Newmont Reports 2021 Mineral Reserves of 93 million Gold Ounces and 65 million Gold Equivalent Ounces

Newmont Corporation (NYSE: NEM, TSX: NGT) reported gold Mineral Reserves (reserves) of 92.8 million attributable ounces for 2021 compared to the Company’s 94.2 million ounces at the end of 2020. Newmont has significant upside to other metals, including more than 15 billion pounds of copper reserves and nearly 600 million ounces of silver reserves. In addition, reserves and resources were further strengthened with the purchase of Buenaventura's 43.65% interest in Minera Yanacocha in February 2022, adding 2.7 million ounces of gold reserves, 11.0 million gold resources, 700 million pounds of copper reserves and 2.6 billion copper resources.1

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PERCENTAGE OF GOLD RESERVES BY JURISDICTION

PERCENTAGE OF GOLD RESERVES BY JURISDICTION

"Newmont's world-class portfolio of operations and projects is underpinned by a robust foundation of reserves and resources, along with the most extensive exploration program in the industry," said Tom Palmer, President and CEO. "In 2021, more than 80 percent of depletion was replaced as we continue to progress our most profitable greenfield and near-mine projects. Exploration continues to be a core competency at Newmont with a focus on extending mine life, developing districts, and discovering new opportunities in the most favorable jurisdictions."

KEY HIGHLIGHTS AND DIFFERENTIATORS:

  • Robust gold Mineral Reserves of 92.8 million ounces
  • Over 90 percent of gold reserves in top-tier jurisdictions
  • Addition of 6.5 million ounces in 2021 primarily through drilling
  • Gold reserve life at operating sites of 10 years or more, underpinned by a strong base at Boddington, Tanami, Ahafo, Yanacocha, Peñasquito, and Nevada Gold Mines (NGM), and further enhanced from our seven other operating mines and equity ownership in Pueblo Viejo
  • Significant gold reserves per share with 120 ounces per 1,000 shares, including the purchase of Buenaventura's interest in Minera Yanacocha
  • Measured & Indicated gold Mineral Resources of 68.3 million ounces and Inferred of 33.2 million ounces
  • Significant exposure to copper with 15.1 billion pounds in reserves, 17.8 billion pounds in Measured & Indicated resources and 8.6 billion pounds in Inferred resources
  • Additional exposure to other metals such as silver, zinc, and lead mainly at Peñasquito
  • 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 strategy1

PERCENTAGE OF GOLD RESERVES BY JURISDICTION2

Newmont’s reserve base is a key differentiator with over 90 percent of gold reserves located in top-tier jurisdictions, an operating reserve life of more than 10 years and average reserve grade of 1.06 grams per tonne. In addition, Newmont has substantial exposure to other metals, with 65 million gold equivalent ounces3 from copper, silver, zinc, lead and molybdenum.

PROVEN & PROBABLE GOLD RESERVES

In millions of ounces
2020 Gold Reserves

94.2

 

Additions

6.5

 

Net Revisions

(0.8

)

Depletion

(7.1

)

Reported 2021 Gold Reserves

92.8

 

Minera Yanacocha Transaction4

2.7

 

Adjusted 2021 Gold Reserves

95.5

 

For 2021, Newmont reported 92.8 million ounces of gold Mineral Reserves, slightly lower than the prior year total of 94.2 million ounces. Depletion of 7.1 million ounces and unfavorable net revisions of 0.8 million ounces were largely offset by additions of 6.5 million ounces.

Additions before revisions of 6.5 million ounces through exploration met the Company’s target despite higher costs and challenges created by the pandemic with travel restrictions and additional safety protocols. Notable reserve additions for the year from Newmont’s operating sites included:

  • Cerro Negro added 1.1 million ounces primarily due to drilling in the Eastern Districts
  • Tanami added 0.8 million ounces largely due to the first declaration of reserves at Liberator
  • Éléonore added 0.4 million ounces primarily from drilling
  • Merian added 0.4 million attributable ounces primarily from drilling at the Maraba open pit
  • Ahafo added 0.4 million ounces primarily from drilling and updated technical assumptions at Subika Underground
  • Newmont’s 38.5 percent interest in NGM added 3.0 million attributable ounces primarily from drilling at Goldrush

Net unfavorable revisions include 0.9 million ounces at Cerro Negro due to reserve downgrades related to drill spacing studies and updated technical assumptions. In addition gold Mineral Reserves reported negative revisions of 0.4 million ounces at Tanami, 0.2 million ounces at Boddington, 0.2 million ounces at Porcupine underground and 0.2 million ounces at Pueblo Viejo. Negative revisions were partially offset by favorable revisions of 0.6 million attributable ounces at NGM and 0.4 million ounces at Éléonore, in addition to acquisitions of 0.1 million attributable ounces related to South Arturo at NGM.

Newmont’s 38.5 percent interest in NGM represented 19.3 million attributable ounces of gold reserves at year end, as compared to 17.4 million ounces at the end of 2020. Pueblo Viejo represented 3.6 million attributable ounces of gold reserves at year end as compared to 4.1 million ounces at the end of 2020, representing Newmont’s 40 percent interest.

Gold reserve grade improved three percent to 1.06 grams per tonne compared to 1.03 grams per tonne in the prior year largely due to higher-grade reserves from the Company’s 38.5 percent equity ownership in Nevada Gold Mines and positive results from our underground managed operations, including Éléonore, Tanami and Porcupine.

MEASURED & INDICATED GOLD RESOURCES

INFERRED GOLD RESOURCES

In millions of ounces In millions of ounces

 

2020 Gold Resources

69.6

 

2020 Gold Resources

31.6

 

Additions

1.6

 

Additions

3.3

 

Net Revisions

3.0

 

Net Revisions

0.6

 

Conversions

(5.9

)

Conversions

(2.3

)

Reported 2021 Gold Resources

68.3

 

Reported 2021 Gold Resources

33.2

 

Minera Yanacocha Transaction4

7.4

 

Minera Yanacocha Transaction4

3.6

 

Adjusted 2021 Gold Resources

75.7

 

Adjusted 2021 Gold Resources

36.8

 

In 2021, Newmont reported Measured and Indicated gold Mineral Resources of 68.3 million ounces as compared to 69.6 million ounces in the prior year. Inferred gold Mineral Resources totaled 33.2 million ounces as compared to 31.6 million ounces in 2020. In total, resource conversions to reserves were more than offset by additions and net positive revisions.

Measured and Indicated Gold Mineral Resources added through exploration programs were 1.6 million ounces and included notable additions before revisions of 0.3 million ounces at Tanami and 0.2 million ounces at Ahafo South underground.

Measured and Indicated gold Mineral Resources reported net revisions of 3.0 million ounces mainly driven by positive revisions of 1.3 million ounces at Boddington and 0.6 million ounces at Tanami. Additionally NGM added 2.1 million attributable ounces. Positive revisions were partially offset by negative revisions, including 1.1 million ounces at CC&V and 0.5 million ounces at Peñasquito.

Inferred Gold Mineral Resources added through exploration programs were 3.3 million ounces and included notable additions before revisions of 0.4 million ounces at Ahafo South, 0.4 million ounces at Éléonore, 0.4 million ounces at Cerro Negro and 0.4 million ounces at Tanami. Additionally, NGM added 0.8 million attributable ounces.

Inferred Gold Mineral Resources reported net revisions of 0.6 million ounces mainly driven by positive revisions of 0.6 million ounces at Cerro Negro and 0.3 million ounces at Ahafo South underground. Additionally, NGM added 1.1 million attributable ounces. Positive revisions were partially offset by negative revisions of 0.7 million ounces at Peñasquito and 0.5 million ounces at Tanami.

Newmont’s Measured and Indicated gold Mineral Resource grade increased slightly to 0.66 grams per tonne compared to 0.65 grams per tonne in the prior year. Inferred gold Mineral Resource grade of 0.69 grams per tonne increased compared with 0.65 grams per tonne from 2020.

OTHER METALS

In 2021, copper reserves decreased slightly to 15,090 million pounds from 15,220 pounds in the prior year primarily due to mining depletion. Copper resources increased to 17,820 million pounds of Measured & Indicated and 8,640 million pounds of Inferred from 17,620 million pounds of Measured and Indicated and 8,620 million pounds of Inferred due to the addition of a layback at Boddington. 2021 copper figures exclude 700 million pounds of reserves and 2,645 million pounds of resources acquired through the purchase of Buenaventura's 43.65% interest in Minera Yanacocha in February 2022.

