filings.toolsItem 2. PROPERTIES (dollars in millions, except per share, per ounce and per pound amounts)
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Item 2. PROPERTIES (dollars in millions, except per share, per ounce and per pound amounts)
Production and Development Properties
Newmont’s properties are described below and unless otherwise noted are in the production stage and are operated by Newmont. All key permits have either been obtained by Newmont or approval is expected to be received in the normal course of business. Operating statistics are presented below in the Operating Statistics section for each region. In addition, Newmont holds investment interests in Canada, Mexico, Chile, Argentina and various other locations.
Refer to Item 1A, Risk Factors, for risks related to our properties.
North America
The North America region maintains its headquarters in Vancouver, Canada and operates five sites, Cripple Creek & Victor (“CC&V”), Musselwhite, Porcupine, Éléonore and Peñasquito. On March 31, 2020, we completed the sale of the Red Lake complex in Ontario, Canada, included as part of the Company’s North America segment, to Evolution Mining Limited (“Evolution”).
Cripple Creek & Victor, U.S. (100% owned) CC&V, located next to the town of Victor and the city of Cripple Creek, Colorado, is an open pit operation. The CC&V operation comprises two state mining leases, three surface parcels, 154 mineral parcels, 1,753 patented mining claims and 13 unpatented lode claims encompassing a total area of 12,985 acres (5,255 hectares). CC&V is an epithermal alkalic deposit with heap leaching facilities and a mill, which consists of a crushing and grinding circuit, located on site. The mill is currently idled as of December 31, 2022. The available mining fleet consists of two hydraulic shovels, two loaders, and 21 haul trucks, each with a 250-tonne payload. CC&V’s gross property, plant and mine development at December 31, 2022 was $574. CC&V produced 182,000 ounces of gold in 2022 and reported 1.6 million ounces of gold reserves at December 31, 2022.
Musselwhite, Canada. (100% owned) Musselwhite, located approximately 265 miles (430 kilometers) north of Thunder Bay, Ontario, is an underground operation. The Musselwhite operation comprises 929 mining claims and 338 mining leases, issued under the Ontario Mining Act, encompassing an area of 13,366 acres (5,409 hectares). The mining leases expire between 2025 and 2033. Musselwhite is an iron formation hosted gold deposit. Process facilities include a conventional mill, which consists of a crushing and grinding circuit, carbon-in-pulp and carbon-in-leach plants, elution circuits and an electrowinning plant where the gold is recovered and smelted to produce doré. The available mining fleet consists of 11 underground loaders and 14 haul trucks, each with a 45-tonne payload. Musselwhite’s gross property, plant and mine development at December 31, 2022 was $1,194. Musselwhite produced 173,000 ounces of gold in 2022 and reported 1.9 million ounces of gold reserves at December 31, 2022.
Porcupine, Canada. (100% owned) Porcupine consists of the Hollinger open pit and Hoyle Pond underground operations, located in the city of Timmins, Ontario, as well as the Borden underground operation, located near the town of Chapleau, Ontario. The Porcupine operation is comprised of 1,129 mining claims, 983 mining patents, and 113 mining leases, issued under the Ontario Mining Act, encompassing an area of 340,420 acres (137,763 hectares). Mineralization at Hollinger and Hoyle, in Timmins, comprises multiple generations of quartz-carbonate-tourmaline albite veins, associated pyrite alteration envelopes, and disseminated pyrite mineralization. Mineralization at Borden consists of a shear zone containing quartz-vein hosted sulfides within a high-grade metamorphic greenstone package. Process facilities, located in the city of Timmins, include a conventional mill, which consists of a crushing and grinding circuit, carbon-in-pulp and carbon-in-leach plants, Knelson concentrators, Acacia reactor, elution circuits and an electrowinning plant where the gold is recovered and smelted to produce doré. The available mining fleet consists of two hydraulic shovels, three loaders, 19 underground loaders and 24 haul trucks, with payloads ranging from 24 to 137 tonnes. Porcupine’s gross property, plant and mine
development at December 31, 2022 was $1,672. Porcupine produced 280,000 ounces of gold in 2022 and reported 2.3 million ounces of gold reserves at December 31, 2022.
Éléonore, Canada. (100% owned) Éléonore, located approximately 510 miles (825 kilometers) north of Montreal in Eeyou Istchee/James Bay in Northern Quebec, is an underground operation. The Éléonore operation is comprised of 368 mining claims and one mining lease, issued under the Quebec Mining Act, encompassing 48,210 acres (19,511 hectares). Éléonore is a clastic sediment-hosted stockwork-disseminated gold deposit. Process facilities include a conventional mill which consists of a crushing and grinding circuit, flotation circuit, carbon-in-pulp circuits and an electrowinning plant where the gold is recovered and smelted to produce doré. The available fleet consists of 14 underground loaders and 10 haul trucks, each with 45 to 60-tonne payloads. Éléonore’s gross property, plant and mine development at December 31, 2022 was $1,104. Éléonore produced 215,000 ounces of gold in 2022 and reported 1.6 million ounces of gold reserves at December 31, 2022.
| Peñasquito, Mexico. (100% owned) Peñasquito is an open pit operation located in the northeast corner of Zacatecas State, Mexico, approximately 125 miles (200 kilometers) northeast of the city of Zacatecas and is accessible by paved roads with a private airport close to the site. The property began production in 2009, with commercial production being achieved in 2010. Goldcorp acquired its ownership in the mine in 2006 when it acquired Glamis. In 2019, Newmont acquired Goldcorp, obtaining full ownership interest in Peñasquito. Peñasquito consists of the Peñasco and Chile Colorado open pit mines. Peñasquito is comprised of 20 mining concessions for operations comprising 113,231 acres (45,823 hectares) and 60 mining concessions for exploration of 107,456 acres (43,486 hectares). Surface rights in the vicinity of the Peñasco and Chile Colorado open pits are held by three ejidos: Ejido Cedros, Ejido Mazapil and Ejido Cerro Gordo. Peñasquito has signed land use agreements with each ejidos, valid through 2035 and 2036, and the relevant private owners. |  |
In August 2020, the Company and Cedros General Assembly ratified the definitive agreement that was reached on April 22, 2020 and resolved all outstanding disputes between Peñasquito and the San Juan de Cedros community (Cedros). In addition, easements have been granted in association with the La Pardita-Cedros Highway and the El Salero-Peñasquito powerline. All necessary permits have been granted.
