38,600
1.67
2,070
47,600
1.81
2,770
90
%
51,500
1.83
3,030
Ahafo South Underground (24)
100
%
9,300
3.68
1,100
13,300
2.62
1,130
22,600
3.06
2,230
94
%
22,100
3.14
2,240
Ahafo South Stockpiles (16)
100
%
22,100
0.91
640
—
—
—
22,100
0.91
640
90
%
28,300
0.92
830
Total Ahafo South, Ghana (17)
40,400
1.89
2,450
51,900
1.92
3,200
92,300
1.90
5,650
92
%
101,900
1.86
6,100
Ahafo North, Ghana (25)
100
%
—
—
—
50,100
2.37
3,820
50,100
2.37
3,820
91
%
46,300
2.40
3,570
Akyem Open Pit (26)
100
%
14,300
1.56
720
8,000
1.82
470
22,300
1.66
1,190
91
%
26,700
1.72
1,470
Akyem Stockpiles (16)
100
%
11,900
0.71
270
—
—
—
11,900
0.71
270
92
%
13,900
0.78
350
Total Akyem, Ghana
26,200
1.18
990
8,000
1.82
470
34,200
1.33
1,460
91
%
40,600
1.40
1,820
TOTAL AFRICA
66,600
1.61
3,440
110,100
2.12
7,490
176,700
1.92
10,920
91
%
188,800
1.89
11,490
Nevada
NGM Open Pits
38.5
%
8,300
1.73
460
151,100
0.96
4,650
159,400
1.00
5,110
76
%
129,500
1.26
5,250
NGM Stockpiles (16)
38.5
%
10,100
2.05
670
15,000
2.51
1,210
25,100
2.32
1,880
79
%
29,200
2.33
2,190
NGM Underground
38.5
%
13,700
9.72
4,290
27,500
8.26
7,320
41,300
8.75
11,610
88
%
41,600
8.90
11,900
Total NGM, Nevada (17)(27)
32,100
5.24
5,410
193,700
2.12
13,180
225,800
2.56
18,590
84
%
200,300
3.00
19,340
TOTAL NEVADA
32,100
5.24
5,410
193,700
2.12
13,180
225,800
2.56
18,590
84
%
200,300
3.00
19,340
TOTAL NEWMONT
596,700
1.25
24,050
2,160,400
1.04
72,100
2,757,100
1.09
96,140
83
%
2,717,800
1.06
92,840
(1)
Gold reserves, at sites in which Newmont is the operator for 2022 and 2021 were estimated at a gold price of $1,400 and 1,200 per ounce, respectively, unless otherwise noted. Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding.
(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 2022 reserves were as follows: 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 2022 reserves not less than 3.10 gram per tonne.
(7)
Cut-off grade utilized in 2022 reserves not less than 5.00 gram per tonne.
(8)
Cut-off grade utilized in 2022 reserves not less than 0.51 gram per tonne.
(9)
Cut-off grade utilized in 2022 reserves not less than 4.00 gram per tonne.
(10)
Gold cut-off grade varies with level of silver, lead and zinc credits.
(11)
Gold cut-off grades utilized in 2022 reserves were as follows: oxide leach material not less than 0.12 gram per tonne and refractory mill material not less than 1.26 gram per tonne.
(12)
Gold cut-off grades utilized in 2022 were as follows: oxide mill material not less than 2.63 gram per tonne and refractory mill material varies with level of copper and silver credits.
(13)
In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. Refer to Note 1 to Newmont's Consolidated Financial Statements for further information.
(14)
Cut-off grade utilized in 2022 reserves not less than 0.31 gram per tonne.
(15)
Cut-off grade utilized in 2022 reserves not less than 4.30 gram per tonne.
(16)
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.
(17)
Amounts presented herein have been rounded to the nearest 10,000 for ounces and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
(18)
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.
(19)
Project is currently undeveloped. Reserve estimates provided by the NuevaUnión joint venture.
(20)
Project is currently undeveloped. Reserve estimates provided by the Norte Abierto joint venture.
(21)
Gold cut-off grade varies with level of copper credits.
(22)
Cut-off grade utilized in 2022 reserves not less than 2.30 gram per tonne.
(23)
Cut-off grade utilized in 2022 reserves not less than 0.60 gram per tonne.
(24)
Cut-off grade utilized in 2022 reserves not less than 1.60 gram per tonne.
(25)
Cut-off grade utilized in 2022 reserves not less than 0.56 gram per tonne.
(26)
Cut-off grade utilized in 2022 reserves not less than 0.52 gram per tonne.
(27)
Reserve estimates provided by Barrick, the operator of the NGM joint venture.
(28)
Currently included in Corporate and Other in Note 3 of Newmont's Consolidated Financial Statements.