Silver reserves decreased from 613 million ounces to 568 million ounces in the prior year, largely due to depletion at Peñasquito. Silver resources also decreased to 422 million ounces of Measured & Indicated and 163 million ounces of Inferred from 482 million ounces of Measured and Indicated and 204 million ounces of Inferred due to design updates at Peñasquito. 2021 silver figures exclude 49 million pounds of resources acquired through the purchase of Buenaventura's 43.65% interest in Minera Yanacocha in February 2022.

Lead reserves decreased to 2,580 million pounds from 2,940 million pounds in the prior year, and zinc reserves also decreased to 6,250 million pounds from 6,810 million pounds. These decreases are largely due to depletion at Peñasquito. Measured & Indicated lead resources decreased to 1,230 million pounds from 1,700 million pounds and Inferred lead resources decreased to 480 million pounds from 900 million pounds. Measured & Indicated zinc resources decreased to 2,690 million pounds from 3,700 million pounds and Inferred zinc resources decreased to 1,070 million pounds from 1,700 million pounds. These decreases are primarily due to design updates at Peñasquito.

1

The reserve and resource table contained herein reflect Newmont's ownership as of December 31, 2021. Investors are reminded that with the February 8, 2022 closing of Newmont's acquisition of Buenaventura's 43.65% interest in Minera Yanacocha, Newmont now holds a 95% interest.

2

North America includes 38.5 percent interest in Nevada Gold Mines; South America includes Newmont's 40 percent interest in Pueblo Viejo.

3

Gold Equivalent Ounces calculated using Mineral Reserve pricing as shown below and metallurgical recoveries for each metal on a site by site basis.

4

In February 2022, Newmont acquired Buenaventura's 43.65% interest in Minera Yanacocha.

EXPLORATION OUTLOOK

Newmont’s attributable exploration expenditure for managed operations is expected to be approximately $250 million in 2022 with 80 percent of total exploration investment dedicated to near-mine expansion programs and the remaining 20 percent allocated to the advancement of greenfield projects.

Additionally, Newmont’s share of exploration investment for its non-managed joint ventures will total approximately $45 million.

Geographically, the Company expects to invest approximately 38 percent in North America, 23 percent in South America, 17 percent in Australia and the remainder in Africa and other locations.

GOLD RESERVE SENSITIVITY

A $100 increase in gold price would result in an approximate six percent increase in gold reserves while a $100 decrease in gold price would result in an approximate eight percent decrease in gold reserves. These sensitivities assume an oil price of $60 per barrel (WTI), Australian dollar exchange rate of $0.75 and Canadian dollar exchange rate of $0.77.

For additional details on Newmont’s reported Gold, Copper, Silver, Zinc, Lead and Molybdenum Mineral Reserves and Mineral Resources, please refer to the tables at the end of this release.

KEY RESERVE AND RESOURCE ASSUMPTIONS:

 

At December 31,

 

2021

2020

Gold Reserves (US$/oz.)

$1,200

$1,200

Gold Resources (US$/oz.)

$1,400

$1,400

Copper Reserves (US$/lb.)

$2.75

$2.75

Copper Resources (US$/lb.)

$3.25

$3.25

Silver Reserves (US$/oz.)

$20.00

$17.00

Silver Resources (US$/oz.)

$23.00

$20.00

Zinc Reserves (US$/lb.)

$1.15

$1.15

Zinc Resources (US$/lb.)

$1.40

$1.40

Lead Reserves (US$/lb.)

$0.90

$0.90

Lead Resources (US$/lb.)

$1.10

$1.10

Australian Dollar (A$:US$)

$0.75

$0.75

Canadian Dollar (C$:US$)

$0.77

$0.77

Mexican Peso (M$:US$)

$19.50

$19.50

West Texas Intermediate (US$/bbl.)

$60

$50

RESERVE AND RESOURCE TABLES

Proven and Probable reserves are based on extensive drilling, sampling, mine modeling and metallurgical testing from which we determine economic feasibility. The price sensitivity of reserves depends upon several factors including grade, metallurgical recovery, operating cost, waste-to-ore ratio and ore type. Metallurgical recovery rates vary depending on the metallurgical properties of each deposit and the production process used. The reserve tables included in this release list the average metallurgical recovery rate for each deposit, which takes into account the assumed processing methods. The cut-off grade, or lowest grade of material considered economic to process, varies with material type, price, metallurgical recoveries, operating costs and co- or by-product credits. The Proven and Probable reserve figures presented herein are estimates based on information available at the time of calculation. No assurance can be given that the indicated levels of recovery of gold, silver, copper, lead, zinc and molybdenum will be realized. Ounces of gold and silver or tonnes of copper, zinc, lead, or molybdenum included in the Proven and Probable reserves are those contained prior to losses during metallurgical treatment. Reserve estimates may require revision based on actual production. Market fluctuations in the price of gold, silver, copper, zinc, lead, or molybdenum, as well as increased production costs or reduced metallurgical recovery rates, could render certain Proven and Probable reserves containing relatively lower grades of mineralization uneconomic to exploit and might result in a reduction of reserves.

The Measured, Indicated, and Inferred resource figures presented herein are estimates based on information available at the time of calculation and are exclusive of reserves. A “Mineral Resource” is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade, or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. Ounces of gold and silver or tonnes of copper, zinc, lead, and molybdenum included in the Measured, Indicated and Inferred resources are those contained prior to losses during metallurgical treatment. Market fluctuations in the price of gold, silver, copper, zinc, lead and molybdenum, as well as increased production costs or reduced metallurgical recovery rates, could change future estimates of resources. Please refer to the reserves and resources cautionary statement at the end of the release.

Proven and Probable reserves disclosed at December 31, 2021 have been prepared in accordance with the new Regulation S-K 1300 requirements of the SEC; whereas Proven and Probable reserves disclosed at December 31, 2020 have been prepared in accordance with the SEC’s Industry Guide 7 ("IG7"). Our historical methodology applied to the prior year of estimating reserves was not significantly impacted as a result of the change from IG7 to S-K 1300, therefore we believe the amounts presented at December 31, 2021 and 2020, under the respective methodologies, are comparable.

We publish reserves annually, and will recalculate reserves at December 31, 2022, taking into account metal prices, changes, if any, to future production and capital costs, divestments and depletion as well as any acquisitions and additions during 2022.

Attributable Proven, Probable and Combined Gold Reserves (1)

December 31, 2021

December 31, 2020

 

 

 

 

Proven Reserves

 

Probable Reserves

 

Proven and Probable Reserves

 

 

Proven and Probable Reserves

 

 

 

 

Tonnage (2)

Grade

Gold (3)

 

Tonnage (2)

Grade

Gold (3)

 

Tonnage (2)

Grade

Gold (3)

 

 

Tonnage (2)

Grade

Gold (3)

Deposits/Districts

 

Newmont

Share

 

(000

tonnes)

(g/tonne)

Ounces

(000)

 

(000

tonnes)

(g/tonne)

Ounces

(000)

 

(000

tonnes)

(g/tonne)

Ounces

(000)

 

Metallurgical

Recovery

(000

tonnes)

(g/tonne)

Ounces

(000)

North America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CC&V Open Pits (4)

 

100

%

 

70,700

0.44

1,000

 

15,400

0.37

180

 

86,100

0.43

1,180

 

60

%

105,200

0.48

1,610

CC&V Leach Pads (4)(5)

 

100

%

 

 

 

31,200

0.81

810

 

31,200

0.81

810

 

57

%

33,000

0.82

880

Total CC&V, Colorado

 

 

 

70,700

0.44

1,000

 

46,600

0.66

990

 

117,300

0.53

1,990

 

59

%

138,200

0.56

2,490

Musselwhite, Canada (6)

 

100

%

 

2,800

5.07

460

 

6,700

6.07

1,310

 

9,500

5.77

1,770

 

96

%

8,900

6.25

1,790

Porcupine Underground (7)

 

100

%

 

2,300

7.24

530

 

900

7.97

240

 

3,200

7.46

770

 

92

%

5,000

6.90

1,100

Porcupine Open Pit (8)

 

100

%

 

5,900

1.60

310

 

33,700

1.41

1,520

 

39,600

1.44

1,830

 

94

%

42,300

1.43

1,950

Total Porcupine, Canada

 

 

 

8,200

3.19

840

 

34,600

1.58

1,760

 

42,800

1.89

2,600

 

93

%

47,300

2.01

3,050

Éléonore, Canada (9)

 

100

%

 

2,200

5.03

350

 

9,000

5.06

1,470

 

11,200

5.05

1,820

 

