This is an increase of about 500 000 oz on the six-million ounces that the US-based gold major expects to produce this year.

The 2020 guidance was affected by five operations that were placed into care and maintenance, owing to Covid-related precautions.

Production is expected to remain steady at between 6.2-million and 6.7-million ounces a year in 2022 and 2023, before increasing to between 6.5-million and 7-million ounces in 2024 and 2025, owing to the inclusion of profitable production from Ahafo North, in Ghana, and Yanacocha Sulphides, in Peru, as well as higher grades in North America.

Newmont said costs would improve throughout the five-year period. CAS is expected to be $750/oz next year, full year of production at the five operations that were placed into care and maintenance. CAS is expected to be between $650/oz and $750/oz for 2022 and $625 to $725/oz for 2023, improving to between $600/oz and $700/oz in 2024 and 2025.

All-in sustaining costs (AISC) are expected to be $970/oz in 2021 driven by CAS. AISC is expected to improve to be between $850/oz and $950/oz in 2022 and $825/oz to $925/oz for 2023. Longer-term through 2025, AISC is expected to improve to between $800/oz and $900/oz.

“Newmont’s outlook remains strong and stable as we apply the rigor and discipline of our proven operating model across our world-class portfolio. Our five-year outlook reflects improving production and costs as we continue to deliver value from superior operational and project execution,” said CEO Tom Palmer.

“Our strong financial position allows us to continue investing in profitable, organic growth while simultaneously returning cash to shareholders through our industry leading dividend framework.”