Gold Resources (1)(2) - December 31, 2022
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces
(000)
Metallurgical Recovery (3)
North America
CC&V,Colorado
100
%
79,700
0.38
980
42,300
0.32
440
122,000
0.36
1,420
32,200
0.34
350
59
%
Musselwhite, Canada
100
%
1,300
3.92
170
2,600
3.93
330
3,900
3.93
490
3,000
4.15
410
95
%
Porcupine Underground
100
%
300
6.69
70
1,000
8.64
270
1,300
8.15
340
1,800
8.08
480
92
%
Porcupine Open Pit
100
%
200
0.51
—
73,000
1.53
3,600
73,200
1.53
3,600
66,000
1.36
2,890
91
%
Total Porcupine, Canada
500
4.36
70
73,900
1.63
3,860
74,500
1.64
3,940
67,900
1.54
3,370
91
%
Éléonore, Canada
100
%
400
5.05
70
2,100
5.10
350
2,500
5.09
420
2,600
5.45
460
92
%
Peñasquito, Mexico
100
%
47,400
0.25
390
263,500
0.26
2,190
311,000
0.26
2,570
84,700
0.41
1,110
69
%
Noche Buena, Mexico
50
%
—
—
—
19,900
0.37
240
19,900
0.37
240
1,600
0.21
10
50
%
Coffee, Canada
100
%
—
—
—
53,900
1.23
2,140
53,900
1.23
2,140
7,200
1.01
230
80
%
Galore Creek, Canada (4)
50
%
212,800
0.29
2,010
385,600
0.22
2,710
598,400
0.25
4,720
118,900
0.19
720
75
%
TOTAL NORTH AMERICA
342,300
0.34
3,700
843,900
0.45
12,230
1,186,200
0.42
15,930
318,100
0.65
6,650
79
%
South America
Conga, Peru (10)
100
%
—
—
—
693,800
0.65
14,590
693,800
0.65
14,590
230,500
0.39
2,880
75
%
Yanacocha Open Pit
100
%
13,500
0.38
170
114,900
0.42
1,570
128,400
0.42
1,730
189,700
0.79
4,830
66
%
Yanacocha Underground
100
%
500
4.07
70
6,200
4.70
940
6,700
4.65
1,010
3,400
4.99
550
97
%
Total Yanacocha, Peru (10)
14,100
0.52
240
121,100
0.64
2,510
135,100
0.63
2,740
193,100
0.87
5,380
72
%
Merian, Suriname
75
%
5,600
0.99
180
35,300
1.26
1,430
40,900
1.22
1,610
37,000
0.86
1,020
89
%
Cerro Negro Underground
100
%
200
6.11
30
1,500
7.33
360
1,700
7.22
390
5,700
6.19
1,140
95
%
Cerro Negro Open Pit
100
%
1,200
3.28
130
1,200
3.15
120
2,400
3.22
250
300
2.46
20
90
%
Total Cerro Negro, Argentina
100
%
1,400
3.60
160
2,700
5.49
480
4,100
4.86
630
6,000
6.00
1,160
94
%
Pueblo Viejo, Dominican Republic (5)(11)
40
%
7,300
1.43
340
33,200
1.51
1,610
40,600
1.49
1,950
3,000
1.77
170
88
%
NuevaUnión, Chile (6)
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 (7)
50
%
77,200
0.61
1,510
596,900
0.49
9,320
674,200
0.50
10,820
369,600
0.37
4,360
76
%
TOTAL SOUTH AMERICA
110,400
0.70
2,490
1,601,400
0.63
32,180
1,711,700
0.63
34,670
1,079,200
0.52
18,030
76
%
Australia
Boddington, Western Australia
100
%
92,800
0.55
1,630
167,400
0.54
2,900
260,200
0.54
4,530
2,800
0.51
50
83
%
Tanami Open Pit
100
%
9,400
1.67
500
23,800
1.47
1,120
33,200
1.53
1,630
4,200
1.13
150
90
%
Tanami Underground
100
%
1,700
3.26
180
5,400
4.29
750
7,100
4.04
920
8,800
5.19
1,460
97
%
Total Tanami, Northern Territory
100
%
11,000
1.91
680
29,200
1.99
1,870
40,200
1.97
2,550
13,000
3.88
1,620
94
%
TOTAL AUSTRALIA
103,800
0.69
2,310
196,600
0.76
4,770
300,400
0.73
7,080
15,800
3.28
1,660
88
%
Africa
Ahafo South
100
%
200
0.56
—
20,000
1.09
700
20,200
1.09
710
10,200
1.29
420
86
%
Ahafo Underground
100
%
—
—
—
24,700
3.53
2,810
24,700
3.53
2,810
11,000
3.44
1,220
92
%
Total Ahafo South, Ghana
200
0.56
—
44,700
2.44
3,510
44,900
2.43
3,510
21,200
2.41
1,640
91
%
Ahafo North Open Pits, Ghana
100
%
2,900
1.28
120
12,700
1.94
790
15,700
1.81
910
10,000
1.50
490
92
%
Akyem Open Pits
100
%
1,000
0.70
20
700
0.67
20
1,700
0.69
40
1,800
1.18
70
92
%
Akyem Underground
100
%
—
—
—
8,300
3.92
1,050
8,300
3.92
1,050
5,300
3.27
560
92
%
Total Akyem, Ghana
1,000
0.70
20
9,000
3.68
1,060
10,000
3.38
1,090
7,100
2.74
620
92
%
TOTAL AFRICA
4,100
1.10
150
66,400
2.51
5,360
70,500
2.43
5,510
38,300
2.23
2,750
91
%
Nevada
NGM Open Pits and Stockpiles
38.5
%
23,200
1.89
1,410
175,200
0.99
5,600
198,400
1.10
7,000
129,900
0.69
2,880
73
%
NGM Underground
38.5
%
9,800
6.48
2,040
16,600
5.84
3,110
26,400
6.08
5,150
19,500
6.63
4,150
86
%
Total NGM, Nevada (9)
33,000
3.25
3,450
191,700
1.41
8,700
224,800
1.68
12,160
149,300
1.47
7,040
79
%
TOTAL NEVADA
33,000
3.25
3,450
191,700
1.41
8,700
224,800
1.68
12,160
149,300
1.47
7,040
79
%
TOTAL NEWMONT
593,600
0.63
12,080
2,900,000
0.68
63,250
3,493,600
0.67
75,330
1,600,700
0.70
36,130
79
%
Gold Resources (1)(2) - December 31, 2021
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces
(000)
Metallurgical Recovery (3)
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 (11)
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
—
60
54,500
1.19
2,080
55,500
1.20
2,140
6,800
1.07
230
80
%
Galore Creek, Canada (4)
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
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 (5)
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 (6)
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 (7)
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 (8)
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 (11)
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 (11)
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, Nevada (9)(11)
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. Amounts presented may not recalculate in total due to rounding.
