Newmont Delivers Strong Full-Year and Fourth Quarter 2021 Results
Newmont meets updated full-year guidance with attributable production of 6.0 million gold ounces and 1.3 million gold equivalent ounces; returned $2.3 billion to shareholders in 2021
DENVER–(BUSINESS WIRE)–Newmont Corporation (NYSE: NEM, TSX: NGT) (Newmont or the Company) today announced full year and fourth quarter 2021 results.
2021 HIGHLIGHTS
- Produced 6.0 million attributable ounces of gold and 1.3 million attributable gold equivalent ounces of co-products; reported gold CAS* of $785 per ounce and gold AISC* of $1,062 per ounce; met updated full-year 2021 guidance
- Generated $4.3 billion of cash from continuing operations and $2.6 billion of Free Cash Flow (99.8% attributable to Newmont)*
- Advanced profitable near-term projects, including Tanami Expansion 2, Ahafo North and Yanacocha Sulfides; $1.4 billion of development capital spend expected in 2022
- Delivered the gold industry’s first Autonomous Haulage System (AHS) fleet at Boddington and formed an industry-leading strategic alliance with Caterpillar to achieve zero emissions mining and support reaching greenhouse gas (GHG) emissions reduction targets
- Declared fourth quarter dividend of $0.55 per share for a total declared dividend for 2021 of $2.20 per share; returned $1.8 billion in 2021 through industry-leading dividend framework**
- Completed $525 million of share repurchases from $1 billion buyback program; extended buyback program through 2022**
- Ended the year with $5.0 billion of consolidated cash and $8.0 billion of liquidity with a net debt to adjusted EBITDA* ratio of 0.2x
- Refinanced near-term debt with the industry’s first $1 billion sustainability-linked bond; further aligning financing strategy with environmental, social and governance (ESG) commitments
- Reported reserves of 93 million gold ounces and 65 million gold equivalent ounces, as well as resources of 101 million gold ounces and 104 million gold equivalent ounces***
- Announced 2022 attributable production outlook of 6.2 million gold ounces, improving to between 6.2 and 6.8 million gold ounces annually longer-term through 2026****
- Announced the acquisition of Buenaventura’s 43.65% interest in Minera Yanacocha in February 2022; further enhancing world-class asset ownership with a consistent district consolidation strategy
“Newmont has maintained its position as the world’s leading gold company with the strongest portfolio of operations and projects in top-tier jurisdictions. In 2021, Newmont generated more than $2.6 billion in free cash flow and $6.0 billion in adjusted EBITDA while advancing our most profitable near-term projects and returning a record $2.3 billion to shareholders. As we move into our next 100 years of sustainable and responsible mining, Newmont will continue to create long-term value for all of our stakeholders through our clear strategic focus, superior operational performance and unwavering commitment to leading ESG practices.”
– Tom Palmer, President and Chief Executive Officer
| ___________________________ |
| *Non-GAAP metrics; see end of this release for reconciliations. |
| **The dividend framework is non-binding, and an annualized dividend has not been declared by the Board. See cautionary statement at the end of this release, including with respect to dividends and share buybacks. Note that in February 2022, the Board authorized the extension of the term of the buyback program to December 31, 2022. |
| ***See cautionary statement at the end of this release. Total resources presented includes Measured and Indicated resources of 68.3 million gold ounces and Inferred resources of 33.2 million gold ounces. Unless otherwise stated, reserves and resources reflect Newmont’s ownership as of December 31, 2021. In February 2022, Newmont acquired Buenaventura’s 43.65% interest in Minera Yanacocha, further strengthening 2021 reserve and resources balances with 2.7Moz gold reserves and 11.0Moz gold resources, and 2.7Moz GEO reserves and 7.7Moz GEO resources. |
| ****See discussion of outlook and cautionary statement at the end of this release regarding forward-looking statements. |
| FULL YEAR AND FOURTH QUARTER 2021 FINANCIAL AND PRODUCTION SUMMARY | |||||||||||||||