91

%

7,800

5.00

1,260

Peñasquito Open Pits

 

100

%

 

107,200

0.62

2,140

 

219,100

0.56

3,910

 

326,300

0.58

6,050

 

69

%

348,200

0.60

6,680

Peñasquito Stockpiles (10)

 

100

%

 

7,800

0.43

110

 

27,900

0.19

170

 

35,700

0.24

280

 

69

%

39,600

0.33

420

Total Peñasquito, Mexico (11)

 

 

 

115,000

0.61

2,250

 

247,000

0.51

4,080

 

362,000

0.54

6,330

 

69

%

387,800

0.57

7,100

TOTAL NORTH AMERICA

 

 

 

198,900

0.77

4,900

 

343,900

0.87

9,610

 

542,800

0.83

14,510

 

78

%

590,000

0.83

15,690

South America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha Open Pits (12)

 

51.35

%

 

16,500

0.66

350

 

68,200

0.68

1,490

 

84,700

0.68

1,840

 

57

%

95,100

0.66

2,020

Yanacocha Underground (13)

 

51.35

%

 

 

 

7,000

6.20

1,390

 

7,000

6.20

1,390

 

97

%

7,000

6.20

1,390

Total Yanacocha, Peru (26)

 

 

 

16,500

0.66

350

 

75,200

1.19

2,880

 

91,700

1.10

3,230

 

74

%

102,100

1.04

3,410

Merian, Suriname (14)

 

75

%

 

47,100

1.36

2,050

 

54,500

1.11

1,950

 

101,600

1.22

4,000

 

93

%

107,500

1.15

3,970

Cerro Negro, Argentina (15)

 

100

%

 

1,800

8.93

500

 

7,200

8.88

2,060

 

9,000

8.89

2,560

 

94

%

9,000

8.90

2,570

Pueblo Viejo Open Pits

 

40

%

 

5,000

2.20

350

 

8,200

2.33

620

 

13,200

2.28

970

 

89

%

19,600

2.34

1,470

Pueblo Viejo Stockpiles (10)

 

40

%

 

 

 

37,400

2.20

2,640

 

37,400

2.20

2,640

 

89

%

35,800

2.30

2,640

Total Pueblo Viejo, Dominican Republic (16)

 

 

 

5,000

2.20

350

 

45,600

2.22

3,260

 

50,600

2.22

3,610

 

89

%

55,400

2.31

4,110

NuevaUnión, Chile (17)

 

50

%

 

 

 

341,100

0.47

5,110

 

341,100

0.47

5,110

 

66

%

341,100

0.47

5,110

Norte Abierto, Chile (18)

 

50

%

 

 

 

598,800

0.60

11,620

 

598,800

0.60

11,620

 

74

%

598,800

0.60

11,620

TOTAL SOUTH AMERICA

 

 

 

70,400

1.44

3,250

 

1,122,400

0.75

26,880

 

1,192,800

0.79

30,130

 

78

%

1,213,900

0.79

30,790

Australia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington Open Pit

 

100

%

 

237,400

0.70

5,360

 

239,100

0.66

5,080

 

476,500

0.68

10,440

 

86

%

534,700

0.67

11,490

Boddington Stockpiles (16)

 

100

%

 

2,700

0.68

60

 

79,100

0.43

1,090

 

81,800

0.44

1,150

 

79

%

86,400

0.43

1,200

Total Boddington, Western Australia (19)

 

 

 

240,100

0.70

5,420

 

318,200

0.60

6,170

 

558,300

0.65

11,590

 

85

%

621,100

0.64

12,690

Tanami, Northern Territory (20)

 

100

%

 

12,700

4.97

2,040

 

22,100

5.25

3,740

 

34,800

5.15

5,780

 

98

%

36,200

5.05

5,870

TOTAL AUSTRALIA

 

 

 

252,800

0.92

7,460

 

340,300

0.91

9,910

 

593,100

0.91

17,370

 

89

%

657,300

0.88

18,560

Africa

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo South Open Pits (21)

 

100

%

 

11,800

2.35

890

 

39,700

1.67

2,140

 

51,500

1.83

3,030

 

95

%

50,000

1.90

3,050

Ahafo South Underground (22)

 

100

%

 

9,400

3.76

1,140

 

12,700

2.68

1,100

 

22,100

3.14

2,240

 

94

%

17,100

3.53

1,940

Ahafo South Stockpiles (10)

 

100

%

 

28,300

0.92

830

 

 

 

28,300

0.92

830

 

89

%

36,200

0.92

1,070

Total Ahafo South, Ghana

 

 

 

49,500

1.80

2,860

 

52,400

1.92

3,240

 

101,900

1.86

6,100

 

94

%

103,300

1.82

6,060

Ahafo North, Ghana (23)

 

100

%

 

 

 

46,300

2.40

3,570

 

46,300

2.40

3,570

 

91

%

45,100

2.40

3,480

Akyem Open Pit (24)

 

100

%

 

15,800

1.61

810

 

10,900

1.89

660

 

26,700

1.72

1,470

 

92

%

34,200

1.70

1,870

Akyem Stockpiles (10)

 

100

%

 

13,900

0.78

350

 

 

 

13,900

0.78

350

 

91

%

15,100

0.82

400

Total Akyem, Ghana

 

 

 

29,700

1.22

1,160

 

10,900

1.89

660

 

40,600

1.40

1,820

 

91

%

49,300

1.43

2,270

TOTAL AFRICA

 

 

 

79,200

1.58

4,020

 

109,600

2.12

7,470

 

188,800

1.89

11,490

 

92

%

197,700

1.86

11,810

Nevada

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NGM Open Pits

 

38.5

%

 

10,000

1.86

600

 

119,500

1.21

4,650

 

129,500

1.26

5,250

 

70

%

134,300

1.26

5,440

NGM Stockpiles (10)

 

38.5

%

 

14,300

2.03

940

 

14,900

 

1,250

 

29,200

2.33

2,190

 

68

%

33,300

2.36

2,530

NGM Underground

 

38.5

%

 

13,600

9.95

4,340

 

28,000

8.39

7,560

 

41,600

8.90

11,900

 

88

%

29,700

9.85

9,420

TOTAL NEVADA (25)

 

 

 

37,900

4.82

5,880

 

162,400

2.58

13,460

 

200,300

3.00

19,340

 

81

%

197,300

2.74

17,390

TOTAL NEWMONT

 

 

 

639,200

1.24

25,510

 

2,078,600

1.01

67,330

 

2,717,800

1.06

92,840

 

81

%

2,856,200

1.03

94,240

(1)

See cautionary statement regarding reserves and resources. 2021 and 2020 reserves were estimated at a gold price of $1,200 per ounce unless otherwise noted.

(2)

Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to the nearest 100,000.

(3)

Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 10,000.

(4)

Cut-off grades utilized in 2021 reserves were as follows: oxide mill material not less than 1.32 gram per tonne and leach material not less than 0.10 gram per tonne.

(5)

Leach pad material is the material on leach pads at the end of the year from which gold remains to be recovered. In-process reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.

(6)

Cut-off grade utilized in 2021 reserves not less than 3.10 gram per tonne.

(7)

Cut-off grade utilized in 2021 reserves not less than 4.00 gram per tonne.

(8)

Cut-off grade utilized in 2021 reserves not less than 0.44 gram per tonne.

(9)

Cut-off grade utilized in 2021 reserves not less than 4.30 gram per tonne.

(10)

Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.

(11)

Gold cut-off grade varies with level of silver, lead and zinc credits.

(12)

Gold cut-off grades utilized in 2021 reserves were as follows: oxide leach material not less than 0.07 gram per tonne and refractory mill material not less than 1.45 gram per tonne.

(13)

Gold cut-off grades utilized in 2021 reserves were as follows: oxide mill material not less than 2.10 gram per tonne and refractory mill material varies with level of copper and silver credits.

(14)

Cut-off grade utilized in 2021 reserves not less than 0.33 gram per tonne.

(15)

Cut-off grade utilized in 2021 reserves not less than 5.00 gram per tonne.

(16)

The Pueblo Viejo mine, which is 40% owned by Newmont, is accounted for as an equity method investment. Reserve estimates provided by Barrick, the operator of Pueblo Viejo.

(17)

Project is currently undeveloped. Reserve estimates provided by the NuevaUnión joint venture.

(18)

Project is currently undeveloped. Reserve estimates provided by the Norte Abierto joint venture

(19)

Gold cut-off grade varies with level of copper credits.

(20)

Cut-off grade utilized in 2021 reserves not less than 2.20 gram per tonne.

