Nevada Gold Mines to Open Enormous Opportunities for Stakeholders NEM, T.ABX | 1 hour ago
ELKO, Nevada, May 09, 2019 (GLOBE NEWSWIRE) -- Nevada Gold Mines, the new joint venture between Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick”) and Newmont Goldcorp Corporation (NYSE:NEM)(TSX:NGT) (“Newmont Goldcorp”), is a classic case of the whole being more valuable than the sum of its parts, Barrick President and Chief Executive Officer Mark Bristow said today.
At a presentation to local stakeholders, Bristow said the logic for combining the two companies’ Nevada assets has always been compelling, and now we are able to realize the potential by building on decades-long efforts to realize these synergies. Teams from both sides are at present very constructively engaged in integrating the joint venture assets, and this process should be completed at the end of the current quarter.
The name of the new joint venture company was revealed at Barrick’s quarterly results presentation yesterday, and Bristow said its branding reflected the joint venture partners’ deep roots in Nevada, a state rich in gold deposits.
“Nevada Gold Mines will have three Tier One1 gold mines: Barrick’s Cortez; the combination of Barrick’s Goldstrike and Newmont Goldcorp’s Carlin; and Barrick’s Turquoise Ridge with Newmont Goldcorp’s Twin Creeks. In addition, our Goldrush-Fourmile project has the potential to become the fourth,” Bristow said.
“It will be one of the world’s greatest gold mining operations and will create sustainable, long-term value for all its stakeholders, not least the State and people of Nevada.”
Bristow announced that Greg Walker, currently head of operations for Barrick’s North American region, had been appointed as Executive Managing Director of Nevada Gold Mines. He will head a team representing a balanced combination of Barrick and Newmont Goldcorp executives with dynamic energetic talent moving up into leadership positions.
Nevada Gold Mines, owned 61.5% by Barrick and 38.5% by Newmont Goldcorp, will be operated by Barrick. The operations making up the joint venture produced in excess of 4 million ounces of gold in 2018, more than double the next largest gold mining complex.
Barrick Enquiries:
President and Chief Executive Officer Mark Bristow +1 647 205 7694 +44 788 071 1386
Senior Executive Vice-President and Chief Financial Officer Graham Shuttleworth +44 1534 735 333 +44 779 771 1338
Investor and Media Relations Kathy du Plessis +44 20 7557 7738 Email: barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking Information
Certain information contained in this press release, including any information as to Barrick’s strategy, plans, or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “will”, “potential”, “long-term” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: the proposed Nevada joint venture, including estimates of the expected size of the Nevada joint venture and other value-creating opportunities (including estimated synergies and financial benefits); and the expected timing for the completion of integration of assets and operations into the proposed Nevada joint venture.
Forward-looking statements are necessarily based upon a number of estimates and assumptions; including material estimates and assumptions related to the factors set forth below that, while considered reasonable by Barrick as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the ability to realize the anticipated benefits of the proposed joint venture or implementing the business plan for the proposed joint venture, including as a result of a delay in its completion or difficulty in integrating the Nevada assets of the companies involved; the risk that the conditions to formation of the proposed joint venture will not be satisfied; the risk that the focus of management’s time and attention on the proposed joint venture may detract from other aspects of the respective businesses of Barrick and Newmont Goldcorp; the risks associated with each of Barrick’s and Newmont Goldcorp’s brand, reputation and trust; the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation, and exploration successes; diminishing quantities or grades of reserves; changes in national and local government legislation, taxation, controls, or regulations and/or changes in the administration of laws, policies, and practices, expropriation or nationalization of property and political or economic developments in Canada and the United States; timing of receipt of, or failure to comply with, necessary permits and approvals; failure to comply with environmental and health and safety laws and regulations; litigation; increased costs, delays, suspensions, and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, and disruptions in the maintenance or provision of required infrastructure and information technology systems; local and global political and economic conditions; contests over title to properties, particularly title to undeveloped properties, or over access to water, power, and other required infrastructure; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development, and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding, and gold bullion, copper cathode, or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements, and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