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| Q4’21 | Q3’21 | Q4’20 | FY’21 | FY’20 | ||||||||||
| Average realized gold price ($ per ounce) | $ | 1,798 | $ | 1,778 | $ | 1,852 | $ | 1,788 | $ | 1,775 | |||||
| Attributable gold production (million ounces) |
| 1.62 |
|
| 1.45 |
|
| 1.63 |
|
| 5.97 |
|
| 5.91 |
|
| Gold costs applicable to sales (CAS) ($ per ounce) | $ | 802 |
| $ | 830 |
| $ | 739 |
| $ | 785 |
| $ | 756 |
|
| Gold all-in sustaining costs (AISC) ($ per ounce) | $ | 1,056 |
| $ | 1,120 |
| $ | 1,043 |
| $ | 1,062 |
| $ | 1,045 |
|
| GAAP net income ($ millions) | $ | (61 | ) | $ | (8 | ) | $ | 806 |
| $ | 1,109 |
| $ | 2,666 |
|
| Adjusted net income ($ millions) | $ | 624 |
| $ | 483 |
| $ | 856 |
| $ | 2,371 |
| $ | 2,140 |
|
| Adjusted EBITDA ($ millions) | $ | 1,599 |
| $ | 1,316 |
| $ | 1,772 |
| $ | 5,963 |
| $ | 5,537 |
|
| Cash flow from continuing operations ($ millions) | $ | 1,299 |
| $ | 1,133 |
| $ | 1,686 |
| $ | 4,266 |
| $ | 4,890 |
|
| Capital expenditures ($ millions) | $ | 441 |
| $ | 398 |
| $ | 398 |
| $ | 1,653 |
| $ | 1,302 |
|
| Free cash flow ($ millions) | $ | 858 |
| $ | 735 |
| $ | 1,288 |
| $ | 2,613 |
| $ | 3,588 |
|
Attributable gold production1 for the year increased 1 percent to 5,971 thousand ounces compared to the prior year primarily due to higher mill recovery, a draw-down of in-circuit inventory and higher throughput in the current year, as several mines were placed under care and maintenance or experienced reduced operations in the prior year in response to the Covid pandemic.
Attributable gold production for the fourth quarter remained flat at 1,618 thousand ounces compared to the prior year quarter.
Gold CAS increased 5 percent to $4.6 billion from the prior year. Gold CAS per ounce2 increased 4 percent to $785 per ounce primarily due to higher direct operating costs and contractor costs as a result of ongoing Covid impacts and higher third party royalties, partially offset by higher by-product credits at Yanacocha and Nevada Gold Mines.
Gold CAS increased 8 percent to $1.3 billion from the prior year quarter. Gold CAS per ounce increased 9 percent to $802 per ounce primarily due to higher direct operating costs, a draw-down of in-circuit inventory and lower by-product credits at Yanacocha, partially offset by lower third party royalties.
Gold AISC3 increased 2 percent to $1,062 per ounce compared to the prior year primarily due to higher CAS per ounce and higher sustaining capital spend, as several mines were placed under care and maintenance or experienced reduced operations in the prior year in response to the Covid pandemic.
Gold AISC remained flat at $1,056 per ounce compared to the prior year quarter as higher CAS per ounce was largely offset by lower sustaining capital spend.
Attributable gold equivalent ounce (GEO) production from other metals for the year increased 23 percent to 1,252 thousand ounces from the prior year primarily due to higher throughput and higher mill recovery in the current year, as Peñasquito was placed under temporary care and maintenance in the prior year in response to the Covid pandemic.
Attributable GEO production from other metals for the quarter increased 17 percent to 317 thousand ounces from the prior year quarter primarily due to higher silver and zinc grades mined at Peñasquito and higher copper grade mined at Boddington.
CAS from other metals totaled $807 million for the year. CAS per GEO2 for the year increased 12 percent to $640 per ounce from the prior year primarily due to higher direct operating costs as Peñasquito was placed under temporary care and maintenance in the prior year, partially offset by higher co-product sales volumes. AISC per GEO3 for the year increased 5 percent to $900 per ounce from the prior year primarily due to higher CAS from other metals, partially offset by lower treatment and refining costs.
CAS from other metals totaled $243 million for the quarter. CAS per GEO for the quarter increased 32 percent to $739 per ounce from the prior year quarter primarily due to higher allocation of costs to co-product metals and a draw-down of inventory. AISC per GEO for the quarter increased 19 percent to $1,007 per ounce from the prior year quarter primarily due to higher CAS from other metals, partially offset by lower sustaining capital spend.