In July 2007, Goldcorp and Wheaton Precious Metals Corp. (then Silver Wheaton Corp.) entered into a silver streaming agreement. The Company is obligated to sell 25% of silver production from the Peñasquito mine to Wheaton Precious Metals Corporation at the lesser of market price or a fixed contract price, subject to an annual inflation adjustment of up to 1.65%. Refer to Note 4 to the Consolidated Financial Statements for further information.
A 2% net smelter return royalty is owed to Royal Gold Inc. from both the Chile Colorado and Peñasco open pits of the Peñasquito mine. Since January 1, 2014, the Mexican Government levies a 7.5% mining royalty that is imposed on earnings before interest, taxes, depreciation, and amortization. There is also a 0.5% environmental erosion fee payable on precious metal production, based on revenues. In December 2016, the State of Zacatecas in Mexico approved new environmental taxes (“Ecological Taxes”) that became effective January 1, 2017. The Ecological Taxes are calculated based on a predetermined formula and the volume of carbon emissions, as well as other environmental variables, at Peñasquito. The Company's payment of the Ecological Taxes primarily relates to the volume of carbon emissions at Peñasquito from fixed and mobile sources.
The mineralization at Peñasquito contains gold, silver, lead and zinc. Deposits currently mined within the Peñasquito operations are considered to be examples of breccia pipes developed as a result of intrusion-related hydrothermal activity.
Process facilities include a sulfide processing plant, comprising four stages of flotation: carbon, lead, zinc and pyrite. The carbon pre-flotation circuit was added in 2018 ahead of lead flotation to remove organic carbon associated with sedimentary ores. In the lead and zinc flotation, the slurry is conditioned with reagents to activate the desired minerals and produce lead and zinc concentrates. The pyrite circuit flotation was added at the end of 2018, which treats the zinc tailings in a pyrite flotation leach, and Merrill Crowe process to recover additional silver and gold in the form of doré. The tailings from the leach circuit undergoes cyanide destruction and combines with final flotation tailings for final deposition in the tailings storage facility.
The available mining fleet consists of five rope shovels, three hydraulic shovels, three loaders, and 82 haul trucks, each with a 312-tonne payload. The fleet is supported by 9 blast hole production drills, as well as track dozers, rubber tire dozers, excavators, and graders.
Brownfield exploration and development for new reserves is ongoing.
In January 2011, Peñasquito entered into a 20-year power delivery agreement with a subsidiary of InterGen Servicios Mexico (now Saavi Energia) where Peñasquito agreed to purchase electrical power from a gas-fired electricity generating facility located near San Luis de la Paz, Guanajuato, Mexico. The agreement commenced in August 2015. Power is also supplied by the Mexican Electricity Federal Commission (Comision Federal de Electricidad) at its central power grid through the El Salero-Peñasquito powerline.
Peñasquito’s gross property, plant and mine development at December 31, 2022 was $6,003.
Peñasquito produced 566,000 ounces of gold and 1,048,000 gold equivalent ounces of other metals in 2022. As of December 31, 2022 and 2021, Peñasquito reported 5.4 million and 6.3 million ounces of gold reserves, respectively, 346 million ounces and 394 million of silver reserves, respectively, 2,300 million and 2,580 million pounds of lead, respectively, and 5,540 million and 6,250 million pounds of zinc, respectively. The overall reduction in gold reserves is primarily due to depletion.
As of December 31, 2022 and 2021, Peñasquito reported 3.7 million and 2.9 million ounces of gold resources, respectively, 314 million ounces and 256 million of silver resources, respectively, 2,070 million and 1,710 million pounds of lead resources, respectively, and 4,740 million and 3,760 million pounds of zinc resources, respectively. The overall increase in gold resources is primarily due to net positive revisions.
South America
The South America region maintains its headquarters in Miami, Florida and operates three sites, Yanacocha, Merian and Cerro Negro. We also hold a 40% interest in the Pueblo Viejo Mine, an open pit gold mine located in the Dominican Republic. Barrick operates the Pueblo Viejo Mine and holds the remaining 60% interest.
Yanacocha, Peru. (100% owned) In 2022, the Company completed the acquisition of Compañia de Minas Buenaventura S.A.A.'s (“Buenaventura”) 43.65% noncontrolling interest and Summit Global Management II VB's, a subsidiary of Sumitomo ("Sumitomo"), 5% noncontrolling interest in Yanacocha. At December 31, 2022, the Company holds 100% ownership interest in Yanacocha. Refer to Note 1 of the Consolidated Financial Statements for further information.
Yanacocha is located approximately 375 miles (604 kilometers) north of Lima and 30 miles (48 kilometers) north of the city of Cajamarca and consists of the following open pit mines: the La Quinua Complex, the Yanacocha Complex, the Carachugo Complex and Maqui Maqui. Yanacocha’s is comprised of 171 mining concessions encompassing 244,372 acres (98,894 hectares). Contemporaneous with the Company's acquisition of the 43.65% noncontrolling interest, Chaupiloma, an indirect subsidiary of Buenaventura, assigned the mining rights to the remaining acres and concessions to Yanacocha in 2022.