Endnote 1
A Tier One Gold Asset is a mine with a stated life in excess of 10 years with 2017 production of at least 500,000 ounces of gold and 2017 total cash cost per ounce within the bottom half of Wood Mackenzie’s cost curve tools (excluding state-owned and privately-owned mines). For purposes of determining Tier One Gold Assets, total cash cost per ounce is based on data from Wood Mackenzie as of August 31, 2018, except in respect of Barrick’s mines where Barrick may rely on its internal data which is more current and reliable or in relation to Newmont Goldcorp, certain more recent information provided by Newmont Goldcorp which Barrick has not independently verified. The Wood Mackenzie calculation of total cash cost per ounce may not be identical to the manner in which Barrick calculates comparable measures. Total cash cost per ounce is a non-GAAP financial performance measure with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Total cash cost per ounce should not be considered by investors as an alternative to operating profit, net profit attributable to shareholders, or to other IFRS measures. Barrick believes that total cash cost per ounce is a useful indicator for investors and management of a mining company’s performance as it provides an indication of a company’s profitability and efficiency, the trends in cash costs as the company’s operations mature, and a benchmark of performance to allow for comparison against other companies. Wood Mackenzie is an independent third party research and consultancy firm that provides data for, among others, the metals and mining industry. Wood Mackenzie does not have any affiliation to Barrick.
Nevada Gold Mines is the new joint venture between Barrick and Newmont Goldcorp. The operations making up the joint venture produced in excess of 4 million ounces of gold in 2018, more than double the next largest gold mining complex. GlobeNewswire May 9, 2019 - 6:00 PM PDT Tags: GOLD
GATA Chairman Murphy interviewed by cryptographic silver money system LODE
Submitted by cpowell on 02:26PM ET Friday, May 17, 2019. Section: Daily Dispatches
10:26a ET Friday, May 17, 2019
Dear Friend of GATA and Gold:
Interviewed this week by LODE, a company that has developed a cryptographic silver money system, GATA Chairman Bill Murphy briefly reviews the objectives of gold and silver price suppression by governments and central banks. Part I of the interview is five minutes long and can be viewed at YouTube here:
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
GOLD is Father GOD'S Money! by Robert Kiyosaki says -
God made gold and silver. Man made paper to replace gold and silver as money. Throughout the history of mankind ALL paper currencies have failed. It's an inevitable consequence of paper lacking intrinsic value of gold and silver... simple. Propaganda to the contrary is an attempt to deceive people out of their money, their value, the fruits of their labor, their life savings, their future as independent people living comfortably as a result of hard work and planning for retirement their entire adult lives. All of this is at risk for anyone trusting in paper or electronic currency, which are only substitutes for the real money, God's money, gold and silver.
Incoming CEO Tom Palmer to Provide Update on Newmont Goldcorp at Denver Gold Forum NEM | 2 days ago DENVER
Newmont Goldcorp Corporation’s (NYSE: NEM, TSX: NGT) (Newmont Goldcorp or the Company) President and incoming chief executive, Tom Palmer, will present Tuesday, September 17 at 10:30 am (MDT) at the 30th annual Denver Gold Forum, the world’s largest gathering of precious commodity equities. Mr. Palmer’s presentation is now available on the Company’s website.
Tom Palmer, President and incoming chief executive officer (Photo: Business Wire) Tom Palmer, President and incoming chief executive officer (Photo: Business Wire)
“As the world’s leading gold company, Newmont remains focused on keeping our people safe, while growing our profit margins through operating, technical and financial discipline,” said Mr. Palmer. “We will also generate value for our shareholders by leveraging Newmont’s leading land position and exploration program in favorable jurisdictions to grow our Reserves and Resources.”