Net income from continuing operations attributable to Newmont stockholders for the year was $1.1 billion or $1.39 per diluted share, a decrease of $1.6 billion from the prior year primarily due to higher reclamation and remediation expense resulting from adjustments mainly related to non-operating Yanacocha sites of $1.6 billion, the loss recognized on the pending sale of the Conga mill assets, lower gain on asset and investment sales due to the sale of Kalgoorlie in the prior year and higher income tax expense. These decreases were partially offset by higher average realized metal prices and higher sales volumes, as well as lower care and maintenance expense from certain sites being placed into care and maintenance or experiencing reduced operations in response to the Covid pandemic in the prior year.
Net loss from continuing operations attributable to Newmont stockholders for the quarter was $(61) million or $(0.08) per diluted share, a decrease of $867 million from the prior year quarter primarily due to higher reclamation and remediation expense resulting from adjustments mainly related to non-operating Yanacocha sites of $1.6 billion, partially offset by the gain on the sale of the Kalgoorlie Power business and the gain from the NGM Lone Tree and South Arturo exchange transaction in the fourth quarter.
Adjusted net income4 for the year was $2.4 billion or $2.96 per diluted share, compared to $2.1 billion or $2.66 per diluted share in the prior year.
Adjusted net income for the quarter was $624 million or $0.78 per diluted share, compared to $856 million or $1.06 per diluted share in the prior year quarter. Primary adjustments to fourth quarter net income include reclamation and remediation adjustments mainly related to non-operating Yanacocha sites, gains on asset and investment sales, changes in the fair value of investments, and valuation allowance and other tax adjustments.
Adjusted EBITDA5 for the year increased 8 percent to $6.0 billion, compared to $5.5 billion for the prior year. Adjusted EBITDA for the quarter decreased 10 percent to $1.6 billion for the quarter, compared to $1.8 billion for the prior year quarter.
Revenue for the year increased 6 percent to $12.2 billion compared to the prior year primarily due to higher average realized gold prices and higher sales volumes. Revenue for the quarter of $3.4 billion increased slightly compared to the prior year quarter.
Average realized price6 for gold increased $13 per ounce to $1,788 per ounce for the full year and decreased $54 per ounce to $1,798 per ounce for the quarter, compared to the prior year. For the full year, average realized gold price includes $1,794 per ounce of gross price received, the favorable impact of $2 per ounce mark-to-market on provisionally-priced sales and $8 per ounce reductions for treatment and refining charges. For the quarter, average realized gold price includes $1,794 per ounce of gross price received, the favorable impact of $11 per ounce mark-to-market on provisionally-priced sales and $7 per ounce reductions for treatment and refining charges.
Capital expenditures7 increased 27 percent to $1.7 billion for the full year and increased 11 percent to $441 million for the quarter, compared to prior year, primarily due to higher sustaining capital spend at sites that were placed into care and maintenance or experiencing reduced operations in response to the Covid pandemic during 2020 and higher development capital spend. Development capital expenditures in 2021 primarily include advancing Tanami Expansion 2, Yanacocha Sulfides, Ahafo North, the Subika Mining Method Change, Cerro Negro expansion projects, the Power Generation Civil Upgrade, Pamour, Quecher Main, Goldrush Complex and Turquoise Ridge 3rd shaft.
Consolidated operating cash flow from continuing operations decreased 13 percent to $4.3 billion for the full year and decreased 23 percent to $1.3 billion for the quarter, compared to the prior year, primarily due to higher tax payments, partially offset by higher average realized metal prices. Free Cash Flow8 decreased to $2.6 billion for the full year and $0.9 billion for the quarter, compared to the prior year, primarily due to lower operating cash flow and higher capital expenditures.
Balance sheet and liquidity remained strong in 2021 ending the year with $5.0 billion of consolidated cash and approximately $8.0 billion of liquidity; reported net debt to adjusted EBITDA of 0.2x9.
Portfolio improvements achieved during the year: Acquired the remaining 85.1% ownership of GT Gold Corporation; announced the acquisition of Buenaventura’s 43.65% ownership of Yanacocha; approved full funding of the Ahafo North project in July 2021; implemented Autonomous Haulage System at Boddington and a mining method change at Subika Underground in Ghana; progressed the Tanami Expansion 2, Yanacocha Sulfides, Cerro Negro District Expansion 1 and Pamour projects.