(2)
Resources, at sites in which Newmont is the operator, are estimated at a gold price of $1,600 and $1,400 per ounce for 2022 and 2021, respectively. Resources provided by other operators may use pricing that differs. 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)
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)
Project is currently undeveloped. Resource estimates provided by Teck Resources, the Galore Creek joint venture partner.
(5)
Resource estimates provided by Barrick, the operator of Pueblo Viejo.
(6)
Project is currently undeveloped. Resource estimates provided by the NuevaUnión joint venture.
(7)
Project is currently undeveloped. Resource estimates provided by the Norte Abierto joint venture.
(8)
Project is currently undeveloped. Resource estimates provided by Yamana, the operator of the Agua Rica joint venture. In November 2022, the Company sold its 18.75% ownership in Agua Rica. Refer to Note 8 to Newmont's Consolidated Financial Statements for further information.
(9)
Resource estimates provided by Barrick, the operator of the NGM joint venture
(10)
In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. Refer to Note 1 to Newmont's Consolidated Financial Statements for further information.
(11)
Amounts presented herein have been rounded to the nearest 10,000 for ounces and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
Copper Reserves (1)
December 31, 2022
December 31, 2021
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Deposits/Districts
Newmont Share
Tonnage (2)
(000 tonnes)
Grade
(Cu %)
Pounds (3) (millions)
Tonnage (2)
(000 tonnes)
Grade
(Cu %)
Pounds (3) (millions)
Tonnage (2)
(000 tonnes)
Grade
(Cu %)
Pounds (3) (millions)
Metallurgical Recovery (3)
Tonnage (2)
(000 tonnes)
Grade
(Cu %)
Pounds (3) (millions)
South America
Yanacocha Open Pits and Underground, Peru (4)(11)
100
%
—
—
%
—
111,100
0.63
%
1,530
111,100
0.63
%
1,530
83
%
57,700
0.61
%
780
NuevaUnión, Chile (5)(6)
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)(7)
50
%
—
—
%
—
598,800
0.22
%
2,890
598,800
0.22
%
2,890
87
%
598,800
0.22
%
2,890
TOTAL SOUTH AMERICA
—
—
%
—
1,827,900
0.35
%
14,220
1,827,900
0.35
%
14,220
87
%
1,774,500
0.34
%
13,470
Australia
Boddington Open Pit, Western Australia (8)(12)
100
%
237,400
0.10
%
510
209,300
0.11
%
500
446,700
0.10
%
1,010
82
%
476,500
0.11
%
1,130
Boddington Stockpiles, Western Australia (9)(12)
100
%
2,000
0.13
%
10
76,200
0.09
%
150
78,300
0.09
%
150
74
%
81,700
0.09
%
160
TOTAL AUSTRALIA
239,400
0.10
%
520
285,500
0.10
%
640
524,900
0.10
%
1,160
81
%
558,200
0.11
%
1,290
Nevada
NGM, Nevada (10)(12)
38.5
%
7,000
0.16
%
30
81,700
0.16
%
300
88,700
0.16
%
320
65
%
87,100
0.17
%
330
TOTAL NEVADA
7,000
0.16
%
30
81,700
0.16
%
300
88,700
0.16
%
320
65
%
87,100
0.17
%
330
TOTAL NEWMONT
246,400
0.10
%
540
2,195,200
0.31
%
15,160
2,441,500
0.29
%
15,710
86
%
2,419,800
0.28
%
15,090
(1)
Copper reserves, at sites in which Newmont is the operator, for 2022 and 2021 were estimated at a copper price of $3.50 and $2.75 per pound, respectively. Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding.
