Newmont Continues Ramp-up, Updates Guidance
Newmont also provided a revised 2020 outlook with nearly all mines operating and mining deemed an essential activity in every jurisdiction where the company operates. The revised 2020 outlook assumes that operations will continue throughout the remainder of the year without major interruptions. Newmont’s long-term guidance remains unchanged with stable production of more than 6 million ounces (oz) and improving costs from 2021 through 2024.
This outlook is near the lower end of the company’s previous outlook. Costs applicable to sales (CAS) is expected to be $775 per oz and all-in sustaining costs is expected to be $1,015 per oz, which were toward the upper range of the company’s previous cost outlook. The revised 2020 outlook includes the production and cost impacts from the five operations temporarily placed into care and maintenance for an average of 45 days. The second quarter is expected to be the lowest production and highest cost quarter of 2020 as the sites ramp up from care and maintenance.