Newmont Goldcorp’s Borden Mine Achieves Commercial Production
DENVER Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (Newmont Goldcorp or the Company) today announced that the Borden mine near Chapleau, Ontario has achieved commercial production safely, on schedule and within budget. Last week, government and First Nation dignitaries helped inaugurate the mine during a ribbon cutting ceremony.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191001005488/en/
Electric underground mining vehicle at Borden. (Photo: Business Wire)
Electric underground mining vehicle at Borden. (Photo: Business Wire)
The mine features state-of-the-art health and safety controls, digital mining technologies and processes, and low-carbon energy vehicles.
“Consistent project delivery and disciplined operational execution remain cornerstones of our business and are central to creating long-term shareholder value,” said Tom Palmer, President and Chief Executive Officer. “Borden joins the next generation of Newmont Goldcorp mines and leverages our leading land position to anchor this new gold district in Ontario.”
At 1,000 square kilometers, Borden’s land package represents additional exploration upside as the deposit remains open at depth in a favorable mining jurisdiction. Ore from Borden is processed at the existing mill at Porcupine in Timmins, profitably extending operations at the gold mining complex.
In recognition of Borden’s contribution to the future of safe and sustainable mining, the Canadian and Ontario governments each granted CAD$5 million towards electrification of the mine.
Over the last six years, Newmont has successfully built 12 new mines, expansions and projects on four continents – on or ahead of schedule and at or below budget. These projects, with rates of return greater than 20 percent, include Akyem and the Phoenix Copper Leach in 2013, the Turf Vent Shaft in 2015, Merian and Long Canyon in 2016, the Tanami Expansion in 2017, and Twin Underground, Northwest Exodus and Subika Underground in 2018, and the Tanami power project and Borden in 2019. The Company also completed a value-accretive acquisition of Cripple Creek and Victor in 2015 and delivered a profitable expansion at the mine in 2016.
Newmont Goldcorp has the strongest and most sustainable portfolio of operations, projects and exploration prospects in the gold sector. This includes the largest Reserves and Resources, with 90 percent of Reserves located in the Americas and Australia.i These assets allow the Company to sequence profitable projects in its unmatched pipeline to sustain six to seven million ounces of steady gold production over a decades-long time horizon.
About Newmont Goldcorp
Newmont Goldcorp 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 Goldcorp 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 proficiency. Newmont Goldcorp was founded in 1921 and has been publicly traded since 1925.
[Video b-roll available at this link]
Cautionary Statement Regarding Forward-Looking Statements
For a discussion of risks and other factors that might impact future looking statements, see Newmont Goldcorp’s Annual Report on Form 10-K for the year ended December 31, 2018 as well as Newmont Goldcorp’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 under the heading “Risk Factors” available on the SEC website or www.newmontgoldcorp.com. Newmont Goldcorp 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 press 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.
i Reserve percentages reflect both the closing of the Goldcorp transaction and Nevada Gold Mines joint venture. For information regarding Newmont’s historical reserves prepared in compliance with the SEC’s Industry Guide 7, see the Company’s Annual Report filed with the SEC on February 21, 2019, which is available at www.sec.gov or on the Company’s website. The reserves percentages represent gold reserves only, are based upon Newmont, Goldcorp and Barrick’s previously published reserve figures. Newmont’s reserves were prepared in compliance with Industry Guide 7 published by the United States SEC. Reserve figures for former Goldcorp sites and Barrick sites contributed to the Nevada Gold Mines joint venture by Barrick are sourced from Goldcorp’s and Barrick’s previously disclosed public information. Goldcorp and Barrick’s reserves were prepared in accordance with the Canadian National Instrument 43-101 (“NI 43-101”) pursuant to the requirements of the Canadian securities laws, which differ from the requirements of United States securities laws. The definitions used in NI 43-101 are incorporated by reference from the CIM Definition Standards adopted by CIM Council on May 10, 2014 (the "CIM Definition Standards"). U.S. reporting requirements are governed by the SEC Industry Guide 7, as followed by Newmont. These reporting standards have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, but embody different approaches and definitions. For example, the terms "Mineral Reserve", "Proven Mineral Reserve" and "Probable Mineral Reserve" are Canadian mining terms as defined in NI 43-101, and these definitions differ from the definitions in Industry Guide 7. Under Industry Guide 7 standards, a "final" or "bankable" feasibility study is typically required to report reserves or cash flow analysis to designate reserves. Further, under Industry Guide 7, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Newmont has not been involved in the preparation of Goldcorp’s or Barrick’s reserve or resource estimates. Accordingly, Newmont assumes no responsibility for Barrick’s estimates. Investors are reminded that Goldcorp reserve estimates remain subject to review and adjustment in accordance with Newmont and SEC standards. No assurances can be made that all Goldcorp reserves will be recognized as Newmont Goldcorp reserves.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191001005488/en/
Omar Jabara 303.837.5114 firstname.lastname@example.org
Jessica Largent 303.837.5484 email@example.com
In GOD We Trust - https://www.kitco.com/images/live/silver.gif?0.8344882022363285 http://www.kitconet.com/images/live/au0001wb.gif
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom - http://www.biblebelievers.org.au/monie.htm
God Bless America