Yanacocha is an epithermal type deposit of high sulfidation hosted in volcanic rock formations. Gold is associated with iron-oxides and pyrite, which is placed on leach pads. Yanacocha has four leach pads (La Quinua, Yanacocha, Carachugo and Maqui Maqui), three gold processing plants (Pampa Larga, Yanacocha Norte and La Quinua), one limestone processing facility (China Linda) and one mill (Yanacocha Gold Mill). The La Quinua Complex mined material from the La Quinua Sur and the Tapado Oeste Layback and finished mining operations in 2021. The Yanacocha Complex mined material from the Yanacocha Layback and Yanacocha Pinos, which has had limited mining operations in recent years, finished mining operations in 2022. The Maqui Maqui operations mined material from multiple mines that are no longer in operation. The Yanacocha Gold Mill ceased current operations in February 2021 and has been placed into care and maintenance. It will be repurposed for use as part of the Yanacocha Sulfides project. The Carachugo leach pad processes oxide material from Quecher Main. Yanacocha’s available mining fleet consists of two shovels, four excavators, one loader and 31 haul trucks, each with 233-tonne payload. Yanacocha’s gross property, plant and mine development at December 31, 2022 was $5,892. Yanacocha produced 244,000 ounces of gold (230,000 attributable ounces of gold) in 2022 and reported 5.8 million ounces of gold reserves and 1,530 million pounds of copper reserves at December 31, 2022.
Brownfield exploration and development for new reserves is ongoing and we continue to evaluate the potential for mining oxide and sulfide gold and copper mineralization.
Merian, Suriname. (75% owned) Merian is owned 75% by Newmont Suriname, LLC (“Newmont Suriname”) (formerly known as Suriname Gold Company LLC and 100% indirectly owned by Newmont Corporation) and 25% by Staatsolie Maatschappij Suriname N.V. (“Staatsolie,” a company wholly owned by the Republic of Suriname). Merian is located in Suriname, approximately 40 miles (66 kilometers) south of the town of Moengo and 19 miles (30 kilometers) north of the Nassau Mountains, close to the French Guiana border. The Merian operation is comprised of one Right of Exploitation and four Rights of Exploration encompassing an area of 41,484 acres (16,788 hectares). All of the gold mineralization at Merian is closely associated with quartz veining within siltstone and sandstone formations. The operation currently includes the Merian 2 open pit, the Merian 1 open pit, and the Maraba open pit. The Kupari open pit is currently in development. The available mining fleet consists of three shovels, three mining excavators and 36 haul trucks, each with 150-tonne payload. Merian includes processing facilities that utilize a conventional gold mill, primary crusher and processing plant, consisting of a comminution plant, including gravity and cyanide leach processes, with recovery by carbon-in-leach, elution, electrowinning and induction furnace smelting to produce a gold doré product. Merian’s gross property, plant and mine development at December 31, 2022 was $1,222. Merian produced 403,000 ounces of gold (302,000 attributable ounces of gold) in 2022 and reported 3.9 million attributable ounces of gold reserves at December 31, 2022.
Brownfield exploration and development for new reserves is ongoing.
Cerro Negro, Argentina. (100% owned) Cerro Negro is located in southern Argentina about 250 miles (400 kilometers) southwest of the coastal city of Comodoro Rivadavia. The mineral tenure consists of ten mining property titles encompassing 53,246 acres (21,548 hectares), and three exploration licenses, encompassing 13,193 acres (5,339 hectares). We also own lands in the Cerro Negro mine area, totaling approximately 27,429 acres (11,100 hectares), which overlie the Bajo Negro and Vein Zone deposits and adjacent prospects. Cerro Negro consists of the Eureka, Mariana Central, Mariana Norte, and Emilia operating underground mines and the San Marcos, Baja Negro, and Silica Cap underground mines, which are currently in development. Deposits within the Cerro Negro mine operations are low sulfidation, epithermal gold/silver vein deposits. Cerro Negro’s available underground mining fleet consists of 14 underground loaders, 17 underground haul trucks and eight surface haul trucks, each with 30 to 40-tonne payloads and additional auxiliary equipment as required. The processing plant facilities consist of a crushing plant, a grinding circuit, agitated leaching, counter-current decantation, solution clarification, Merril Crowe zinc precipitation and smelting to produce gold and silver doré bars that are shipped to a refinery for further processing. Cerro Negro’s gross property, plant and mine development at December 31, 2022 was $1,974. Cerro Negro produced 278,000 ounces of gold in 2022 and reported 3.0 million ounces of gold reserves at December 31, 2022.
Brownfield exploration and development for new reserves is ongoing, including the development of the Eastern district.
| Pueblo Viejo, Dominican Republic. (40% owned) Pueblo Viejo is a joint venture with Barrick, where Barrick is the operator. Commercial production was achieved in January 2013 and the Pueblo Viejo Mine completed its ramp-up to full design capacity in 2014. In March 2006, Barrick acquired the Pueblo Viejo mine as a result of their acquisition of Placer Dome Inc and subsequently sold 40% to Goldcorp. Newmont obtained the 40% ownership of Pueblo Viejo when Newmont acquired Goldcorp in 2019. We report our interest in Pueblo Viejo on an equity method basis. The Pueblo Viejo mine is an open pit conventional truck and shovel mining operation located approximately 60 miles (100 kilometers) northwest of Santo Domingo, Dominican Republic. The Pueblo Viejo mine is situated on the Montenegro Fiscal Reserve, an area specially designated by Presidential Decree for the leasing of minerals and mine development, which covers an area of approximately 19,756 acres (7,995 hectares) in aggregate. The property is accessible year-round by paved road from Santo Domingo. |  |
A special lease agreement (“SLA”) between the Dominican State and Pueblo Viejo governs the development and operation of the Pueblo Viejo mine. The SLA provides the right to operate the Pueblo Viejo mine for a 25-year period commencing on February 26, 2008, with one extension by right for 25 years and a second 25-year extension by mutual agreement of the parties, allowing a possible total term of 75 years. Pueblo Viejo pays the Dominican Republic government a net smelter return royalty of 3.2% based on gross revenues for gold and silver, a net profits interest of 28.75% based on an adjusted taxable cash flow, a corporate income tax of 25% based on adjusted net income, a withholding tax on interest paid on loans and on payments abroad, and other general tax obligations which include a graduated minimum tax.