Mr. Palmer’s presentation will focus on:
Exceeding targeted synergiesi
On track to exceed $365 million in G&A and exploration synergies, Full Potential improvements, and supply chain savings by 2021 Achieved G&A synergies of $110 million versus targeted $85 million By year-end 2019, achieve a $200 million run-rate, representing 55 percent of the Company’s three-year commitment on value delivery In 2019, expect $50 million per annum in value from Peñasquito in Mexico alone, with an additional $200 million in improvement opportunities identified Portfolio optimization
Process underway for the potential sale of Red Lake in Canada Divested interest in Nimba iron ore project in Guinea Continuing to streamline portfolio to focus on high quality assets in favorable jurisdictions Optimizing and effectively sequencing the development of Newmont’s world-class project pipeline Building on proven strategy
Track record of superior operational execution, project delivery and long-term value creation Continued focus on returns and disciplined capital allocation Ahafo Mill Expansion in Ghana, Quecher Main in Peru and Borden in Canada expected to achieve commercial production in fourth quarter Disciplined approach to project optimization has delivered eight projects since 2015 with an average internal rate of return more than 30 percent 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.ii 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 Tom Palmer
A fourth generation miner, Tom Palmer will succeed Gary Goldberg on October 1 to assume leadership of the Company as President and Chief Executive Officer. Since May of 2016, when Mr. Palmer was appointed Executive Vice President and Chief Operating Officer – with more than 85 percent of the Company’s workforce reporting to him – Newmont Goldcorp has generated more than $2 billion in free cash flowiii and commissioned two new mines and six expansions on four continents, on or ahead of schedule and at or below budget. Mr. Palmer has also played a central role in leading the Newmont Goldcorp integration and the establishment of the joint venture with Barrick in Nevada.
Prior to assuming leadership of Newmont’s operations and projects in 2016, Mr. Palmer led the Company’s business in the Asia Pacific region, which generated nearly 40 percent of Newmont’s revenues at the time. Before being recruited to join Newmont in 2014, Mr. Palmer served as Chief Operating Officer for Pilbara Mines at Rio Tinto Iron Ore.
Mr. Palmer’s 25-year career in mining includes leadership roles in Rio Tinto’s bauxite and aluminum, coal, copper, iron ore, and technology businesses where he gained extensive experience building and leading high-performing global teams to enhance safety, profitability, sustainability, and diversity and inclusion.
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.
This press release contains “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. Where a forward-looking statement 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 and other factors, which could cause actual events or results to differ materially from future events or results expressed, projected or implied by the forward-looking statements. Forward-looking statements often address our expected future business, financial performance and financial condition and may include, without limitation, (i) expectations regarding future results (including margin growth, value generation, reserve and resource growth, project pipeline development and capital allocation), (ii) statements regarding future achievement of targeted synergies (including G&A synergies, exploration synergies, full potential savings and improvements and value delivery run-rates), (iii) expectations regarding portfolio optimization and completion of possible divestitures (including the potential sale of Red Lake), and (iv) expectations regarding future achievement of commercial production and progression of projects (including Ahafo Mill Expansion, Quecher Main and Borden). Forward-looking statements are based upon certain assumptions, which may prove to be incorrect. Such assumptions include, without limitation: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of operations and projects being consistent with current expectations and mine plans, including, without limitation, receipt of export approvals; (iii) political developments in any jurisdiction in which Newmont Goldcorp operates being consistent with its current expectations; (iv) certain exchange rate assumptions for the Australian dollar or the Canadian dollar to the U.S. dollar, as well as other exchange rates being approximately consistent with current levels; (v) certain price assumptions for gold, copper, silver, zinc, lead and oil; (vi) prices for key supplies being approximately consistent with current levels; (vii) the accuracy of current mineral reserve and mineralized material estimates; and (viii) other planning assumptions. In addition, material risks that could cause actual results to differ from forward-looking statements include: (A) the inherent uncertainty associated with financial or other projections; (B) the prompt and effective integration in connection with the recent business combination by which Newmont acquired Goldcorp Inc. (the “integration”) and the ability to achieve the anticipated synergies and value-creation contemplated by the integration; (C) the outcome of any legal proceedings that may be instituted against the parties and others related to the integration or the Nevada joint venture; (D) the ability to achieve the anticipated synergies and value-creation contemplated by the Nevada joint venture; (E) unanticipated difficulties or expenditures relating to the integration and Nevada joint venture; (F) potential volatility in the price of Newmont Goldcorp’s common stock due to the integration and the Nevada joint venture; and (G) the diversion of management time on integration and transaction-related issues. For a more detailed 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 Full Potential cost savings, improvements opportunities and annual run-rate improvements as used in this press release and the Company’s Denver Gold Forum presentation are considered operating measures provided for illustrative purposes, and should not be considered GAAP or non-GAAP financial measures. Full Potential amounts are estimates utilized by management that represent estimated cumulative incremental value realized as a result of Full Potential projects implemented and are based upon both cost savings and efficiencies that have been monetized for purposes of the estimation. Because Full Potential savings/improvements estimates reflect differences between certain actual costs incurred and management estimates of costs that would have been incurred in the absence of the Full Potential program, such estimates are necessarily imprecise and are based on numerous judgments and assumptions. Expected Full Potential cost savings or improvements are projections are “forward-looking statements” subject to risks, uncertainties and other factors which could cause actual results to differ from current expectations.