(21)

Cut-off grade utilized in 2021 reserves not less than 0.46 gram per tonne.

(22)

Cut-off grade utilized in 2021 reserves not less than 2.40 gram per tonne.

(23)

Cut-off grade utilized in 2021 reserves not less than 0.57 gram per tonne.

(24)

Cut-off grade utilized in 2021 reserves not less than 0.56 gram per tonne.

(25)

Reserve estimates provided by Barrick, the operator of the NGM joint venture.

(26)

In February 2022, the Company increased its ownership interest in Yanacocha to 95% by acquiring Buenaventura’s 43.65% noncontrolling interest. See Note 1 of the Consolidated Financial Statements for further information.

Attributable Gold Mineral Resources (1)(2) - December 31, 2021

 

 

 

 

Measured Resource

 

Indicated Resource

 

Measured and Indicated Resource (3)

 

Inferred Resource

 

 

 

 

Newmont

 

Tonnage

Grade

Gold

 

Tonnage

Grade

Gold

 

Tonnage

Grade

Gold

 

Tonnage

Grade

Gold

 

 

Deposits/Districts

 

Share

 

(000

tonnes)

(g/tonne)

Ounces

(000)

 

(000

tonnes)

(g/tonne)

Ounces

(000)

 

(000

tonnes)

(g/tonne)

Ounces

(000)

 

(000

tonnes)

(g/tonne)

Ounces

(000)

 

Metallurgical

Recovery

North America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CC&V,Colorado

 

100

%

 

54,000

0.41

700

 

24,100

0.38

300

 

78,100

0.40

1,000

 

12,700

0.39

160

 

62

%

Musselwhite, Canada

 

100

%

 

1,400

3.58

160

 

2,300

3.55

270

 

3,700

3.56

430

 

3,200

4.22

440

 

96

%

Porcupine Underground

 

100

%

 

300

5.25

50

 

900

6.12

180

 

1,200

5.92

230

 

1,100

6.43

220

 

92

%

Porcupine Open Pit

 

100

%

 

500

0.49

10

 

83,200

1.40

3,750

 

83,700

1.40

3,760

 

77,000

1.24

3,070

 

92

%

Total Porcupine, Canada

 

 

 

800

2.33

60

 

84,100

1.45

3,930

 

84,900

1.46

3,990

 

78,100

1.31

3,290

 

92

%

Éléonore, Canada

 

100

%

 

300

5.72

50

 

1,700

4.73

260

 

2,000

4.86

310

 

3,800

5.28

650

 

91

%

Peñasquito, Mexico

 

100

%

 

31,400

0.27

280

 

176,600

0.27

1,500

 

208,000

0.27

1,780

 

89,800

0.40

1,160

 

69

%

Noche Buena, Mexico

 

50

%

 

 

21,000

0.37

250

 

21,000

0.37

250

 

1,600

0.21

10

 

50

%

Coffee, Canada

 

100

%

 

1,000

2.01

60

 

54,500

1.19

2,080

 

55,500

1.20

2,140

 

6,800

1.07

230

 

80

%

Galore Creek, Canada (3)

 

50

%

 

128,400

0.36

1,500

 

423,400

0.23

3,130

 

551,800

0.26

4,630

 

99,100

0.21

670

 

73

%

TOTAL NORTH AMERICA

 

 

 

217,300

0.40

2,810

 

787,700

0.46

11,720

 

1,005,000

0.45

14,530

 

295,100

0.70

6,610

 

79

%

South America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conga, Peru

 

51.35

%

 

 

356,300

0.65

7,490

 

356,300

0.65

7,490

 

118,400

0.39

1,480

 

75

%

Yanacocha Open Pit

 

51.35

%

 

5,500

0.42

70

 

52,400

0.46

770

 

57,900

0.46

840

 

96,700

0.80

2,470

 

66

%

Yanacocha Underground

 

51.35

%

 

6.29

10

 

1,800

6.28

370

 

1,800

6.28

380

 

1,900

4.93

300

 

97

%

Total Yanacocha, Peru (9)

 

 

 

5,500

0.45

80

 

54,200

0.65

1,140

 

59,700

0.64

1,220

 

98,600

0.87

2,770

 

70

%

Merian, Suriname

 

75

%

 

4,500

0.94

140

 

32,600

1.14

1,200

 

37,100

1.12

1,340

 

28,500

1.01

920

 

88

%

Cerro Negro Underground

 

100

%

 

100

5.48

20

 

1,300

7.38

300

 

1,400

7.25

320

 

7,500

6.85

1,650

 

93

%

Cerro Negro Open Pit

 

100

%

 

900

4.40

120

 

1,000

4.09

130

 

1,900

4.24

250

 

100

3.49

10

 

90

%

Total Cerro Negro, Argentina

 

100

%

 

1,000

4.51

140

 

2,300

5.96

430

 

3,300

5.52

570

 

7,600

6.82

1,660

 

93

%

Pueblo Viejo, Dominican Republic (4)

 

40

%

 

37,300

2.01

2,410

 

57,100

1.89

3,470

 

94,400

1.94

5,880

 

25,400

1.72

1,410

 

89

%

NuevaUnión, Chile (5)

 

50

%

 

4,800

0.47

70

 

118,300

0.59

2,260

 

123,100

0.59

2,330

 

239,800

0.40

3,050

 

68

%

Norte Abierto, Chile (6)

 

50

%

 

77,200

0.61

1,510

 

596,900

0.49

9,320

 

674,100

0.50

10,830

 

369,600

0.37

4,360

 

76

%

Agua Rica, Argentina (7)

 

18.75

%

 

141,900

0.25

1,150

 

137,400

0.15

650

 

279,300

0.20

1,800

 

139,900

0.09

410

 

35

%

TOTAL SOUTH AMERICA

 

 

 

272,200

0.63

5,500

 

1,355,100

0.60

25,960

 

1,627,300

0.60

31,460

 

1,027,800

0.49

16,060

 

73

%

Australia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington, Western Australia

 

100

%

 

96,200

0.53

1,640

 

180,500

0.54

3,110

 

276,700

0.53

4,750

 

3,300

0.50

50

 

84

%

Tanami Open Pit

 

100

%

 

10,200

1.88

620

 

16,600

1.69

900

 

26,800

1.76

1,520

 

2,900

1.62

150

 

90

%

Tanami Underground

 

100

%

 

1,400

3.11

140

 

4,900

4.25

660

 

6,300

4.00

800

 

9,600

5.39

1,670

 

97

%

Total Tanami, Northern Territory

 

100

%

 

11,600

2.03

760

 

21,500

2.27

1,560

 

33,100

2.18

2,320

 

12,500

4.53

1,820

 

97

%

TOTAL AUSTRALIA

 

 

 

107,800

0.69

2,400

 

202,000

0.72

4,670

 

309,800

0.71

7,070

 

15,800

3.68

1,870

 

89

%

Africa

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahafo South

 

100

%

 

500

0.56

10

 

30,000

1.16

1,120

 

30,500

1.15

1,130

 

13,500

1.33

570

 

93

%

Ahafo Underground

 

100

%

 

 

 

16,600

3.99

2,120

 

16,600

3.99

2,120

 

10,800

3.34

1,160

 

90

%

Total Ahafo South, Ghana

 

 

 

500

0.56

10

 

46,600

2.16

3,240

 

47,100

2.15

3,250

 

24,300

2.21

1,730

 

91

%

Ahafo North Open Pits, Ghana

 

100

%

 

2,800

1.21

100

 

10,400

1.90

630

 

13,200

1.76

730

 

9,800

1.60

500

 

92

%

Akyem Open Pits

 

100

%

 

900

0.57

20

 

1,100

0.67

20

 

2,000

0.62

40

 

1,300

1.43

60

 

91

%

Akyem Underground

 

100

%

 

 

 

6,800

3.69

810

 

6,800

3.69

810

 

5,400

2.97

520

 

93

%

Total Akyem, Ghana

 

 

 

900

0.57

20

 

7,900

3.27

830

 

8,800

3.00

850

 

6,700

2.69

580

 

92

%

TOTAL AFRICA

 

 

 

4,200

1.01

130

 

64,900

2.26

4,700

 

69,100

2.18

4,830

 

40,800

2.15

2,810

 

91

%

Nevada

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NGM Open Pits and Stockpiles

 

38.5

%

 

18,300

1.89

1,110

 

181,100

0.90

5,230

 

199,400

0.99

6,340

 

101,100

0.82

2,670

 

67

%

NGM Underground

 

38.5

%

 

8,500

5.89

1,610

 

11,900

6.35

2,430

 

20,400

6.16

4,040

 

15,300

6.48

3,180

 

86

%

Total NGM (8)

 

 

 

26,800

3.17

2,720

 

193,000

1.23

7,660

 

219,800

1.47

10,380

 

116,400

1.56

5,850

 

76

%

TOTAL NEVADA

 

 

 

26,800

3.17

2,720

 

193,000

1.23

7,660

 

219,800

1.47

10,380

 

116,400

1.56

5,850

 

76

%

TOTAL NEWMONT

 

 

 

628,300

0.67

13,560

 

2,602,700

0.65

54,710

 

3,231,000

0.66

68,270

 

1,495,900

0.69

33,200

 

76

%

(1)

Resources are reported exclusive of reserves.

