Newmont announces strategic actions, focused tier 1 portfolio

Newmont announced actions that together will deliver on its strategy. The company intends to divest six non-core assets including Eleonore, Musselwhite, Porcupine, CC&V, Akyem and Telfer, as well as two non-core projects including Havieron and Coffee. Newmont will be focusing management efforts on portfolio of Tier 1 assets and emerging Tier 1 assets. The company plans to sequence development projects to focus on enhancing project development capabilities and identify an additional $500M of cost and productivity improvements over and above initial synergy commitments. Production from Newmont’s optimized portfolio is expected to increase over the next five years while benefiting from cost reductions on a per unit basis. The growth necessary to meet the Company’s production targets is expected to be driven by Newmont’s ten Tier 1 operations. Tier 1 Portfolio gold production is expected to improve to 6.7 million ounces by 2028 with the completion of the Ahafo North project in Ghana, the expansion at Tanami and the completion of two block caves at Cadia in Australia. Boddington will emerge from the stripping campaign at the North and South Pits in 2026 with improved gold and copper grades. Lihir is expected to improve production in 2025 with higher grades from Phase 14a with operating improvements to mine and mill performance benefiting production. Penasquito will deliver higher production in 2025 with the stripping campaign completed at Penasco Pit. Non-managed operations will also improve production levels through 2028 mainly driven by Nevada Gold Mines. CAS and AISC per ounce are also expected to improve through 2028 with higher production volumes and productivity improvements gained from delivering on synergy commitments. “Newmont’s go-forward portfolio is the new standard for gold and copper mining,” said Tom Palmer, Newmont’s President and Chief Executive Officer. “This portfolio provides our shareholders with exposure to the highest concentration of Tier 1 assets in the sector, each with the scale and mine life to generate strong free cash flows, and all located in the world’s most favorable mining jurisdictions. It is from this platform that Newmont has established a balanced shareholder return framework, designed to return capital to shareholders through a stable base dividend and share repurchase program. As we look forward to this very important year of integration and transformation, I am confident in the quality of our assets and the capability of our team to deliver on our commitments, return capital to shareholders and justify our position as the benchmark gold equity.”