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Newmont reserves dip despite exploration success

Newmont has reported a 1.6% fall in its 2020 gold reserves for a total of 94.2Moz for 2020 despite the addition of 6 million ounces, while maintaining its reference price deck at US$1,200/oz gold and $2.75 per pound of copper. The company increased its silver price by a dollar to $17/oz.

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Newmont Mining's Tanami operation in Australia

The company said it exceeded its 2020 conversion target by replacing 80% of depleted reserves. The 2020 figure included adjustments for the KCGM and Red Lake divestments.