(2)

Resources are estimated at a gold price of $1,400 per ounce for 2021 and 2020. Tonnage amounts have been rounded to the nearest 100,000. Ounces may not recalculate as they have been rounded to the nearest 10,000.

(3)

Project is currently undeveloped. Resource estimates provided by Teck Resources.

(4)

Resource estimates provided by Barrick, the operator of Pueblo Viejo.

(5)

Project is currently undeveloped. Resource estimates provided by the NuevaUnión joint venture.

(6)

Project is currently undeveloped. Resource estimates provided by the Norte Abierto joint venture.

(7)

Project is currently undeveloped. Resource estimates provided by Yamana, the operator of the Agua Rica joint venture.

(8)

Resource estimates provided by Barrick, the operator of the NGM joint venture.

(9)

In February 2022, the Company increased its ownership interest in Yanacocha to 95% by acquiring Buenaventura’s 43.65% noncontrolling interest. See Note 1 of the Consolidated Financial Statements for further information.

Attributable Copper Reserves (1)

December 31, 2021

 

December 31, 2020

 

 

 

 

Proven Reserves

 

Probable Reserves

 

Proven and Probable Reserves

 

 

 

Proven and Probable Reserves

 

 

Newmont

 

Tonnage (2)

Grade

Copper (3)

 

Tonnage (2)

Grade

Copper (3)

 

Tonnage (2)

Grade

Copper (3)

 

Metallurgical

 

Tonnage (2)

Grade

Copper (3)

Deposits/Districts

 

Share

 

(000

tonnes)

(Cu %)

Pounds

(millions)

 

(000

tonnes)

(Cu %)

Pounds

(millions)

 

(000

tonnes)

(Cu %)

Pounds

(millions)

 

Recovery

 

(000

tonnes)

(Cu %)

Pounds

(millions)

South America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha Open Pits and Underground, Peru (4)(10)

 

51.35

%

 

 

 

57,700

0.61

%

780

 

57,700

0.61

%

780

 

84

%

 

57,700

0.62

%

790

NuevaUnión, Chile (5)

 

50

%

 

 

 

1,118,000

0.40

%

9,800

 

1,118,000

0.40

%

9,800

 

88

%

 

1,118,000

0.40

%

9,800

Norte Abierto, Chile (6)

 

50

%

 

 

 

598,800

0.22

%

2,890

 

598,800

0.22

%

2,890

 

87

%

 

598,800

0.22

%

2,890

TOTAL SOUTH AMERICA

 

 

 

 

 

1,774,500

0.34

%

13,470

 

1,774,500

0.34

%

13,470

 

87

%

 

1,774,500

0.34

%

13,480

Australia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington Open Pit, Western Australia (7)

 

100

%

 

237,400

0.10

%

540

 

239,100

0.11

%

590

 

476,500

0.11

%

1,130

 

82

%

 

534,700

0.11

%

1,260

Boddington Stockpiles, Western Australia (8)

 

100

%

 

2,600

0.09

%

10

 

79,100

0.09

%

150

 

81,700

0.09

%

160

 

77

%

 

86,400

0.09

%

160

TOTAL AUSTRALIA

 

 

 

240,000

0.10

%

550

 

318,200

0.11

%

740

 

558,200

0.11

%

1,290

 

82

%

 

621,100

0.10

%

1,420

Nevada

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NGM, Nevada (9)

 

38.5

%

 

6,900

0.17

%

30

 

80,200

0.17

%

300

 

87,100

0.17

%

330

 

65

%

 

82,600

0.18

%

320

TOTAL NEVADA

 

 

 

6,900

0.17

%

30

 

80,200

0.17

%

300

 

87,100

0.17

%

330

 

65

%

 

82,600

0.18

%

320

TOTAL NEWMONT

 

 

 

246,900

0.11

%

580

 

2,172,900

0.30

%

14,510

 

2,419,800

0.28

%

15,090

 

87

%

 

2,478,200

0.28

%

15,220

(1)

See footnote (1) to the Gold Reserves table above. Copper reserves for 2021 and 2020 were estimated at a copper price of $2.75 per pound.

(2)

See footnote (2) to the Gold Reserves table above. Tonnages are rounded to nearest 100,000.

(3)

Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 10 million.

(4)

Reserve estimates relate to the undeveloped Yanacocha Sulfide project. Copper cut-off grade varies with level of gold and silver credits.

(5)

Project is currently undeveloped. Reserve estimates provided by the NuevaUnión joint venture.

(6)

Project is currently undeveloped. Reserve estimates provided by the Norte Abierto joint venture.

(7)

Copper cut-off grade varies with level of gold credits.

(8)

Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpiles are reported separately where pounds exceed 100 million and are greater than 5% of the total site reported reserves.

(9)

Reserve estimates provided by Barrick, the operator of the NGM joint venture.

(10)

In February 2022, the Company increased its ownership interest in Yanacocha to 95% by acquiring Buenaventura’s 43.65% noncontrolling interest. See Note 1 of the Consolidated Financial Statements for further information.

Attributable Copper Mineral Resources (1)(2) - December 31, 2021

 

 

 

 

Measured Resource

Indicated Resource

Measured and Indicated Resource

Inferred Resource

 

 

 

 

Newmont

 

Tonnage

Grade

Copper

Tonnage

Grade

Copper

Tonnage

Grade

Copper

Tonnage

Grade

Copper

 

 

Deposits/Districts

 

Share

 

(000

tonnes)

(Cu %)

Pounds

(millions)

(000

tonnes)

(Cu %)

Pounds

(millions)

(000

tonnes)

(Cu %)

Pounds

(millions)

(000

tonnes)

(Cu %)

Pounds

(millions)

 

Metallurgical

Recovery

North America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Galore Creek, Canada (3)

 

50

%

 

128,400

0.72

%

2,030

423,400

0.39

%

3,630

551,800

0.47

%

5,660

99,100

0.27

%

600

 

91

%

TOTAL NORTH AMERICA

 

 

 

128,400

0.72

%

2,030

423,400

0.39

%

3,630

551,800

0.47

%

5,660

99,100

0.27

%

600

 

91

%

South America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conga, Peru

 

51.35

%

 

%

356,300

0.26

%

2,040

356,300

0.26

%

2,040

118,400

0.19

%

490

 

84

%

Yanacocha Open Pits and Stockpiles

 

51.35

%

 

%

48,600

0.39

%

420

48,600

0.39

%

420

18,700

0.39

%

160

 

80

%

Yanacocha Underground

 

51.35

%

 

%

1,800

0.09

%

1,800

0.09

%

1,900

0.13

%

10

 

96

%

Total Yanacocha, Peru (8)

 

 

 

%

50,400

0.38

%

420

50,400

0.38

%

420

20,600

0.37

%

170

 

81

%

NuevaUnión, Chile (4)

 

50

%

 

164,300

0.19

%

700

349,900

0.34

%

2,650

514,200

0.30

%

3,350

602,100

0.39

%

5,150

 

89

%

Norte Abierto, Chile (5)

 

50

%

 

57,600

0.24

%

310

551,200

0.19

%

2,340

608,800

0.20

%

2,650

361,700

0.18

%

1,450

 

90

%

Agua Rica, Argentina (6)

 

18.75

%

 

141,900

0.51

%

1,580

137,400

0.36

%

1,100

279,300

0.43

%

2,680

139,900

0.23

%

710

 

86

%

TOTAL SOUTH AMERICA

 

 

 

363,800

0.32

%

2,590

1,445,200

0.27

%

8,550

1,809,000

0.28

%

11,140

1,242,700

0.29

%

7,970

 

87

%

Australia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boddington, Western Australia

 

100

%

 

96,200

0.11

%

220

180,500

0.11

%

450

276,700

0.11

%

670

3,300

0.09

%

10

 

82

%

TOTAL AUSTRALIA

 

 

 

96,200

0.11

%

220

180,500

0.11

%

450

276,700

0.11

%

670

3,300

0.09

%

10

 

82

%

Nevada

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NGM, Nevada (7)

 

38.5

%

 

3,100

0.14

%

10

111,500

0.14

%

340

114,600

0.14

%

350

19,900

0.13

%

60

 

66

%

TOTAL NEVADA

 

 

 

3,100

0.14

%

10

111,500

0.14

%

340

114,600

0.14

%

350

19,900

0.13

%

60

 

66

%

TOTAL NEWMONT

 

 

 

591,500

0.37

%

4,850

2,160,600

0.27

%

12,970

2,752,100

0.29

%

17,820

1,365,000

0.29

%

8,640

 

88

%

(1)

Resources are reported exclusive of reserves.