The Pueblo Viejo deposits are located in two major areas, the Monte Negro pit and the Moore pit, and consists of high sulfidation or acid sulfate epithermal gold, silver, copper and zinc mineralization. Process facilities include a conventional mill which consists of a crushing and grinding circuit, autoclaves, and a carbon-in-leach circuit. Pueblo Viejo is continuing to advance a plant expansion and tailings storage facility designed to extend its life to 2040 and beyond. In 2013, Pueblo Viejo commissioned a combined cycle reciprocating engine power plant, together with a transmission line connecting the plant to the mine site. The power plant is located near the port city of San Pedro de Macoris and will provide the long-term power supply for the Pueblo Viejo mine. In 2019, Pueblo Viejo signed a 10-year natural gas supply contract with AES Andres DR, S.A. (“AES”) in the Dominican Republic who also completed a new gas pipeline to the facility.
The available mining fleet consists of three shovels, five front loaders, 46 haul trucks, and seven drills.
The Company's attributable portion of Pueblo Viejo’s gross property, plant and mine development is $1,687 at December 31, 2022. We report our 40% interest in Pueblo Viejo on an equity method basis under U.S. GAAP and as a result our attributable portion of Pueblo Viejo's gross property, plant and mine development is included in the carrying value of our equity method investment at December 31, 2022.
Pueblo Viejo produced 285,000 attributable ounces of gold in 2022. As of December 31, 2022 and 2021, the Company's attributable portion of gold reserve reported by Pueblo Viejo is 8.2 million and 3.6 million ounces of attributable gold reserves, respectively. The increase in reserves is primarily due the completion of the pre-feasibility study for the Tailings Storage Facility which resulted in the conversion of resources to reserves. As of December 31, 2022 and 2021, Pueblo Viejo reported 2.1 million and 7.3 million attributable ounces of gold resources, respectively. The decrease to resources is primarily due to the conversion of resources to reserves.
Australia
The Australia region maintains its headquarters in Perth, Australia and operates two sites, Boddington and Tanami.
Aboriginal land rights in Australia, which recognize the traditional rights and customs of Aboriginal people, are governed by the Commonwealth Native Title Act and certain other Acts specific to individual states and territories. The Commonwealth Native Title Act was enacted in 1993 following a decision in the High Court of Australia, which held that Aboriginal people, who have maintained a continuing connection with their land according to their traditional laws and customs, may hold certain rights which should be recognized under Australian common law. In the Northern Territory, where the Tanami operation is located, the Aboriginal Land Rights Act (“ALRA”) was introduced in 1976, which established an Aboriginal Land rights regime. Under the ALRA, approximately 50% of the land in the Northern Territory is Aboriginal freehold land.
All of Newmont’s operations in Australia take place on land that falls under the custodianship of Aboriginal people. Newmont does not consider that native title claims or determined areas where rights have been established are an impediment to the operation of existing mines. Newmont has existing agreements with the traditional owners of the land utilized by our Tanami and Boddington operations. Any future agreements would depend on a determination of native title, which is likely to take many years. If successful, a native title determination could give rights to compensation claims in the future. Throughout Australia, new exploratory and mining tenements may require native title agreements to be entered into and will be subject to a negotiation process, which often gives rise to compensation payments and heritage survey protocols.
In Australia, various ad valorem royalties and taxes are paid to state and territorial governments, typically based on a percentage of gross revenues or earnings. Aboriginal groups have negotiated compensation/royalty payments as a condition to granting access to areas where native title rights are determined or where they own the land.
| Boddington, Australia. (100% owned) Boddington is located 81 miles (130 kilometers) southeast of Perth in Western Australia and is accessible primarily by paved road. Boddington has been wholly owned since June 2009 when Newmont acquired the final 33.33% interest from AngloGold Ashanti Australia Limited. The Boddington project area comprises 52,506 acres (21,249 hectares) of mining tenure leased from the State of Western Australia, of which 26,910 acres (10,890 hectares) is subleased from the South 32 Worsley Joint Venturers ("Worsley JV"). The total project area is comprised of multiple leases that expire between 2023 and 2041. Royalties are paid to the state government at 2.5% for gold and 5% for copper based on revenue. Shipping and treatment and refining costs are allowable deductions from revenue for royalty calculations for copper. Newmont owns 74,474 acres (30,139 hectares) of rural freehold property, some of which overlaps existing mining tenure. The majority of its current operational area is located on its freehold property. |  |
The subleases from the Worsley JV expire immediately prior to the expiry of the relevant mining leases. Newmont holds rights to renew the subleases. The mining leases are renewable upon application to the State of Western Australia by the Worsley JV. As these mining leases are in their third term, renewal of these mining leases is at the discretion of the State. The subleases do not confer an express right to require the Worsley JV to seek application to renew the mining leases. Newmont is entitled to all gold and other non-bauxite mineralization conferred by the mining leases. The Worsley JV retains the rights to bauxite mineralization. The relationship between the Worsley JV bauxite operations and the Boddington gold operations are regulated through a cross-operation agreement. This agreement confers priority on the bauxite operations such that the bauxite/alumina mining operations of the Worsley JV will take priority over the gold mining operations and Newmont is required to take reasonable measures to conserve bauxite including by mining and stockpiling bauxite on behalf of the Worsley JV.