(2)
Tonnages include allowances for losses resulting from mining methods. 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 Sulfides 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)
Currently included in Corporate and Other in Note 3 of Newmont's Consolidated Financial Statements.
(7)
Project is currently undeveloped. Reserve estimates provided by the Norte Abierto joint venture.
(8)
Copper cut-off grade varies with level of gold credits.
(9)
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.
(10)
Reserve estimates provided by Barrick, the operator of the NGM joint venture.
(11)
In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. Refer to Note 1 to Newmont's Consolidated Financial Statements for further information.
(12)
Amounts presented herein have been rounded to the nearest 10 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
Copper Resources (1)(2) - December 31, 2022
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(Cu%)
Pounds
(millions)
Tonnage
(000 tonnes)
Grade
(Cu%)
Pounds
(millions)
Tonnage
(000 tonnes)
Grade
(Cu%)
Pounds
(millions)
Tonnage
(000 tonnes)
Grade
(Cu%)
Pounds
(millions)
Metallurgical Recovery (3)
North America
Galore Creek, Canada (4)
50
%
212,800
0.44
%
2,060
385,600
0.47
%
4,020
598,400
0.46
%
6,080
118,900
0.26
%
690
93
%
TOTAL NORTH AMERICA
212,800
0.44
%
2,060
385,600
0.47
%
4,020
598,400
0.46
%
6,080
118,900
0.26
%
690
93
%
South America
Conga, Peru (9)
100
%
—
—
%
—
693,800
0.26
%
3,970
693,800
0.26
%
3,970
230,500
0.19
%
950
84
%
Yanacocha Open Pits
100
%
—
—
%
—
94,600
0.39
%
810
94,600
0.39
%
810
36,400
0.39
%
310
81
%
Yanacocha Underground
100
%
500
0.18
%
—
6,200
0.12
%
20
6,700
0.12
%
20
3,400
0.13
%
10
97
%
Total Yanacocha, Peru (9)
500
0.18
%
—
100,800
0.37
%
830
101,300
0.37
%
830
39,700
0.37
%
320
81
%
NuevaUnión, Chile (5)
50
%
164,300
0.19
%
700
349,900
0.34
%
2,650
514,100
0.30
%
3,360
602,200
0.39
%
5,170
89
%
Norte Abierto, Chile (6)
50
%
57,600
0.24
%
310
551,300
0.19
%
2,340
608,900
0.20
%
2,640
361,800
0.18
%
1,450
90
%
TOTAL SOUTH AMERICA
222,400
0.21
%
1,010
1,695,700
0.26
%
9,790
1,918,100
0.26
%
10,800
1,234,200
0.29
%
7,890
87
%
Australia
Boddington, Western Australia
100
%
92,800
0.11
%
230
167,400
0.11
%
420
260,200
0.11
%
650
2,800
0.08
%
10
82
%
TOTAL AUSTRALIA
92,800
0.11
%
230
167,400
0.11
%
420
260,200
0.11
%
650
2,800
0.08
%
10
82
%
Nevada
NGM, Nevada (8)
38.5
%
2,600
0.14
%
10
116,900
0.14
%
350
119,500
0.14
%
360
19,900
0.13
%
60
65
%
TOTAL NEVADA
2,600
0.14
%
10
116,900
0.14
%
350
119,500
0.14
%
360
19,900
0.13
%
60
65
%
TOTAL NEWMONT
530,600
0.28
%
3,310
2,365,500
0.28
%
14,580
2,896,100
0.28
%
17,890
1,375,800
0.28
%
8,640
88
%
Copper Resources at December 31, 2021 (1)(2)
Measured Resources
Indicated Resources
Measured and Indicated Resources
Inferred Resources
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(Cu%)
Pounds (millions)
Tonnage
(000 tonnes)
Grade
(Cu%)
Pounds (millions)
Tonnage
(000 tonnes)
Grade
(Cu%)
Pounds (millions)
Tonnage
(000 tonnes)
Grade
(Cu%)
Pounds (millions)
Metallurgical
Recovery (3)
North America
Galore Creek, Canada (4)
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
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
—
—
%
—
50,400
0.38
%
420
50,400
0.38
%
420
20,600
0.37
%
170
81
%
NuevaUnión, Chile (5)
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 (6)
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 (7)
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 (10)
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 (8)(10)
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. Amounts presented may not recalculate in total due to rounding.
(2)
Resources, at sites in which Newmont is the operator, are estimated at a copper price of $4.00 and $3.25 per pound for 2022 and 2021, respectively. Resources provided by other operators may use pricing that differs. Tonnage amounts have been rounded to the 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)
Project is currently undeveloped. Resource estimates provided by Teck Resources.
(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. In November 2022, the Company sold its 18.75% ownership in Agua Rica. Refer to Note 8 of Newmont's Consolidated Financial Statements for further information.
(8)
Resource estimates provided by Barrick, the operator of the NGM joint venture
(9)
In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. Refer to Note 1 to Newmont's Consolidated Financial Statements for further information.