Nevada Gold Mines (NGM) attributable gold production for the year was 1,272 thousand ounces with CAS of $755 per ounce and AISC of $918 per ounce. NGM attributable gold production for the quarter was 377 thousand ounces with CAS of $753 per ounce and AISC of $887 per ounce. NGM EBITDA10 was $1.4 billion for the full year and $483 million for the quarter.
Pueblo Viejo (PV) attributable gold production was 325 thousand ounces for the year and 71 thousand ounces for the quarter. Pueblo Viejo EBITDA11 was $420 million for the year and $84 million for the fourth quarter with cash distributions received from the Company’s equity method investment of $180 million for the year and $50 million for the fourth quarter.
COVID UPDATE
Newmont continues to maintain wide-ranging protective measures for its workforce and neighboring communities, including screening, physical distancing, deep cleaning and avoiding exposure for at-risk individuals. The Company incurred incremental Covid specific costs of $21 million during the quarter and $87 million during 2021 for activities such as additional health and safety procedures, increased transportation and distributions from the community support fund. During the second quarter of 2020, the Newmont Global Community Support Fund of $20 million was established to help host communities, governments and employees combat the Covid pandemic, of which $14 million has been distributed since establishment. Amounts distributed from this fund were $3 million during 2021, which have been adjusted from certain non-GAAP metrics. The majority of the additional incremental Covid specific costs have not been adjusted from our non-GAAP metrics.
PROJECTS UPDATE12
Newmont’s project pipeline supports stable production with improving margins and mine life. Newmont’s 2022 and longer-term outlook includes current development capital costs and production related to Tanami Expansion 2, Ahafo North, Yanacocha Sulfides, Pamour and Cerro Negro District Expansion 1. Additional projects not listed below represent incremental improvements to the Company’s outlook.
- Tanami Expansion 2 (Australia) secures Tanami’s future as a long-life, low-cost producer with potential to extend mine life beyond 2040 through the addition of a 1,460 meter hoisting shaft and supporting infrastructure to process 3.3 million tonnes per year and provide a platform for future growth. The expansion is expected to increase average annual gold production by approximately 150,000 to 200,000 ounces per year for the first five years and is expected to reduce operating costs by approximately 10 percent. Capital costs for the project are estimated to be between $850 and $950 million with a commercial production date in 2024.
- Ahafo North (Africa) expands our existing footprint in Ghana with four open pit mines and a stand-alone mill located approximately 30 kilometers from the Company’s Ahafo South operations. The project is expected to add between 275,000 and 325,000 ounces per year with all-in sustaining costs between $600 to $700 per ounce for the first five full years of production (2024-2028). Capital costs for the project are estimated to be between $750 and $850 million with a construction completion date in late 2023 and commercial production in 2024. Ahafo North is the best unmined gold deposit in West Africa with approximately 3.5 million ounces of Reserves and more than 1 million ounces of Measured, Indicated and Inferred Resources and significant upside potential to extend beyond Ahafo North’s current 13-year mine life.
- Yanacocha Sulfides (South America)13 will develop the first phase of sulfide deposits and an integrated processing circuit, including an autoclave to produce 45% gold, 45% copper and 10% silver. The project is expected to add average annual production of 525,000 gold equivalent ounces per year with all-in sustaining costs between $700 and $800 per ounce for the first five full years of production (2027-2031). Total capital costs for the project are estimated at $2.5 billion, with an investment decision expected in late 2022 and a three year development period. The first phase focuses on developing the Yanacocha Verde and Chaquicocha deposits to extend Yanacocha’s operations beyond 2040 with second and third phases having the potential to extend life for multiple decades.
- Pamour (North America) extends the life of Porcupine and maintains production beginning in 2024. The project will optimize mill capacity, adding volume and supporting high grade ore from Borden and Hoyle Pond, while supporting further exploration in a highly prospective and proven mining district. An investment decision is expected in the second half of 2022 with estimated capital costs between $350 and $450 million.