Boddington consists of greenstone diorite hosted mineralization and exploration activities continue to develop the known reserve. The mine operates two pits (North and South Pits), utilizing two electric rope shovels, a diesel powered face shovel and an electric hydraulic shovel as its prime ex-pit material movers with a fleet of 36 production autonomous haulage trucks. Boddington has a current capacity to mine approximately 150,000 to 200,000 tonnes of material per day. The milling plant includes a three-stage crushing facility (two primary crushers, six secondary crushers and four high-pressure grinding rolls), four ball mills, a flotation circuit and a carbon-in-leach circuit. The flotation circuit process recovers gold-copper concentrate before the material is then processed by a traditional carbon-in-leach circuit where the remaining gold is recovered to produce doré. Mining operations consist of two open pit operations located adjacent to each other.
Power for the operation is sourced through the local power grid under a long-term power purchase agreement with Bluewaters Power. The power supply contract with Bluewaters commenced in 2006 with a term of 17 years and includes an option to extend.
Boddington’s gross property, plant and mine development at December 31, 2022 was $4,612.
Boddington produced 798,000 ounces of gold and 227,000 gold equivalent ounces of other metals in 2022. As of December 31, 2022 and 2021, Boddington reported 10.6 million and 11.6 million ounces of gold reserves, respectively, and 1,160 million and 1,290 million pounds of copper reserves. respectively. The overall reduction in gold reserves is primarily due to depletion.
As of December 31, 2022 and 2021, Boddington reported 4.6 million and 4.8 million ounces of gold resources, respectively, and 660 million and 680 million pounds of copper resources, respectively. The gold resources remained consistent.
Brownfield exploration and development for new reserves is ongoing.
Tanami, Australia. (100% owned) Tanami is located in the Northern Territory approximately 342 miles (550 kilometers) northwest of Alice Springs. The underground mining infrastructure and operation is located at Dead Bullock Soak (“DBS”). The processing infrastructure is located 25 miles (40 kilometers) to the east of the mining operations at the Granites. Ore is transported by road train from DBS underground to the processing facility at the Granites.
The Newmont Tanami Operations are comprised of exploration licenses encompassing a total area of 1,620,332 acres (655,725 hectares) including 677,736 acres (274,270 hectares) relating to the Tobruk and Monza Joint Ventures entered into with Prodigy Gold, for which Newmont is the operator, and 11,025 acres (4,462 hectares) of mineral leases granted pursuant to the Northern Territory Mineral Titles Act. Additionally, Newmont operates through agreements with the Central Land Council who represent the Warlpiri people.
Tanami consists of sediment hosted sheeted quartz vein mineralization. Tanami, as an underground mining operation, has a fleet of ten underground loaders and 22 haul trucks, each with 60 to 65-tonne payloads. Processing plant facilities currently consist of a crushing plant, a grinding circuit, gravity carbon in pulp tanks and a conventional tailings disposal facility. Tanami’s gross property, plant and mine development at December 31, 2022 was $2,608. Tanami produced 484,000 ounces of gold in 2022 and reported 5.7 million ounces of gold reserves at December 31, 2022.
Brownfield exploration and development for new reserves is ongoing with the main focus being underground ore definition drilling of the Auron, Federation and Liberator ore bodies as well as exploration of the Oberon deposit.
Africa
The Africa region maintains its headquarters in Accra, Ghana and operates two sites, Ahafo and Akyem.
In December 2003, Ghana’s Parliament unanimously ratified an Investment Agreement (“IA”) between Newmont and the government of Ghana. The IA established a fixed fiscal and legal regime, including fixed royalty and tax rates, for the life of any Newmont project in Ghana. In December 2015, Ghana’s Parliament ratified the Revised Investment Agreements (“Ghana Investment Agreements” or “Revised IAs”). Currently, the maximum corporate income tax rate remains at 32.5% and royalties are paid on a sliding scale system that is based on average monthly gold prices. The rates range from 3% to 5% of revenues (plus an additional 0.6% for any production from forest reserve areas). The government of Ghana is also entitled to receive 10% of a project’s net cash flow after reaching specific production milestones by receiving 1/9th of the total amount paid as dividends to Newmont parent. When the average quoted gold price exceeds $1,300 per ounce within a calendar year, an advance payment on these amounts of 0.6% of total revenues is required. The Ghana Investment Agreements also contain commitments with respect to job training for local Ghanaians, community development, purchasing of local goods and services and environmental protection.
The Ghana Investment Agreements also include a change in tax stabilization from life of mine to 15 years from commercial production for each mine. In October 2017, the government of Ghana approved Newmont’s request to extend the stability period of the Revised IAs at the Ahafo operations for five years to December 31, 2025. The extension was approved based on Newmont’s commitment to invest at least $300 for the Subika Underground and Ahafo Mill Expansion projects. This commitment was completed during the fourth quarter of 2018.
The Ahafo and Akyem mines operate using electrical power generated by the Volta River Authority along with supplemental power generation capacity built by Newmont.