(10)
Amounts presented herein have been rounded to the nearest 10 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
Silver Reserves (1)
December 31, 2022
December 31, 2021
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Deposits/Districts
Newmont Share
Tonnage (2)
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Tonnage (2)
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Tonnage (2)
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
Metallurgical Recovery (3)
Tonnage (2)
(000 tonnes)
Grade
(g/tonne)
Ounces (3)
(000)
North America
Peñasquito Open Pits, Mexico (4)(15)
100
%
103,900
38.00
126,990
184,500
33.04
196,020
288,500
34.82
323,000
86
%
326,300
34.73
364,410
Peñasquito Stockpiles, Mexico (5)(15)
100
%
500
37.88
660
27,500
25.33
22,390
28,000
25.57
23,050
86
%
35,700
25.67
29,480
TOTAL NORTH AMERICA
104,500
38.00
127,640
212,000
32.04
218,410
316,500
34.00
346,050
86
%
362,000
33.84
393,890
South America
Yanacocha Open Pits and Underground, Peru (6)
100
%
—
—
—
93,400
19.90
59,760
93,400
19.90
59,760
54
%
50,100
18.80
30,280
Yanacocha Stockpiles and Leach Pads, Peru (5)(7)
100
%
2,800
31.48
2,820
93,600
—
24,190
96,400
8.71
27,010
13
%
48,700
8.85
13,850
Total Yanacocha, Peru (14)
2,800
31.48
2,820
187,000
13.96
83,950
189,800
14.22
86,770
41
%
98,800
13.85
44,130
Cerro Negro, Argentina (8)
100
%
1,600
74.72
3,940
7,800
62.31
15,550
9,400
64.47
19,490
75
%
8,900
57.51
16,550
Pueblo Viejo, Dominican Republic, Open Pits (9)
40
%
23,500
12.94
9,780
55,000
12.84
22,680
78,500
12.87
32,460
65
%
13,200
11.65
4,950
Pueblo Viejo, Dominican Republic, Stockpiles (5)(9)
40
%
—
—
—
38,200
15.10
18,520
38,200
15.10
18,520
65
%
37,400
15.49
18,630
Total Pueblo Viejo, Dominican
Republic (15)
23,500
12.94
9,780
93,100
13.76
41,200
116,600
13.60
50,980
65
%
50,600
14.49
23,580
NuevaUnión, Chile (10)(11)
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)(12)
50
%
—
—
—
598,800
1.52
29,340
598,800
1.52
29,340
74
%
598,800
1.52
29,340
TOTAL SOUTH AMERICA
27,900
18.41
16,540
2,004,700
3.37
217,210
2,032,600
3.58
233,750
58
%
1,875,100
2.67
160,770
Nevada
NGM, Nevada (13)(15)
38.5
%
5,300
7.46
1,280
60,100
6.24
12,060
65,500
6.34
13,340
38
%
65,200
6.43
13,480
TOTAL NEVADA
5,300
7.46
1,280
60,100
6.24
12,060
65,500
6.34
13,340
38
%
65,200
6.43
13,480
TOTAL NEWMONT
137,800
32.84
145,460
2,276,900
6.12
447,680
2,414,600
7.64
593,140
74
%
2,302,300
7.68
568,140
(1)
Silver reserves, at sites in which Newmont is the operator, for 2022 and 2021 were estimated at a silver price of $20 per ounce. Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding.
(2)
Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to 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)
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 reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.
(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)
Currently included in Corporate and Other in Note 3 of Newmont's Consolidated Financial Statements.
(12)
Project is currently undeveloped. Reserve estimates provided by the Norte Abierto joint venture.
(13)
Reserve estimates provided by Barrick, the operator of the NGM joint venture.
(14)
In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. Refer to Note 1 to Newmont's Consolidated Financial Statements for further information.