- Cerro Negro District Expansion 1 (South America) includes the simultaneous development of the Marianas and Eastern districts to extend the mine life of Cerro Negro beyond 2030. The project is expected to improve production to above 350,000 ounces beginning in 2024, while improving all-in sustaining costs to between $800 and $900 per ounce. Capital costs for the project are estimated to be approximately $300 million. This project provides a platform for further exploration and future growth through additional expansions.
| ________________________________________________ | ||
| 1 | Attributable gold production includes 325 thousand ounces and 71 thousand ounces from the Company’s equity method investment in Pueblo Viejo (40%) in 2021 and the fourth quarter, respectively. | |
| 2 | Non-GAAP measure. See end of this release for reconciliation to Costs applicable to sales. | |
| 3 | Non-GAAP measure. See end of this release for reconciliation to Costs applicable to sales. | |
| 4 | Non-GAAP measure. See end of this release for reconciliation to Net income (loss) attributable to Newmont stockholders. | |
| 5 | Non-GAAP measure. See end of this release for reconciliation to Net income (loss) attributable to Newmont stockholders. | |
| 6 | Non-GAAP measure. See end of this release for reconciliation to Sales. | |
| 7 | Capital expenditures refers to Additions to property plant and mine development from the Consolidated Statements of Cash Flows. | |
| 8 | Non-GAAP measure. See end of this release for reconciliation to Net cash provided by operating activities. | |
| 9 | Non-GAAP measure. See end of this release for reconciliation. | |
| 10 | Non-GAAP measure. See end of this release for reconciliation | |
| 11 | Non-GAAP measure. See end of this release for reconciliation. | |
| 12 | All-in sustaining costs are presented using a $1,200/oz gold price assumption. | |
| 13 | Consolidated basis. | |
OUTLOOK
Newmont’s outlook reflects increasing gold production and ongoing investment in its operating assets and most promising growth prospects. Outlook includes current development capital costs and production related to Tanami Expansion 2, Ahafo North, Yanacocha Sulfides, Pamour at Porcupine and Cerro Negro District Expansion 1.
Newmont continues to develop our mine plan utilizing a $1,200 per ounce gold price assumption. However, due to sustained higher gold prices over the last two years, Newmont’s 2022 outlook assumes an $1,800 per ounce revenue gold price for CAS and AISC to reflect higher costs from inflation, royalties and production taxes. In 2022, an additional 5% of cost escalation is incorporated into our direct operating costs related to labor, energy, and material and supplies. 2022 and longer-term outlook assumes a $30 per ounce impact from production taxes and royalties attributable to higher gold prices. Outlook assumes operations continue without major Covid-related interruptions. Newmont continues to maintain wide-ranging protective measures for its workforce and neighboring communities, including screening, physical distancing, deep cleaning and avoiding exposure for at-risk individuals, which are expected to impact AISC per gold equivalent ounce by approximately $10 per ounce. If at any point the Company determines that continuing operations poses an increased risk to our workforce or host communities, it will reduce operational activities up to, and including, care and maintenance and management of critical environmental systems. Please see the cautionary statement for additional information.
For a more detailed discussion and outlook presented at a $1,200 per ounce gold price assumption, see the Company’s 2022 and Longer-Term Outlook released on December 2, 2021, available on www.newmont.com. The attributable site-level production for Yanacocha and attributable development capital guidance below accounts for the acquisition of Buenaventura’s 43.65% interest in Yanacocha, as announced on February 8, 2022. All other guidance metrics remain unchanged from the Company’s 2022 and Longer-Term Outlook as announced on December 2, 2021.