| Ahafo, Ghana. (100% owned) Our current Ahafo operation ("Ahafo South") is located near Kenyasi in the Ahafo Region of Ghana, approximately 180 miles (290 kilometers) northwest of the national capital city of Accra, and is largely accessible by paved roads. In 2002, Newmont acquired 50% of Ahafo South as a result of the merger with Normandy. In 2003, Newmont purchased the remaining interest from Moydow Mines International Inc. (“Moydow”), thereby making it a wholly owned subsidiary. The Ahafo South mine commenced commercial production in 2006 and currently operates a mill, two pits and an underground operation. In July 2021, the Board of Directors approved full funding for the Ahafo North project which will expand our existing footprint in Ghana with four open pit mines and a stand-alone mill located approximately 30 kilometers from our current Ahafo South operations. |  |
The Ahafo South operations are comprised of three mining leases issued under the Ghanaian Mining Act encompassing a total area of approximately 137,000 acres (55,000 hectares) with current mine take area of approximately 13,200 acres (5,300 hectares) that has been fully compensated and approximately 10,700 acres (4,300 hectares) of mining area that has not been fully compensated (e.g. payment would be necessary to move people from their land). The mining leases grant the exclusive rights to work, develop and produce gold in the lease area, including the processing, storing and transportation of mineral and materials. The mining leases require Ahafo South to respect or perform certain financial and statutory reporting obligations and expire in 2031 and are renewable subject to certain conditions. Ahafo South pays a royalty of 2% on net smelter returns to Franco-Nevada for all gold ounces recovered from areas previously owned by Moydow and a sliding scale royalty based on the average monthly gold price up to 5% on gold production to the government of Ghana.
The Ahafo South mine is composed of three orogenic gold deposits that have oxide and primary mineralization. Gold occurs primarily in pyrite and secondarily as native gold in quartz veins. Ahafo South has two active open pits, Subika and Awonsu. Subika added an underground operation, which reached commercial production in November 2018, and Awonsu completed a layback in November 2019. The available mining fleet for surface mining consists of three shovels and 36 haul trucks, each with 141-tonne payload. The available mining fleet for underground mining consists of eight underground loaders and 12 haul trucks, with payload ranging from 50 to 55-tonnes. The daily production rate is approximately 95,000 tonnes. The original processing plant was commissioned in 2006. The Ahafo Mill Expansion, which was completed in October 2019, expanded the plant capacity to process approximately 11 million tonnes per year. The current processing plant consists of two crushing plants, two grinding circuits, carbon-in-leach circuits, elution circuit, counter current decantation circuit, a tailings disposal facility and an analytical laboratory managed by a third party.
Brownfield exploration and development for new reserves is ongoing.
Ahafo South’s gross property, plant and mine development at December 31, 2022 was $3,052.
Ahafo South produced 574,000 ounces of gold in 2022. As of December 31, 2022 and 2021, Ahafo South reported 5.7 million and 6.1 million ounces of gold reserves respectively. The overall reduction in gold reserves is primarily due to depletion.
As of December 31, 2022 and 2021, Ahafo South reported 5.2 million and 5.0 million ounces of gold resources respectively. The overall increase in gold resources is primarily due to exploration additions and positive net revisions partially offset by conversion to reserves.
Akyem, Ghana. (100% owned) Akyem, located in Birim North District of the Eastern Region of Ghana, approximately 80 miles (125 kilometers) northwest of the national capital city of Accra, is an open pit mining operation comprised of two mining leases issued under the Ghanaian Mining Act, encompassing an area of approximately 16,000 acres (6,000 hectares). The Akyem mine is an orogenic gold deposit that has oxide and primary mineralization. Process facilities include a crushing plant, a SAG and ball milling circuit, carbon-in-leach circuit, elution circuit and bullion smelting facilities. The available mining fleet consists of four excavators made up of two front end shovels and two backhoe excavators and twenty one 136-tonne haul trucks. Akyem’s gross property, plant and mine development at December 31, 2022 was $1,697. Akyem produced 420,000 ounces of gold in 2022 and reported 1.5 million ounces of gold reserves at December 31, 2022.
Nevada
| NGM, Nevada, U.S. (38.5% owned) Nevada Gold Mines ("NGM") is located in Elko, Nevada. On July 1, 2019, Newmont and Barrick consummated the Nevada JV Agreement, which combined the Company’s Nevada mining operations with Barrick’s Nevada mining operations resulting in the establishment of NGM; a joint venture with Barrick who is the operator. NGM operations are primarily accessible by paved road and is comprised of 180,921 acres (73,217 hectares) in aggregate including Cortez 53,999 acres (21,853 hectares), Carlin 58,255 acres (23,575 hectares), Turquoise Ridge 26,679 acres (10,797 hectares), Phoenix 17,900 acres (7,244 hectares), and Long Canyon 24,088 acres (9,748 hectares). |  |
All sites at NGM contain open pit operations while Cortez, Carlin, and Turquoise Ridge also include underground operations. At Cortez, mineralization is sedimentary rock-hosted and consists of submicron to micrometer-sized gold particles and gold in solid solution in pyrite. Refractory ore is transported to Carlin for processing. Phoenix is a skarn-hosted polymetallic massive sulfide replacement deposit. The Phoenix mill produces a gravity gold concentrate and a copper/gold flotation concentrate and recovers additional gold from cyanide leaching of the flotation tails. Carlin, Turquoise Ridge, and Long Canyon are a sediment-hosted disseminated gold deposit. Additionally, at Long Canyon, oxide ore with suitable cyanide solubility is treated on a heap leach pad. Gold recovered from the leach pad is transferred as gold-bearing carbon to Carlin for refining and shipment.
In Nevada, mining taxes are assessed on up to 5% of net proceeds of a mine. During 2021, the Nevada legislature enacted a new excise tax which is assessed up to 1.1% of gross revenues.
NGM owns, or controls through leases, fee ownership, and unpatented mining claims, all of the minerals and surface area within the boundaries of the present Nevada mining operations. The long-term leases extend for at least the anticipated mine life of those deposits. With respect to a significant portion of the Gold Quarry mine at Carlin, NGM pays a net smelter royalty equivalent to 16.2% of the mineral production. NGM wholly-owns or controls the remainder of the Gold Quarry mineral rights, in some cases subject to additional royalties. With respect to certain smaller deposits in Nevada, NGM is obligated to pay royalties on production to third parties that vary from 1% to 8% of production.