(2)

Resources for 2021 and 2020 were estimated at a copper price of $3.25 per pound. Tonnage amounts have been rounded to the nearest 100,000.

(3)

Project is currently undeveloped. Resource estimates provided by Teck Resources.

(4)

Project is currently undeveloped. Resource estimates provided by the NuevaUnión joint venture.

(5)

Project is currently undeveloped. Resource estimates provided by the Norte Abierto joint venture.

(6)

Project is currently undeveloped. Resource estimates provided by Yamana, the operator of the Agua Rica joint venture.

(7)

Resource estimates provided by Barrick, the operator of the NGM joint venture.

(8)

In February 2022, the Company increased its ownership interest in Yanacocha to 95% by acquiring Buenaventura’s 43.65% noncontrolling interest. See Note 1 of the Consolidated Financial Statements for further information.

Attributable Proven, Probable and Combined Silver Reserves (1)

December 31, 2021

 

December 31, 2020

 

 

 

 

Proven Reserves

 

Probable Reserves

 

Proven and Probable Reserves

 

 

 

Proven and Probable Reserves

 

 

 

 

Tonnage (2)

Grade

Silver (3)

 

Tonnage (2)

Grade

Silver (3)

 

Tonnage (2)

Grade

Silver (3)

 

 

 

Tonnage (2)

Grade

Silver (3)

Deposits/Districts

 

Newmont Share

 

(000

tonnes)

(g/tonne)

Ounces

(000)

 

(000

tonnes)

(g/tonne)

Ounces

(000)

 

(000

tonnes)

(g/tonne)

Ounces

(000)

 

Metallurgical

Recovery (3)

 

(000

tonnes)

(g/tonne)

Ounces

(000)

North America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peñasquito Open Pits, Mexico (4)

 

100

%

 

107,200

38.79

133,650

 

219,100

32.75

230,760

 

326,300

34.73

364,410

 

87

%

 

348,200

35.10

392,890

Peñasquito Stockpiles, Mexico (5)

 

100

%

 

7,800

31.10

7,810

 

27,900

24.15

21,670

 

35,700

25.67

29,480

 

87

%

 

39,600

25.81

32,860

TOTAL NORTH AMERICA

 

 

 

115,000

38.26

141,460

 

247,000

31.78

252,430

 

362,000

33.84

393,890

 

87

%

 

387,800

34.15

425,750

South America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yanacocha Open Pits and Underground (6)

 

51.35

%

 

1,200

7.57

280

 

48,900

19.08

30,000

 

50,100

18.80

30,280

 

55

%

 

55,700

17.82

31,910

Yanacocha Stockpiles (5)

 

51.35

%

 

1,400

31.48

1,450

 

 

1,400

31.48

1,450

 

75

%

 

2,700

36.02

3,120

Yanacocha Leach Pads (7)

 

51.35

%

 

 

47,300

8.16

12,400

 

47,300

8.16

12,400

 

5

%

 

55,400

8.18

14,560

Total Yanacocha, Peru (13)

 

 

 

2,600

20.81

1,730

 

96,200

13.85

42,400

 

98,800

13.85

44,130

 

42

%

 

113,800

13.85

49,590

Cerro Negro, Argentina (8)

 

100

%

 

1,700

71.26

4,010

 

7,200

54.16

12,540

 

8,900

57.51

16,550

 

76

%

 

9,000

70.75

20,420

Pueblo Viejo, Dominican Republic (9)

 

40

%

 

5,000

11.18

1,790

 

45,600

14.85

21,790

 

50,600

14.49

23,580

 

77

%

 

55,400

15.16

26,990

NuevaUnión, Chile (10)

 

50

%

 

 

1,118,000

1.31

47,170

 

1,118,000

1.31

47,170

 

66

%

 

1,118,000

1.31

47,170

Norte Abierto, Chile (11)

 

50

%

 

 

598,800

1.52

29,340

 

598,800

1.52

29,340

 

74

%

 

598,800

1.52

29,340

TOTAL SOUTH AMERICA

 

 

 

9,300

25.14

7,530

 

1,865,800

2.56

153,240

 

1,875,100

2.67

160,770

 

63

%

 

1,895,000

2.85

173,510

Nevada

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NGM, Nevada (12)

 

38.5

%

 

5,200

7.40

1,230

 

60,000

6.35

12,250

 

65,200

6.43

13,480

 

38

%

 

59,800

6.99

13,430

TOTAL NEVADA

 

 

 

5,200

7.40

1,230

 

60,000

6.35

12,250

 

65,200

6.43

13,480

 

38

%

 

59,800

6.99

13,430

TOTAL NEWMONT

 

 

 

129,500

36.08

150,220

 

2,172,800

5.98

417,920

 

2,302,300

7.68

568,140

 

74

%

 

2,342,600

8.14

612,690

(1)

See footnote (1) to the Gold Reserves table above. Silver reserves for 2021 and 2020 were estimated at a silver price of $20 and $17 per ounce, respectively.

(2)

See footnote (2) to the Gold Reserves table above. Tonnages are rounded to nearest 100,000.

(3)

See footnote (3) to the Gold Reserves table above. Ounces may not recalculate as they are rounded to the nearest 10,000.

(4)

Silver cut-off grade varies with gold, lead and zinc credits.

(5)

Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.

(6)

Silver cut-off grade varies with gold and copper credits.

(7)

Leach Pad material is the material on leach pads at the end of the year from which silver remains to be recovered. In-process material reserves are reported separately where tonnage or ounces are greater than 5% of the total site-reported reserves and ounces are greater than 100,000.

(8)

Silver cut-off grade varies with gold credits.

(9)

The Pueblo Viejo mine, which is 40% owned by Newmont, is accounted for as an equity method investment. Reserve estimates provided by Barrick, the operator of Pueblo Viejo.

(10)

Project is currently undeveloped. Reserve estimates provided by the NuevaUnión joint venture.

(11)

Project is currently undeveloped. Reserve estimates provided by the Norte Abierto joint venture.

(12)

Reserve estimates provided by Barrick, the operator of the NGM joint venture.

(13)

In February 2022, the Company increased its ownership interest in Yanacocha to 95% by acquiring Buenaventura’s 43.65% noncontrolling interest. See Note 1 of the Consolidated Financial Statements for further information.

Attributable Silver Mineral Resources (1)(2) - December 31, 2021

 

 

 

 

Measured Resource

 

Indicated Resource

 

Measured and Indicated Resource

 

Inferred Resource

 

 

 

 

Newmont

 

Tonnage

Grade

Silver

 

Tonnage

Grade

Silver

 

Tonnage

Grade

Silver

 

Tonnage

Grade

Silver

 

 

Deposits/Districts

 

Share

 

(000

tonnes)

(g/tonne)

Ounces

(000)

 

(000

tonnes)

(g/tonne)

Ounces

(000)

 

(000

tonnes)

(g/tonne)

Ounces

(000)

 

(000

tonnes)

(g/tonne)

Ounces

(000)

 

Metallurgical

Recovery

North America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peñasquito, Mexico

 

100

%

 

31,400

25.71

25,990

 

176,600

26.36

149,620

 

208,000

26.26

175,610

 

89,800

28.00

80,840

 

87

%

Noche Buena, Mexico

 

50

%

 

0.00

 

21,000

13.94

9,400

 

21,000

13.94

9,400

 

1,600

11.08

570

 

25

%

Galore Creek, Canada (3)

 

50

%

 

128,400

5.79

23,900

 

423,400

3.75

51,030

 

551,800

4.22

74,930

 

99,100

2.65

8,440

 

64

%

TOTAL NORTH AMERICA

 

 

 

159,800

9.71

49,890

 

621,000

10.52

210,050

 