(15)
Amounts presented herein have been rounded to the nearest 10,000 for ounces and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
Silver Resources (1)(2) - December 31, 2022
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces
(000)
Metallurgical Recovery (3)
North America
Peñasquito, Mexico
100
%
47,400
23.94
36,510
263,500
23.99
203,240
311,000
23.98
239,740
84,700
27.24
74,220
86
%
Noche Buena, Mexico
50
%
—
—
—
19,900
13.99
8,970
19,900
13.99
8,970
1,600
10.98
550
25
%
Galore Creek, Canada (4)
50
%
212,800
4.08
27,950
385,600
4.77
59,100
598,400
4.52
87,040
118,900
2.60
9,940
73
%
TOTAL NORTH AMERICA
260,300
7.70
64,460
669,100
12.61
271,300
929,300
11.24
335,750
205,200
12.84
84,700
82
%
South America
Conga, Peru (10)
100
%
—
0.00
—
693,800
2.06
45,910
693,800
2.06
45,910
175,000
1.13
6,330
70
%
Yanacocha Open Pits
100
%
12,500
3.30
1,330
108,100
11.11
38,610
120,600
10.30
39,930
29,600
12.52
11,920
41
%
Yanacocha Underground
100
%
500
0.37
10
6,200
37.02
7,350
6,700
34.23
7,350
3,400
40.45
4,390
83
%
Total Yanacocha, Peru (10)
13,000
3.19
1,330
114,200
12.51
45,950
127,200
11.56
47,290
33,000
15.38
16,310
49
%
Cerro Negro Underground
100
%
200
42.43
210
1,500
51.31
2,490
1,700
50.51
2,690
5,700
35.10
6,450
76
%
Cerro Negro Open Pit
100
%
1,200
6.77
260
1,200
6.63
250
2,400
6.70
520
300
6.68
70
60
%
Total Cerro Negro, Argentina
1,400
10.72
470
2,700
31.64
2,740
4,100
24.64
3,210
6,000
33.66
6,520
75
%
Pueblo Viejo, Dominican Republic (5)(11)
40
%
7,300
7.68
1,810
33,200
8.28
8,840
40,600
8.17
10,650
3,000
10.49
1,030
74
%
NuevaUnión, Chile (6)
50
%
164,300
0.96
5,080
349,900
1.19
13,370
514,100
1.12
18,440
602,200
1.16
22,530
66
%
Norte Abierto, Chile (7)
50
%
77,200
1.20
2,990
596,900
1.07
20,550
674,200
1.09
23,540
369,600
0.95
11,340
78
%
TOTAL SOUTH AMERICA
263,200
1.38
11,680
1,790,700
2.39
137,370
2,053,900
2.26
149,050
1,188,900
1.68
64,060
64
%
Nevada
NGM, Nevada (9)
38.5
%
2,400
5.33
410
81,700
5.46
14,340
84,100
5.46
14,760
18,700
5.57
3,350
38
%
TOTAL NEVADA
2,400
5.33
410
81,700
5.46
14,340
84,100
5.46
14,760
18,700
5.57
3,350
38
%
TOTAL NEWMONT
525,900
4.53
76,550
2,541,500
5.18
423,010
3,067,400
5.07
499,560
1,412,800
3.35
152,120
75
%
Silver Resources (1)(2) - December 31, 2021
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces
(000)
Tonnage
(000 tonnes)
Grade
(g/tonne)
Ounces
(000)
Metallurgical Recovery (3)
North America
Peñasquito, Mexico (11)
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
%
—
—
—
21,000
13.94
9,400
21,000
13.94
9,400
1,600
11.08
570
25
%
Galore Creek, Canada (4)
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
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
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 (5)
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
74
%
NuevaUnión, Chile (6)
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 (7)
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 (8)
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 (9)(11)
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. Amounts presented may not recalculate in total due to rounding.
(2)
Resources, at sites in which Newmont is the operator, are estimated at a silver price of $23 per ounce for 2022 and 2021. Resources provided by other operators may use pricing that differs. Tonnage amounts have been 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)
Project is currently undeveloped. Resource estimates provided by Teck Resources.
(5)
Resource estimates provided by Barrick, the operator of the Pueblo Viejo.
(6)
Project is currently undeveloped. Resource estimates provided by the NuevaUnión joint venture.
(7)
Project is currently undeveloped. Resource estimates provided by the Norte Abierto joint venture.
(8)
Project is currently undeveloped. Resource estimates provided by Yamana, the operator of the Agua Rica joint venture. In November 2022, the Company sold its 18.75% ownership in Agua Rica. Refer to Note 8 of Newmont's Consolidated Financial Statements for further information.
(9)
Resource estimates provided by Barrick, the operator of the NGM joint venture.
(10)
In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. Refer to Note 1 to Newmont's Consolidated Financial Statements for further information.
(11)
Amounts presented herein have been rounded to the nearest 10,000 for ounces and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
Lead Reserves (1)
December 31, 2022
December 31, 2021
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Deposits/Districts
Newmont
Share
Tonnage (2)
(000 tonnes)
Grade
(Pb %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
Grade
(Pb %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
Grade
(Pb %)
Pounds (3)
(millions)
Metallurgical Recovery (3)
Tonnage (2)
(000 tonnes)
Grade
(Pb %)
Pounds (3)
(millions)
North America
Peñasquito Open Pits, Mexico (4)
100
%
103,900
0.36
%
830
184,500
0.31
%
1,270
288,500
0.33
%
2,090
72
%
326,300
0.32
%
2,320
Peñasquito Stockpiles, Mexico (5)
100
%
500
0.16
%
—
27,500
0.33
%
200
28,000
0.33
%
200
72
%
35,700
0.33
%
260
TOTAL NEWMONT
104,500
0.36
%
830
212,000
0.31
%
1,470
316,500
0.33
%
2,300
72
%
362,000
0.32
%
2,580
(1)
Lead reserves for 2022 and 2021 were estimated at a lead price of $1.00 and $0.90 per pound, respectively. Amounts presented may not recalculate in total due to rounding.
(2)
Tonnages include allowances for losses resulting from mining methods. 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)
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 pounds exceed 100 million and are greater than 5% of the total site-reported reserves.