Each site has its own process facilities which include: an oxide mill, which consists of a crushing and grinding circuit and carbon-in-leach circuit, and two heap leach pads at Cortez; an autoclave, two roasters, an oxide mill/flotation circuit and four heap leach pads at Carlin; the Sage autoclave, an oxide mill, and three heap leach pads at Turquoise Ridge; a flotation mill, a carbon-in-leach plant, a copper leach pad and a solvent extraction electrowinning (“SX/EW”) plant at Phoenix; and a heap leach pad at Long Canyon. NGM has a current capacity across all sites to mine approximately 340,000 tonnes of material per day. The milling facilities were commissioned over a range of years beginning in the 1990’s. They undergo routine maintenance each year with process improvements implemented as the projects are identified and approved. Power is either purchased in the open market or supplied by the power plants owned and operated by NGM.
The NGM operations include, in aggregate, an open pit mining fleet consisting of 28 shovels and 155 haul trucks with an average payload of 261 tonnes, and an underground mining fleet consisting of 51 underground loaders and 76 haul trucks, with an average payload of 30 tonnes.
Newmont’s share of NGM’s gross property, plant and mine development at December 31, 2022 was $8,081.
NGM produced 1,169,000 attributable ounces of gold in 2022. As of December 31, 2022 and 2021, the Company's attributable portion of gold reserve reported by NGM is 18.6 million and 19.3 million attributable ounces of gold reserves, respectively. The decrease in reserves is primarily due to mining depletion, which offset net positive revisions. As of December 31, 2022 and 2021, NGM reported 19.2 million and 16.2 million attributable ounces of gold resources, respectively. The increase to resources is primarily due to exploration additions and positive net revisions.
Brownfield exploration and development for new reserves is ongoing.
Operating Statistics
Operating Statistics, Proven and Probable Reserves and Measured, Indicated and Inferred Resources presented below contain tabular information that is presented in both metric and imperial as follows: (i) metric tonnage is utilized for all metals; (ii) gold and silver grades are presented in grams per tonne; (iii) copper, lead, zinc and molybdenum grades are presented in percentages; and (iv)
metal content for gold and silver is presented in ounces while metal content for copper, lead, zinc and molybdenum is presented in pounds.
The following tables detail operating statistics related to gold production, ounces sold and production costs per ounce of our continuing operations:
| Year Ended December 31, 2022 | North America | South America | Australia | Africa | Nevada | Total Gold | |||||||||||||||||||||||||||||
| Tonnes mined (000 tonnes): | |||||||||||||||||||||||||||||||||||
| Open pit | 219,388 | 97,320 | 59,270 | 59,224 | 103,158 | 538,360 | |||||||||||||||||||||||||||||
| Underground | 3,331 | 946 | 2,643 | 1,708 | 2,521 | 11,149 | |||||||||||||||||||||||||||||
| Tonnes processed (000 tonnes): | |||||||||||||||||||||||||||||||||||
| Mill | 41,979 | 15,131 | 39,830 | 18,984 | 13,655 | 129,579 | |||||||||||||||||||||||||||||
| Leach | 18,814 | 20,600 | — | — | 8,178 | 47,592 | |||||||||||||||||||||||||||||
| Average ore grade (grams/tonne): | |||||||||||||||||||||||||||||||||||
| Mill | 1.138 | 1.489 | 1.135 | 1.759 | 3.205 | 1.487 | |||||||||||||||||||||||||||||
| Leach | 0.428 | 0.453 | — | — | 0.467 | 0.446 | |||||||||||||||||||||||||||||
| Average mill recovery rate | 83.5 | % | 93.9 | % | 89.2 | % | 91.2 | % | 74.9 | % | 85.5 | % | |||||||||||||||||||||||
| Ounces produced (000): | |||||||||||||||||||||||||||||||||||
| Mill | 1,238 | 681 | 1,282 | 994 | 1,051 | 5,246 | |||||||||||||||||||||||||||||
| Leach | 178 | 244 | — | — | 118 | 540 | |||||||||||||||||||||||||||||
| Consolidated | 1,416 | 925 | 1,282 | 994 | 1,169 | 5,786 | |||||||||||||||||||||||||||||
| Attributable | 1,416 | 810 | 1,282 | 994 | 1,169 | 5,671 | |||||||||||||||||||||||||||||
| Consolidated ounces sold (000) | 1,427 | 934 | 1,299 | 987 | 1,165 | 5,812 | |||||||||||||||||||||||||||||
| Production costs per ounce sold: (1) | |||||||||||||||||||||||||||||||||||
| Direct mining and production costs | $ | 952 | $ | 976 | $ | 717 | $ | 729 | $ | 1,002 | $ | 875 | |||||||||||||||||||||||
| By-product credits | (4) | (36) | (8) | (2) | (49) | (19) | |||||||||||||||||||||||||||||
| Royalties and production taxes | 39 | 87 | 45 | 123 | 54 | 66 | |||||||||||||||||||||||||||||
| Write-downs and inventory change | 12 | 7 | 1 | 61 | (18) | 11 | |||||||||||||||||||||||||||||