ii 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.
iii Management uses free cash flow as a non-GAAP measure to analyze cash flows generated from operations. Free cash flow is Net cash provided by (used in) operating activities less Net cash provided by (used in) operating activities of discontinued operations less Additions to property, plant and mine development. Net cash provided by (used in) operating activities for the same period was over $4 billion. For a reconciliation of free cash flow, see the “Non-GAAP Financial Measures” section of the Company’s Form 10-Q filed with the SEC on the date hereof, or the Company’s most recent earnings release, available on the Company’s website at https://investors.newmontgoldcorp.com/reports-and-filings/.
September 13, 2019 - 5:55 AM PDT Tags: GOLD INDUSTRIAL METALS & MINERALS
GOLD is Father GOD'S Money! by Robert Kiyosaki says -
God made gold and silver. Man made paper to replace gold and silver as money. Throughout the history of mankind ALL paper currencies have failed. It's an inevitable consequence of paper lacking intrinsic value of gold and silver... simple. Propaganda to the contrary is an attempt to deceive people out of their money, their value, the fruits of their labor, their life savings, their future as independent people living comfortably as a result of hard work and planning for retirement their entire adult lives. All of this is at risk for anyone trusting in paper or electronic currency, which are only substitutes for the real money, God's money, gold and silver.
Newmont Goldcorp Closes Senior Notes Offering of $700 Million at 2.800% NEM | DENVER
Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (formerly known as Newmont Mining Corporation) (“Newmont Goldcorp” or the “Company”) announced today that it has received aggregate net proceeds of approximately $690 million, after deducting underwriting discounts (before expenses), upon the closing of its registered public offering of $700 million principal amount of 2.800% Senior Notes due 2029.
“The success of our senior notes offering and the positive response from bondholders is a result of the confidence in our capital discipline and the strength of our business over the long term,” said Tom Palmer, President. “The lower-cost capital we raised will be used to pay down the outstanding notes coming due on October 1st while adding liquidity to our already strong balance sheet.”
The Notes are senior unsecured obligations of the Company and rank equally with the Company’s existing and future unsecured senior debt and senior to the Company’s future subordinated debt. The Notes are guaranteed on a senior unsecured basis by the Company’s subsidiary, Newmont USA Limited.
The Company intends to use the net proceeds of this offering for repayment of the Company’s outstanding 5.125% senior notes due October 1, 2019 and any remaining portion for general corporate purposes.
Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC acted as joint book-running managers for the offering. Copies of the prospectus supplement and accompanying prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, may be obtained from Goldman Sachs & Co. LLC by calling toll-free at 1-866-471-2526, or J.P. Morgan Securities LLC by calling collect at 1-212-834-4533. An electronic copy may also be obtained at www.sec.gov.
This news release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the prospectus supplement or the shelf registration statement or prospectus.
About Newmont Goldcorp
Newmont Goldcorp is the world’s leading gold company and a producer of copper, silver, zinc and lead. Newmont Goldcorp’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. Newmont Goldcorp 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.