780,800

10.35

259,940

 

190,500

14.67

89,850

 

75

%

South America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conga, Peru

 

51.35

%

 

0.00

 

356,300

2.06

23,580

 

356,300

2.06

23,580

 

89,900

1.13

3,250

 

70

%

Yanacocha Open Pits and Stockpiles

 

51.35

%

 

4,600

3.31

490

 

44,600

13.09

18,750

 

49,200

12.17

19,240

 

14,400

13.09

6,070

 

43

%

Yanacocha Underground

 

51.35

%

 

1.13

 

1,800

64.29

3,760

 

1,800

62.68

3,760

 

1,900

37.56

2,260

 

87

%

Total Yanacocha, Peru (9)

 

 

 

4,600

3.31

490

 

46,400

15.09

22,510

 

51,000

14.03

23,000

 

16,300

15.90

8,330

 

55

%

Cerro Negro Underground

 

100

%

 

100

46.22

140

 

1,300

57.30

2,360

 

1,400

56.55

2,500

 

7,500

39.04

9,400

 

75

%

Cerro Negro Open Pit

 

100

%

 

900

8.53

240

 

1,000

7.87

250

 

1,900

8.18

490

 

100

11.07

20

 

60

%

Total Cerro Negro, Argentina

 

 

 

1,000

12.15

380

 

2,300

35.92

2,610

 

3,300

28.76

2,990

 

7,600

38.80

9,420

 

74

%

Pueblo Viejo, Dominican Republic (4)

 

40

%

 

37,300

11.51

13,800

 

57,100

10.85

19,940

 

94,400

11.11

33,740

 

25,400

9.00

7,360

 

 

NuevaUnión, Chile (5)

 

50

%

 

164,300

0.96

5,080

 

349,800

1.19

13,360

 

514,100

1.12

18,440

 

602,100

1.16

22,520

 

66

%

Norte Abierto, Chile (6)

 

50

%

 

77,200

1.20

2,990

 

596,900

1.07

20,550

 

674,100

1.09

23,540

 

369,600

0.95

11,340

 

78

%

Agua Rica, Argentina (7)

 

18.75

%

 

120,200

2.90

11,190

 

135,700

2.41

10,520

 

255,900

2.64

21,710

 

139,300

1.62

7,260

 

43

%

TOTAL SOUTH AMERICA

 

 

 

404,600

2.61

33,930

 

1,544,500

2.28

113,070

 

1,949,100

2.35

147,000

 

1,250,200

1.73

69,480

 

61

%

Nevada

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NGM, Nevada (8)

 

38.5

%

 

2,900

5.57

520

 

84,000

5.54

14,960

 

86,900

5.54

15,480

 

18,900

5.60

3,410

 

38

%

TOTAL NEVADA

 

 

 

2,900

5.57

520

 

84,000

5.54

14,960

 

86,900

5.54

15,480

 

18,900

5.60

3,410

 

38

%

TOTAL NEWMONT

 

 

 

567,300

4.62

84,340

 

2,249,500

4.68

338,080

 

2,816,800

4.66

422,420

 

1,459,600

3.47

162,740

 

66

%

(1)

Resources are reported exclusive of reserves.

(2)

Resource for 2021 and 2020 were estimated at a silver price of $23 and $20 per ounce, respectively. Tonnage amounts have been rounded to the nearest 100,000.

(3)

Project is currently undeveloped. Resource estimates provided by Teck Resources.

(4)

Resource estimates provided by Barrick, the operator of Pueblo Viejo.

(5)

Project is currently undeveloped. Resource estimates provided by the NuevaUnión joint venture.

(6)

Project is currently undeveloped. Resource estimates provided by the Norte Abierto joint venture.

(7)

Project is currently undeveloped. Resource estimates provided by Yamana, the operator of the Agua Rica joint venture.

(8)

Resource estimates provided by Barrick, the operator of the NGM joint venture.

(9)

In February 2022, the Company increased its ownership interest in Yanacocha to 95% by acquiring Buenaventura’s 43.65% noncontrolling interest. See Note 1 of the Consolidated Financial Statements for further information.

Attributable Zinc Reserves (1)

December 31, 2021

 

December 31, 2020

 

 

 

 

Proven Reserves

 

Probable Reserves

 

Proven and Probable Reserves

 

 

 

Proven and Probable Reserves

 

 

Newmont

 

Tonnage (2)

Grade

Zinc (3)

 

Tonnage (2)

Grade

Zinc (3)

 

Tonnage (2)

Grade

Zinc (3)

 

Metallurgical

 

Tonnage (2)

Grade

Zinc (3)

Deposits/Districts

 

Share

 

(000

tonnes)

(Zn %)

Pounds

(millions)

 

(000

tonnes)

(Zn %)

Pounds

(millions)

 

(000

tonnes)

(Zn %)

Pounds

(millions)

 

Recovery

 

(000

tonnes)

(Zn %)

Pounds

(millions)

North America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peñasquito Open Pits, Mexico (4)

 

100

%

 

107,200

0.96

%

2,260

 

219,100

0.74

%

3,590

 

326,300

0.81

%

5,850

 

81

%

 

348,200

0.83

%

6,380

Peñasquito Stockpiles, Mexico (5)

 

100

%

 

7,800

0.67

%

120

 

27,900

0.45

%

280

 

35,700

0.50

%

400

 

81

%

 

39,600

0.49

%

430

TOTAL NEWMONT

 

 

 

115,000

0.94

%

2,380

 

247,000

0.71

%

3,870

 

362,000

0.78

%

6,250

 

81

%

 

387,800

0.80

%

6,810

(1)

See footnote (1) to the Gold Reserves table above. Zinc reserves for 2021 and 2020 were estimated at a zinc price of $1.15 per pound.

(2)

See footnote (2) to the Gold Reserves table above. Tonnages are rounded to nearest 100,000.

(3)

See footnote (3) to the Copper Reserves table above. Pounds may not recalculate as they are rounded to the nearest 10 million.

(4)

Zinc cut-off grade varies with level of gold, silver and zinc credits.

(5)

Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where tonnes exceed 10,000 and are greater than 5% of the total site-reported reserves.

Attributable Zinc Resources (1)(2) - December 31, 2021

 

 

 

 

Measured Resource

 

Indicated Resource

Measured and Indicated Resource

Inferred Resource

 

 

 

 

Newmont

 

Tonnage

Grade

Zinc

 

Tonnage

Grade

Zinc

Tonnage

Grade

Zinc

Tonnage

Grade

Zinc

 

 

Deposits/Districts

 

Share

 

(000

tonnes)

(Zn %)

Pounds

(millions)

 

(000

tonnes)

(Zn %)

Pounds

(millions)

(000

tonnes)

(Zn %)

Pounds

(millions)

(000

tonnes)

(Zn %)

Pounds

(millions)

 

Metallurgical

Recovery

North America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peñasquito, Mexico

 

100

%

 

31,400

0.66

%

460

 

176,600

0.57

%

2,230

208,000

0.59

%

2,690

89,800

0.54

%

1,070

 

81

%

TOTAL NEWMONT

 

 

 

31,400

0.66

%

460

 

176,600

0.57

%

2,230

208,000

0.59

%

2,690

89,800

0.54

%

1,070

 

81

%

(1)

Resources are reported exclusive of reserves.

(2)

Resources for 2021 and 2020 were estimated at a zinc price of $1.40 per pound. Tonnage amounts have been rounded to the nearest 100,000.

Attributable Lead Reserves (1)

December 31, 2021

 

December 31, 2020

 

 

 

 

Proven Reserves

 

Probable Reserves

 

Proven and Probable Reserves

 

 

 

Proven and Probable Reserves

 

 

Newmont

 

Tonnage (2)

Grade

Lead (3)

 

Tonnage (2)

Grade

Lead (3)

 

Tonnage (2)

Grade

Lead (3)

 

Metallurgical

 

Tonnage (2)

Grade

Lead (3)

Deposits/Districts

 

Share

 

(000

tonnes)

(Pb %)

Pounds

(millions)

 

(000

tonnes)

(Pb %)

Pounds

(millions)

 

(000

tonnes)

(Pb %)

Pounds

(millions)

 

Recovery

 

(000

tonnes)

(Pb %)

Pounds

(millions)

North America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peñasquito Open Pits, Mexico (4)

 

100

%

 

107,200

0.37

%

880

 

219,100

0.30

%

1,440

 

326,300

0.32

%

2,320

 

73

%

 

348,200

0.34

%

2,650

Peñasquito Stockpiles, Mexico (5)

 

100

%

 

7,800

0.34

%

60

 

27,900

0.32

%

200

 

35,700

0.33

%

260

 

73

%

 

39,600

0.33

%

290

TOTAL NEWMONT

 

 

 

115,000

0.37

%

940

 

247,000

0.30

%

1,640

 

362,000

0.32

%

2,580

 

73

%

 

387,800

0.34

%

2,940

(1)

See footnote (1) to the Gold Reserves table above. Lead reserves for 2021 and 2020 were estimated at a lead price of $0.90 per pound.