Lead Resources (1)(2) - December 31, 2022
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(Pb %)
Pounds
(millions)
Tonnage
(000 tonnes)
Grade
(Pb %)
Pounds
(millions)
Tonnage
(000 tonnes)
Grade
(Pb %)
Pounds
(millions)
Tonnage
(000 tonnes)
Grade
(Pb %)
Pounds
(millions)
Metallurgical Recovery (3)
North America
Peñasquito, Mexico
100
%
47,400
0.26
%
270
263,500
0.23
%
1,360
311,000
0.24
%
1,630
84,700
0.23
%
440
72
%
TOTAL NEWMONT
47,400
0.26
%
270
263,500
0.23
%
1,360
311,000
0.24
%
1,630
84,700
0.23
%
440
72
%
Lead Resources (1)(2)(4) - December 31, 2021
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(Pb %)
Pounds
(millions)
Tonnage
(000 tonnes)
Grade
(Pb %)
Pounds
(millions)
Tonnage
(000 tonnes)
Grade
(Pb %)
Pounds
(millions)
Tonnage
(000 tonnes)
Grade
(Pb %)
Pounds
(millions)
Metallurgical Recovery (3)
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 are estimated at a lead price of $1.20 and $1.10 per pound for 2022 and 2021, respectively. Tonnage amounts have been rounded to the 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)
Amounts presented herein have been rounded to the nearest 10 million for pounds and 100,000 for tonnes and therefore may not agree to the Technical Report Summary provided under exhibit 96.
Zinc Reserves (1)
December 31, 2022
December 31, 2021
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Deposits/Districts
Newmont
Share
Tonnage (2)
(000 tonnes)
Grade
(Zn %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
Grade
(Zn %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
Grade
(Zn %)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Tonnage (2)
(000 tonnes)
Grade
(Zn %)
Pounds (3)
(millions)
North America
Peñasquito Open Pits, Mexico (4)
100
%
103,900
0.94
%
2,160
184,500
0.76
%
3,080
288,500
0.82
%
5,240
81
%
326,300
0.81
%
5,850
Peñasquito Stockpiles, Mexico (5)
100
%
500
0.95
%
10
27,500
0.46
%
280
28,000
0.47
%
290
81
%
35,700
0.50
%
400
TOTAL NEWMONT
104,500
0.94
%
2,180
212,000
0.72
%
3,360
316,500
0.79
%
5,540
81
%
362,000
0.78
%
6,250
(1)
Zinc reserves for 2022 and 2021 were estimated at a zinc price of $1.20 and $1.15 per pound, respectively. Amounts presented may not recalculate in total due to rounding.
(2)
Tonnages include allowances for losses resulting from mining methods. 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)
Zinc cut-off grade varies with level of gold, silver and lead 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 pounds exceed 100 million and are greater than 5% of the total site-reported reserves.
Zinc Resources (1)(2) - December 31, 2022
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(Zn %)
Pounds
(millions)
Tonnage
(000 tonnes)
Grade
(Zn %)
Pounds
(millions)
Tonnage
(000 tonnes)
Grade
(Zn %)
Pounds
(millions)
Tonnage
(000 tonnes)
Grade
(Zn %)
Pounds
(millions)
Metallurgical Recovery (3)
North America
Peñasquito, Mexico
100
%
47,400
0.62
%
650
263,500
0.53
%
3,080
311,000
0.54
%
3,740
84,700
0.53
%
1,000
81
%
TOTAL NEWMONT
47,400
0.62
%
650
263,500
0.53
%
3,080
311,000
0.54
%
3,740
84,700
0.53
%
1,000
81
%
Zinc Resources (1)(2)(4) - December 31, 2021
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(Zn %)
Pounds
(millions)
Tonnage
(000 tonnes)
Grade
(Zn %)
Pounds
(millions)
Tonnage
(000 tonnes)
Grade
(Zn %)
Pounds
(millions)
Tonnage
(000 tonnes)
Grade
(Zn %)
Pounds
(millions)
Metallurgical Recovery (3)
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 are estimated at a zinc price of $1.45 and $1.40 per pound for 2022 and 2021, respectively. Tonnage amounts have been rounded to the 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)Amounts presented herein have been rounded to the nearest 10 million for pounds and 100,000 for tonnes and therefore may not agree to the Technical Report Summary provided under exhibit 96.
Molybdenum Reserves (1)
December 31, 2022
December 31, 2021
Proven Reserves
Probable Reserves
Proven and Probable Reserves
Proven and Probable Reserves
Deposits/Districts
Newmont
Share
Tonnage (2)
(000 tonnes)
Grade
(Mo %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
Grade
(Mo %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
Grade
(Mo %)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Tonnage (2)
(000 tonnes)
Grade
(Mo %)
Pounds (3)
(millions)
South America
NuevaUnión, Chile (4)
50
%
—
—
%
—
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)
Reserves estimates were estimated based on prices set by the NuevaUnión joint venture. The project is currently undeveloped.
(2)
Tonnages include allowances for losses resulting from mining methods. 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)
Currently included in Corporate and Other in Note 3 of Newmont's Consolidated Financial Statements.