This press release contains “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. Where a forward-looking statement 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 and other factors, which could cause actual events or results to differ materially from future events or results expressed, projected or implied by the forward-looking statements. Forward-looking statements often address our expected future business, financial performance and financial condition and often contain words such as “anticipate,” “intend,” “plan,” “will,” “would,” “estimate,” “expect,” “believe,” “target,” “indicative,” “preliminary,” or “potential.” Such forward-looking statements may include, without limitation, statements regarding expected use of proceeds from the offering. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions include, without limitation: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of operations and projects being consistent with current expectations and mine plans, including, without limitation, receipt of export approvals; (iii) political developments in any jurisdiction in which Newmont Goldcorp operates being consistent with its current expectations; (iv) certain exchange rate assumptions for the Australian dollar or the Canadian dollar to the U.S. dollar, as well as other exchange rates being approximately consistent with current levels; (v) certain price assumptions for gold, copper, silver, zinc, lead and oil; (vi) prices for key supplies being approximately consistent with current levels; (vii) the accuracy of current mineral reserve and mineralized material estimates; and (viii) other planning assumptions. In addition, material risks that could cause actual results to differ from forward-looking statements include: (A) the inherent uncertainty associated with financial or other projections; (B) the prompt and effective integration in connection with the recent business combination by which Newmont acquired Goldcorp Inc. (the “integration”) and the ability to achieve the anticipated synergies and value-creation contemplated by the integration; (C) the outcome of any legal proceedings that may be instituted against the parties and others related to the integration or the Nevada joint venture; (D) the ability to achieve the anticipated synergies and value-creation contemplated by the Nevada joint venture; (E) unanticipated difficulties or expenditures relating to the integration and Nevada joint venture; (F) potential volatility in the price of Newmont Goldcorp’s common stock due to the integration and the Nevada joint venture; and (G) the diversion of management time on integration and transaction-related issues. For a more detailed 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.
Newmont Goldcorp's Quecher Main Project in Peru Achieves Commercial Production NEM | DENVER Four profitable projects delivered on four continents in 2019
Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (Newmont Goldcorp or the Company) today announced that the Quecher Main project at Yanacocha in Peru achieved commercial production safely, ahead of schedule and under budget. The full project, including future leach pad expansions, is expected to be completed for approximately $275 million of development capital which is below the Company’s initial estimate (on a 100 percent basis).i
Newmont Goldcorp: Quecher Main's leach pad and associated facilities. (Photo: Business Wire) Newmont Goldcorp: Quecher Main's leach pad and associated facilities. (Photo: Business Wire)
Quecher Main extends the life of the Yanacocha operation to 2027, contributing average annual gold production of approximately 200,000 ounces from 2020 through 2024 at all-in sustaining costsii between $900 and $1,000. The project is expected to generate an internal rate of return of approximately 15 percent at a $1,200 gold price.
“Quecher Main is the fourth profitable project we’ve brought into operation on four different continents this year, on schedule and within budget,” said Tom Palmer, President and Chief Executive Officer. “The project takes advantage of Yanacocha’s existing infrastructure to add profitable production from remaining oxide ores while also serving as a bridge to future growth opportunities, including Yanacocha’s extensive sulfide deposits.”
The project included development of the Quecher Main pit, two smaller oxide deposits and a heap leach pad.
Yanacocha began commercial production in 1993 and has since produced more than 38 million ounces of gold from open pit oxide and transitional ores processed at Yanacocha’s gold mill and leach pad. The operation is a joint venture between Newmont Goldcorp (51.35%), Minas Buenaventura (43.65%) and Sumitomo Corporation (5%).
Newmont Goldcorp has the strongest and most sustainable portfolio of operations, projects and exploration prospects in the gold sector. 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.