(2)

See footnote (2) to the Gold Reserves table above. Tonnages are rounded to nearest 100,000.

(3)

See footnote (3) to the Copper Reserves table above. Pounds may not recalculate as they are rounded to the nearest 10 million.

(4)

Lead cut-off grade varies with level of gold, silver and zinc credits.

(5)

Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where tonnes exceed 10,000 and are greater than 5% of the total site-reported reserves.

Attributable Lead Resources (1)(2) - December 31, 2021

 

 

 

 

Measured Resource

 

Indicated Resource

 

Measured and Indicated Resource

Inferred Resource

 

 

 

 

Newmont

 

Tonnage

Grade

Lead

 

Tonnage

Grade

Lead

 

Tonnage

Grade

Lead

Tonnage

Grade

Lead

 

 

Deposits/Districts

 

Share

 

(000

tonnes)

(Pb %)

Pounds

(millions)

 

(000

tonnes)

(Pb %)

Pounds

(millions)

 

(000

tonnes)

(Pb %)

Pounds

(millions)

(000

tonnes)

(Pb %)

Pounds

(millions)

 

Metallurgical

Recovery

North America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peñasquito, Mexico

 

100

%

 

31,400

0.29

%

200

 

176,600

0.26

%

1,020

 

208,000

0.27

%

1,230

89,800

0.24

%

480

 

73

%

TOTAL NEWMONT

 

 

 

31,400

0.29

%

200

 

176,600

0.26

%

1,020

 

208,000

0.27

%

1,230

89,800

0.24

%

480

 

73

%

(1)

Resources are reported exclusive of reserves.

(2)

Resources for 2021 and 2020 were estimated at a lead price of $1.10 per pound. Tonnage amounts have been rounded to the nearest 100,000.

Attributable Molybdenum Reserves (1)

December 31, 2021

 

December 31, 2020

 

 

 

 

Proven Reserves

 

Probable Reserves

 

Proven and Probable Reserves

 

 

 

Proven and Probable Reserves

 

 

Newmont

 

Tonnage (2)

Grade

Molybdenum (3)

 

Tonnage (2)

Grade

Molybdenum (3)

 

Tonnage (2)

Grade

Molybdenum (3)

 

Metallurgical

 

Tonnage (2)

Grade

Molybdenum (3)

Deposits/Districts

 

Share

 

(000

tonnes)

(Mo %)

Pounds

(millions)

 

(000

tonnes)

(Mo %)

Pounds

(millions)

 

(000

tonnes)

(Mo %)

Pounds

(millions)

 

Recovery

 

(000

tonnes)

(Mo %)

Pounds

(millions)

South America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NuevaUnión, Chile (4)

 

50.00

%

 

%

 

776,900

0.02

%

270

 

776,900

0.02

%

270

 

48

%

 

776,900

0.02

%

270

TOTAL NEWMONT

 

 

 

%

 

776,900

0.02

%

270

 

776,900

0.02

%

270

 

48

%

 

776,900

0.02

%

270

(1)

See footnote (1) to the Gold Reserves table above. Molybdenum reserves were estimated based on a molybdenum price set by NuevaUnión joint venture.

(2)

See footnote (2) to the Gold Reserves table above. Tonnages are rounded to nearest 100,000.

(3)

See footnote (3) to the Copper Reserves table above. Pounds may not recalculate as they are rounded to the nearest 10 million.

(4)

Project is currently undeveloped. Resource estimates provided by NuevaUnión joint venture.

Attributable Molybdenum Resources (1)(2) - December 31, 2021

 

 

 

 

Measured Resource

 

Indicated Resource

Measured and

Indicated Resource

Inferred Resource

 

 

 

 

Newmont

 

Tonnage

Grade

Molybdenum

 

Tonnage

Grade

Molybdenum

Tonnage

Grade

Molybdenum

Tonnage

Grade

Molybdenum

 

 

Deposits/Districts

 

Share

 

(000

tonnes)

(Mo %)

Pounds

(millions)

 

(000

tonnes)

(Mo %)

Pounds

(millions)

(000

tonnes)

(Mo %)

Pounds

(millions)

(000

tonnes)

(Mo %)

Pounds

(millions)

 

Metallurgical

Recovery

South America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NuevaUnión, Chile (3)

 

50

%

 

159,500

0.01

%

20

 

231,500

0.01

%

40

391,000

0.01

%

60

362,300

0.01

%

100

 

52

%

Agua Rica, Argentina (4)

 

18.75

%

 

141,900

0.03

%

80

 

137,400

0.03

%

90

279,300

0.03

%

170

139,900

0.03

%

90

 

44

%

TOTAL NEWMONT

 

 

 

301,400

0.02

%

100

 

368,900

0.02

%

130

670,300

0.02

%

230

502,200

0.02

%

190

 

46

%

(1)

Resources are reported exclusive of reserves.

(2)

Resources for NuevaUnión and Agua Rica are estimated based on a molybdenum price set by NuevaUnión joint venture and Yamana, respectively. Tonnage amounts have been rounded to the nearest 100,000.

(3)

Project is currently undeveloped. Resource estimates provided by NuevaUnión joint venture.

(4)

Resource estimates provided by Yamana, the operator of the Agua Rica joint venture.

Cautionary Statement Regarding Reserve and Resource Estimates:

The reserves stated in this report represent estimates at December 31, 2021, which could be economically and legally extracted or produced at the time of the reserve determination. Estimates of proven and probable reserves are subject to considerable uncertainty. Such estimates are, or will be, to a large extent, based on the prices of gold, silver, copper, zinc and lead and interpretations of geologic data obtained from drill holes and other exploration techniques, which data may not necessarily be indicative of future results. If our reserve estimations are required to be revised due to significantly lower gold, silver, zinc, copper and lead prices, increases in operating costs, reductions in metallurgical recovery or other modifying factors, this could result in material write-downs of our investment in mining properties, goodwill and increased amortization, reclamation and closure charges. Producers use feasibility studies for undeveloped ore bodies to derive estimates of capital and operating costs based upon anticipated tonnage and grades of ore to be mined and processed, the predicted configuration of the ore body, expected recovery rates of metals from the ore, the costs of comparable facilities, the costs of operating and processing equipment and other factors. Actual operating and capital cost and economic returns on projects may differ significantly from original estimates. Further, it may take many years from the initial phases of exploration until commencement of production, during which time, the economic feasibility of production may change. Additionally, resource does not indicate proven and probable reserves as defined by the SEC or the Company’s standards. Estimates of measured, indicated and inferred resource are subject to further exploration and development, and are, therefore, subject to considerable uncertainty. Inferred resources, in particular, have a great amount of uncertainty as to their existence and their economic and legal feasibility. The Company cannot be certain that any part or parts of the resource will ever be converted into reserves. In addition, if the price of gold, silver, copper, zinc or lead declines from recent levels, if production costs increase, grades decline, recovery rates decrease or if applicable laws and regulations are adversely changed, the indicated level of recovery may not be realized or mineral reserves or resources might not be mined or processed profitably. If we determine that certain of our mineral reserves have become uneconomic, this may ultimately lead to a reduction in our aggregate reported reserves and resources. Consequently, if our actual mineral reserves and resources are less than current estimates, our business, prospects, results of operations and financial position may be materially impaired. For additional information see the “Reserve and Resource Tables” section of this release and Item 2 of the Company’s Form 10-K, filed on February 24, 2022, with the SEC.

Cautionary Statement Regarding Forward Looking Statements:

This release may contain “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 production, reserve estimates, exploration outlook and expected expenditure, and operational and financial 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, assumptions and other factors, which could cause actual results to differ materially from future results expressed or implied by the “forward-looking statements”. Such assumptions, include, but are not limited to the key assumptions set forth above. Investors are also encouraged to refer to the Company’s 2021 Form 10-K, filed on February 24, 2022, with the SEC under the headings “Risk Factors” and “Forward-Looking Statements” for additional information, 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.

About Newmont

Newmont 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 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 expertise. Newmont was founded in 1921 and has been publicly traded since 1925.

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