Newmont about to steal Barrick’s crown

TOP GOLD MINER

PT Newmont Nusa Tenggara trucks haul ore at the Batu Hijau copper mine site in Indonesia. it’s pursuing greenfield exploration around the world, including in the Yukon, Colombia, Peru, Ethiopia, Australia and the Guiana Shield.

In the last five years, Newmont has sold US$2.8 billion in non-core assets, bought the Cripple Creek & Victor mine in Colorado, built three new mines and executed nine expansions, Goldberg said. “Taken together, we’ve added more than two million ounces of gold production at all-in sustaining costs of about US$750 per ounce.”

The company is moving away from a dividend linked to the price of gold in a move that will result in at least a 50-per-cent increase in payments, chief financial officer Nancy Buese said. Early this year, Goldberg said he would consider a dividend hike to lure investors from ETFs.

Asked if the company has room for more production increases and lower costs, Goldberg said: “We’ve only just begun.”