This release contains “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 average annual production, long-term production estimates, all-in sustaining costs and cost applicable to sales estimates and improvements, internal rate of return, extension of mine life, efficiency improvements, future growth opportunities and other statements relating to future performance and operations. 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 and other factors, which could cause actual results to differ materially from future results expressed or implied by the “forward-looking statements.” Risks relating to forward looking statements in regard to the Company’s business and future performance may include, but are not limited to, gold price volatility, currency fluctuations, increased production costs, variances in ore grade or recovery rates from those assumed in mining plans and other operational risks, geotechnical, metallurgical and hydrological risks, political and community relations risk, and changes in governmental regulation and requirements. For a more detailed 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. 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.
i The Quecher Main project has incurred development capital costs of approximately $185 million through October 31, 2019, and will complete Phase 3 and 4 of the leach pad expansion over the next 3 years with a remaining capital investment of approximately $90 million.
ii All-in sustaining costs or AISC is a non-GAAP metric defined as the sum of costs applicable to sales (CAS) (including all direct and indirect costs related to current gold production incurred to execute on the current mine plan), remediation costs (including operating accretion and amortization of asset retirement costs), G&A, exploration expense, advanced projects and R&D, treatment and refining costs, other expense, net of one-time adjustments and sustaining capital. During the same period, incremental CAS is expected to be between $750 and $850 per ounce. Expected CAS and AISC are forward-looking statements, see the cautionary statement above. While a reconciliation to the most directly comparable GAAP measure has been provided for 2019 AISC Outlook on a consolidated basis and is available in the Company’s most recent earnings release available at https://www.newmontgoldcorp.com/newsroom/, a reconciliation has not been provided on an individual project basis in reliance on Item 10(e)(1)(i)(B) of Regulation S-K.
Newmont Goldcorp to Add Profitable Gold Production through Second Expansion at Tanami in Australia NEM | 1 hour ago DENVER Australia remains favorable mining jurisdiction with upside potential
Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (Newmont Goldcorp or the Company) announced today that its Board of Directors unanimously approved advancing the Tanami Expansion 2 project into the execution phase. The project is expected to exceed the Company’s required internal rate of return with profitable production and mine life extending beyond 2040.
Newmont Goldcorp geology team members at Tanami in Australia. (Photo: Business Wire)
“The approval of our second expansion project at Tanami in Australia will further improve costs and extend the life of this world class mine in a core Newmont Goldcorp jurisdiction,” said Tom Palmer, President and Chief Executive Officer. “Building on the success of the first expansion completed in 2017, Tanami Expansion 2 will provide a platform to further explore the area’s prolific mineral endowment and potentially extend the operation’s mine life beyond 2040. The Tanami district and Australia as a whole continue to offer significant value generating opportunities for our shareholders.”
The Tanami expansion project is anchored on the expansive Auron deposit, which was discovered in 2008, and is located stratigraphically beneath the original Callie orebody and, more recently, the follow up discoveries of Federation and Liberator. Tanami’s prolific orebodies are hosted by reactive stratigraphic units where high-grade gold mineralization is found at intersections with structural corridors. These predictable geologic features, combined with recent drilling results, provide a high degree of confidence in their continuity at depth.
The expansion includes construction of a 1,460 meter shaft, additional capacity in the processing plant, and supporting infrastructure to enable profitable recovery of ore at depth to 2,140 meters below surface. Additional information on the project will be provided with the Company’s long-term outlook in early December.
The advancement of Tanami Expansion 2 into the execution phase represents a new and significant milestone for the operation. Since mining commenced in 1986, Tanami has produced more than 10 million ounces of gold and, in 2018, the operation achieved record production of 505,000 ounces. Tanami is located 590 miles southwest of Darwin and 350 miles northwest of Alice Springs in Australia’s Northern Territory.
Newmont Goldcorp has the strongest and most sustainable portfolio of operations, projects and exploration prospects in the gold sector. 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.
This release contains “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 internal rate of return, extension of mine life, project advancement and execution, geological continuity and mineral prospectively and endowment, growth potential, future cost and production impacts and other statements relating to future 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 and other factors, which could cause actual results to differ materially from future results expressed or implied by the “forward-looking statements.” Risks relating to forward looking statements in regard to the Company’s business and future performance may include, but are not limited to, gold price volatility, currency fluctuations, increased production costs, variances in ore grade or recovery rates from those assumed in mining plans, variation in legal and economic feasibility of extraction, other operational risks, geotechnical, metallurgical and hydrological risks, political and community relations risk, and changes in governmental regulation and requirements. For a more detailed 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. Investors are cautioned that drill results are not necessarily indicative of future reserves or production and should not rely upon expectations of prospective mineralization. For information regarding the Company’s reserves, see the Proven and Probable reserve tables prepared in compliance with the SEC’s Industry Guide 7 contained in the Annual Report on Form 8-K. 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.