| Five Year Outlook (+/- 5%): $1,800/oz Gold Price Assumption | |||||
| Guidance Metric ($M) (+/- 5%) | 2022E | 2023E | 2024E | 2025E | 2026E |
| Gold Production* (Moz) | 6.2 | 6.0 – 6.6 | 6.2 – 6.8 | 6.2 – 6.8 | 6.2 – 6.8 |
| Co-Product Production** (Mozs) | 1.3 | 1.4 – 1.6 | 1.4 – 1.6 | 1.4 – 1.6 | 1.4 – 1.6 |
| Total GEO Production (Mozs) | 7.5 | 7.5 – 8.1 | 7.7 – 8.3 | 7.7 – 8.3 | 7.7 – 8.3 |
| Gold CAS ($/oz) | 820 | 740 – 840 | 700 – 800 | 700 – 800 | 700 – 800 |
| Co-Product GEO CAS ($/oz) | 675 | 600 – 700 | 500 – 600 | 500 – 600 | 500 – 600 |
| Total GEO CAS ($/oz) | 800 | 710 – 810 | 640 – 740 | 640 – 740 | 640 – 740 |
| Gold AISC ($/oz) | 1,050 | 980 – 1,080 | 920 – 1,020 | 920 – 1,020 | 920 – 1,020 |
| Co-Product GEO AISC ($/oz) | 975 | 900 – 1,000 | 800 – 900 | 800 – 900 | 800 – 900 |
| Total GEO AISC ($/oz) | 1,030 | 950 – 1,050 | 880 – 980 | 880 – 980 | 880 – 980 |
| Sustaining Capital* ($M) | 925 | 825 – 1,025 | 825 – 1,025 | 825 – 1,025 | 825 – 1,025 |
| Development Capital* ($M) | 1,400 | 1,300 – 1,500 | 1,100 – 1,300 | 400 – 600 | 100 – 300 |
| Total Capital* ($M) | 2,325 | 2,225 – 2,425 | 2,025 – 2,225 | 1,325 – 1,525 | 1,025 – 1,225 |
| *Attributable basis; **Attributable co-product gold equivalent ounces; includes copper, zinc, silver and lead |
| Consolidated Expense Outlook | |
| Guidance Metric ($M) (+/- 5%) | 2022E |
| Exploration & Advanced Projects | 450 |
| General & Administrative | 260 |
| Interest Expense | 225 |
| Depreciation & Amortization | 2,300 |
| Adjusted Tax Rate a,b | 30%-34% |
| a | The adjusted tax rate excludes certain items such as tax valuation allowance adjustments. | |
| b | Assuming average prices of $1,800 per ounce for gold, $3.25 per pound for copper, $23.00 per ounce for silver, $0.95 per pound for lead, and $1.15 per pound for zinc and achievement of current production and sales volumes and cost estimates, we estimate our consolidated adjusted effective tax rate related to continuing operations for 2022 will be between 30%-34%. |
| 2022 Site Outlooka | ||||||
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| Consolidated | Attributable | Consolidated CAS | Consolidated All-In | Consolidated | Consolidated |
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| CC&V | 210 | 210 | 975 | 1,200 | 35 | — |
| Éléonore | 275 | 275 | 975 | 1,150 | 30 | — |
| Peñasquito | 475 | 475 | 650 | 850 | 125 | — |
| Porcupine | 340 | 340 | 875 | 1,025 | 40 | 100 |
| Musselwhite | 200 | 200 | 875 | 1,150 | 50 | — |
| Other North America | — | — | — | — | — | — |
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| Cerro Negro | 260 | 260 | 875 | 1,095 | 50 | 75 |
| Yanacochac | 225 | 210 | 1,100 | 1,375 | 25 | 475 |
| Merianc | 465 | 350 | 750 | 860 | 50 | — |
| Pueblo Viejod | — | 285 | — | — | — | — |
| Other South America | — | — | — | — | — | — |
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| Boddington | 900 | 900 | 750 | 860 | 95 | 10 |
| Tanami | 500 | 500 | 625 | 960 | 125 | 275 |
| Other Australia | — | — | — | — | 15 | — |
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| Ahafo | 650 | 650 | 875 | 1,000 | 85 | 30 |
| Akyem | 400 | 400 | 725 | 925 | 40 | 10 |
| Ahafo North | — | — | — | — | — | 340 |
| Other Africa | — | — | — | — | — | — |
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| Nevada Gold Minese | 1,250 | 1,250 | 825 | 1,050 | 245 | 70 |
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| Corporate/Other | — | — | — | — | — | — |
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| Peñasquito – Co-products (GEO)f | 1,000 | 1,000 | 670 | 940 |
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| Boddington – Co-products (GEO)f | 300 | 300 | 740 | 890 |
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| Peñasquito – Silver (Moz) | 29 | 29 |
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| Peñasquito – Lead (Mlbs) | 150 | 150 |
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| Peñasquito – Zinc (Mlbs) | 350 | 350 |
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| Boddington – Copper (Mlbs) | 110 | 110 |
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Contacts
Media Contact
Courtney Boone
303.837.5159
[email protected]
Investor Contact
Daniel Horton
303.837.5468
[email protected]