Molybdenum Resources (1)(2) - December 31, 2022
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(Mo %)
Pounds
(millions)
Tonnage
(000 tonnes)
Grade
(Mo %)
Pounds
(millions)
Tonnage
(000 tonnes)
Grade
(Mo %)
Pounds
(millions)
Tonnage
(000 tonnes)
Grade
(Mo %)
Pounds
(millions)
Metallurgical Recovery (3)
South America
NuevaUnión, Chile (4)
50
%
159,500
0.01
%
20
231,500
0.01
%
40
391,000
0.01
%
70
362,300
0.01
%
100
52
%
TOTAL NEWMONT
159,500
0.01
%
20
231,500
0.01
%
40
391,000
0.01
%
70
362,300
0.01
%
100
52
%
Molybdenum Resources (1)(2) - December 31, 2021
Measured Resource
Indicated Resource
Measured and Indicated Resource
Inferred Resource
Deposits/Districts
Newmont
Share
Tonnage
(000 tonnes)
Grade
(Mo %)
Pounds
(millions)
Tonnage
(000 tonnes)
Grade
(Mo %)
Pounds
(millions)
Tonnage
(000 tonnes)
Grade
(Mo %)
Pounds
(millions)
Tonnage
(000 tonnes)
Grade
(Mo %)
Pounds
(millions)
Metallurgical Recovery (3)
South America
NuevaUnión, Chile (4)
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 (5)
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 are estimated based on a molybdenum price set by NuevaUnión joint venture. Tonnage amounts have been rounded to the 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)
Project is currently undeveloped. Resource estimates provided by NuevaUnión joint venture.
(5)
Project is currently undeveloped. Resource estimates provided by Yamana, the operator of the Agua Rica joint venture. In November 2022, the Company sold its 18.75% ownership in Agua Rica. Refer to Note 8 of Newmont's Consolidated Financial Statements for further information.
Cautionary Statement Regarding Reserve and Resource Estimates:
The reserves stated herein were prepared in compliance with Subpart 1300 of Regulation S-K adopted by the United States Securities and Exchanges Commission ("the SEC") and represent the amount of gold, copper, silver, lead, zinc and molybdenum estimated, at December 31, 2022, could be economically and legally extracted or produced at the time of the reserve determination. The term “economically,” as used in this definition, means that profitable extraction or production has been established or analytically demonstrated in at a minimum, a pre-feasibility study to be viable and justifiable under reasonable investment and market assumptions. The term “legally,” as used in this definition, does not imply that all permits needed for mining and processing have been obtained or that other legal issues have been completely resolved. However, for a reserve to exist, Newmont (or our joint venture partners) must have a justifiable expectation, based on applicable laws and regulations, that issuance of permits or resolution of legal issues necessary for mining and processing at a particular deposit will be accomplished in the ordinary course and in a timeframe consistent with Newmont’s (or our joint venture partners’) current mine plans. Reserves in this presentation are aggregated from the proven and probable classes. The term “Proven reserves” used in the tables of the appendix means reserves for which (a) quantity is estimated from dimensions revealed in outcrops, trenches, workings or drill holes; (b) grade and/or quality are estimated from the results of detailed sampling; and (c) the sites for inspection, sampling and measurements are spaced so closely and the geologic character is sufficiently defined that size, shape, depth and mineral content of reserves are well established. The term “Probable reserves” means reserves for which quantity and grade are estimated from information similar to that used for Proven reserves, but the sites for sampling are farther apart or are otherwise less closely spaced. The degree of assurance, although lower than that for Proven reserves, is high enough to assume continuity between points of observation. Newmont classifies all reserves as Probable on its development projects until a year of production has confirmed all assumptions made in the reserve estimates. Proven and Probable reserves include gold, copper, silver, zinc, lead or molybdenum attributable to Newmont’s ownership or economic interest. Proven and Probable reserves were calculated using cut-off grades. The term “cutoff grade” means the lowest grade of mineralized material considered economic to process. Cut-off grades vary between deposits depending upon prevailing economic conditions, mineability of the deposit, by-products, amenability of the ore to gold, copper, silver, zinc, lead or molybdenum extraction and type of milling or leaching facilities available.
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, lead and molybdenum 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 using significantly lower gold, silver, zinc, copper, lead and molybdenum prices as a result of a decrease in commodity 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 pre-feasibility and 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. Estimates of resources are subject to further exploration and development, are subject to additional risks, and no assurance can be given that they will eventually convert to future reserves. Inferred resources, in particular, have a great amount of uncertainty as to their existence and their economic and legal feasibility. Investors are cautioned not to assume that any part of all of the Inferred resource exists or is economically or legally mineable. 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, lead or molybdenum 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 or resources have become uneconomic, this may ultimately lead to a reduction in our aggregate reported mineral 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 “Proven and Probable Reserve" and "Measured and Indicated and Inferred Resource" tables herein and in the Company’s Form 10-K, filed on February 23, 2023, with the SEC.
Cautionary Statement Regarding Forward Looking Statements:
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 herein. Investors are also encouraged to refer to the Company’s 2022 Form 10-K, filed on February 23, 2023, 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/20230223005160/en/
Media Contact Carolina Lucaroni 786.643.9230 carolina.lucaroni@newmont.com
Investor Contact Daniel Horton 303.837.5468 daniel.horton@newmont.com
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