The South Arturo Mine is a joint venture between Premier and Nevada Gold Mines LLC, a joint venture between Newmont-Goldcorp and Barrick Gold Exploration Inc. ("Barrick") operated by Barrick -
Mine at Gold Producer's JV Project in Nevada Commercially Producing Streetwise Reports
Observations from a recent site visit there are provided in a BMO Capital Markets report.
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In an Oct. 22 research note, BMO Capital Markets analyst Andrew Mikitchook reported the main takeaways from a site visit to Premier Gold Mines Ltd.'s (PG:TSX) South Arturo joint venture project with Nevada Gold Mines.
The primary highlight, Mikitchook indicated, is that the El Niño mine at South Arturo in Nevada is now in commercial production, which began in September.
Further, mine output could reach 30,000 ounces in 2019, which would surpass the previous expectation of 21,000 ounces.
Of note as well, the analyst wrote, is that "El Niño has extra capacity to mine existing reserves faster or to extend the mine plan to depth toward additional resources and new exploration intercepts."
In addition, the potential exists via exploration to expand the mineralization not only at El Niño but also at Phase 3 and East Dee.
As for work in progress at the South Arturo property, noted Mikitchook, testing by five autonomous trucks at Phase 1's prestrip is scheduled to be completed by year-end 2019.
Also, the joint venture is constructing and evaluating an oxide heap leach at Phase 1 as a standalone development at South Arturo or for processing at the North Area.
Further, geological and metallurgical studies are being conducted on Phase 3 to inform the decision on whether or not to add the Phase 3 pit to the reserves and mine plan.
BMO has an Outperform rating and a CA$4.75 per share target price on Premier Gold. The stock is currently trading at around CA$1.95 per share.
Disclosure: 1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None. 2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. 3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. 4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports. 5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
Disclosures from BMO Capital Markets, Premier Gold, October 22, 2019
IMPORTANT DISCLOSURES
Analyst's Certification I, Andrew Mikitchook, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.
Analysts who prepared this report are compensated based upon (among other factors) the overall profitability of BMO Capital Markets and their affiliates, which includes the overall profitability of investment banking services. Compensation for research is based on effectiveness in generating new ideas and in communication of ideas to clients, performance of recommendations, accuracy of earnings estimates, and service to clients.
Disclosure 16: A research analyst has extensively viewed the material operations of Premier Gold. Disclosure 17: Premier Gold has paid or reimbursed some or all of the research analyst's travel expenses.
For Important Disclosures on the stocks discussed in this report, please click here.
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Newmont Goldcorp Looks Forward to Partnership with Saracen at KCGM in Australia DENVER KCGM remains core asset for Newmont in favorable jurisdiction
Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (Newmont Goldcorp or the Company) said it looks forward to a long and productive partnership with Saracen Mineral Holdings Ltd. (Saracen) at Kalgoorlie Consolidated Gold Mines (KCGM) in Australia. Earlier today, Saracen announced an agreement to purchase Barrick Gold Corporation’s 50 percent stake in KCGM. Newmont Goldcorp will remain the operator of KCGM and continue to manage the mine according to its leading policies and standards.
“We congratulate Saracen on its agreement to purchase Barrick’s stake in KCGM and we look forward to partnering with them to continue delivering value at this world-class asset, safely and efficiently,” said Tom Palmer, President and Chief Executive Officer. “KCGM and the Golden Mile offer ongoing growth and value generating opportunities in Australia, which remains a core operating region for Newmont.”
Located in Kalgoorlie-Boulder in Western Australia, KCGM directly employs approximately 1,250 people and produced 636,000 ounces of gold in 2018. Operations began at KCGM in 1989 and the mine has produced 21 million ounces of gold over the last three decades.
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.
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