| Costs applicable to sales (2) | 999 | 1,034 | 755 | 911 | 989 | 933 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 368 | 351 | 172 | 312 | 404 | 322 | |||||||||||||||||||||||||||||
| Reclamation accretion | 11 | 11 | 7 | 11 | 8 | 10 | |||||||||||||||||||||||||||||
| Total production costs | $ | 1,378 | $ | 1,396 | $ | 934 | $ | 1,234 | $ | 1,401 | $ | 1,265 | |||||||||||||||||||||||
| All-in sustaining costs per ounce sold (2) | $ | 1,287 | $ | 1,262 | $ | 950 | $ | 1,108 | $ | 1,220 | $ | 1,211 |
| Year Ended December 31, 2021 | North America | South America | Australia | Africa | Nevada | Total Gold | |||||||||||||||||||||||||||||
| Tonnes mined (000 tonnes): | |||||||||||||||||||||||||||||||||||
| Open pit | 218,393 | 101,682 | 66,308 | 59,929 | 121,067 | 567,379 | |||||||||||||||||||||||||||||
| Underground | 3,398 | 885 | 2,615 | 1,533 | 2,448 | 10,879 | |||||||||||||||||||||||||||||
| Tonnes processed (000 tonnes): | |||||||||||||||||||||||||||||||||||
| Mill | 43,033 | 16,437 | 42,708 | 18,078 | 13,690 | 133,946 | |||||||||||||||||||||||||||||
| Leach | 17,607 | 17,318 | — | — | 17,121 | 52,046 | |||||||||||||||||||||||||||||
| Average ore grade (grams/tonne): | |||||||||||||||||||||||||||||||||||
| Mill | 1.250 | 1.441 | 0.972 | 1.639 | 3.272 | 1.444 | |||||||||||||||||||||||||||||
| Leach | 0.455 | 0.603 | — | — | 0.578 | 0.545 | |||||||||||||||||||||||||||||
| Average mill recovery rate | 84.5 | % | 93.1 | % | 89.5 | % | 90.3 | % | 75.0 | % | 85.3 | % | |||||||||||||||||||||||
| Ounces produced (000): | |||||||||||||||||||||||||||||||||||
| Mill | 1,408 | 715 | 1,181 | 862 | 1,083 | 5,249 | |||||||||||||||||||||||||||||
| Leach | 190 | 256 | — | — | 189 | 635 | |||||||||||||||||||||||||||||
| Consolidated | 1,598 | 971 | 1,181 | 862 | 1,272 | 5,884 | |||||||||||||||||||||||||||||
| Attributable | 1,598 | 733 | 1,181 | 862 | 1,272 | 5,646 | |||||||||||||||||||||||||||||
| Consolidated ounces sold (000) | 1,628 | 964 | 1,173 | 858 | 1,274 | 5,897 | |||||||||||||||||||||||||||||
| Production costs per ounce sold: (1) | |||||||||||||||||||||||||||||||||||
| Direct mining and production costs | $ | 769 | $ | 840 | $ | 720 | $ | 683 | $ | 819 | $ | 769 | |||||||||||||||||||||||
| By-product credits | (4) | (89) | (10) | (3) | (62) | (32) | |||||||||||||||||||||||||||||
| Royalties and production taxes | 37 | 88 | 46 | 118 | 47 | 61 | |||||||||||||||||||||||||||||
| Write-downs and inventory change | (6) | (7) | (1) | 1 | (49) | (13) | |||||||||||||||||||||||||||||
| Costs applicable to sales (2) | 796 | 832 | 755 | 799 | 755 | 785 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 363 | 363 | 175 | 307 | 432 | 336 | |||||||||||||||||||||||||||||
| Reclamation accretion | 8 | 34 | 8 | 10 | 6 | 12 | |||||||||||||||||||||||||||||
| Total production costs | $ | 1,167 | $ | 1,229 | $ | 938 | $ | 1,116 | $ | 1,193 | $ | 1,133 | |||||||||||||||||||||||
| All-in sustaining costs per ounce sold (2) | $ | 1,016 | $ | 1,130 | $ | 1,002 | $ | 1,022 | $ | 918 | $ | 1,062 |
| Year Ended December 31, 2020 | North America | South America | Australia | Africa | Nevada | Total Gold | |||||||||||||||||||||||||||||
| Tonnes mined (000 tonnes): | |||||||||||||||||||||||||||||||||||
| Open pit | 183,010 | 98,010 | 89,941 | 66,848 | 137,220 | 575,029 | |||||||||||||||||||||||||||||
| Underground | 2,772 | 648 | 2,731 | 1,429 | 2,419 | 9,999 | |||||||||||||||||||||||||||||
| Tonnes processed (000 tonnes): | |||||||||||||||||||||||||||||||||||
| Mill | 37,907 | 19,881 | 43,136 | 17,740 | 14,868 | 133,532 | |||||||||||||||||||||||||||||
| Leach | 20,955 | 15,701 | — | — | 12,435 | 49,091 | |||||||||||||||||||||||||||||
| Average ore grade (grams/tonne): | |||||||||||||||||||||||||||||||||||
| Mill | 1.281 | 1.337 | 0.935 | 1.672 | 3.189 | 1.442 | |||||||||||||||||||||||||||||
| Leach | 0.476 | 0.354 | — | — | 0.576 | 0.462 | |||||||||||||||||||||||||||||
| Average mill recovery rate | 84.5 | % | 89.1 | % | 90.7 | % | 90.0 | % | 74.9 | % | 84.9 | % | |||||||||||||||||||||||
| Ounces produced (000): | |||||||||||||||||||||||||||||||||||
| Mill | 1,240 | 777 | 1,165 | 851 | 1,151 | 5,184 | |||||||||||||||||||||||||||||
| Leach | 217 | 240 | — | — | 183 | 640 | |||||||||||||||||||||||||||||
| Consolidated | 1,457 | 1,017 | 1,165 | 851 | 1,334 | 5,824 | |||||||||||||||||||||||||||||
| Attributable | 1,457 | 736 | 1,165 | 851 | 1,334 | 5,543 | |||||||||||||||||||||||||||||
| Consolidated ounces sold (000) | 1,448 | 1,034 | 1,160 | 853 | 1,336 | 5,831 | |||||||||||||||||||||||||||||
| Production costs per ounce sold: (1) | |||||||||||||||||||||||||||||||||||
| Direct mining and production costs | $ | 736 | $ | 725 | $ | 698 | $ | 663 | $ | 800 | $ | 731 | |||||||||||||||||||||||
| By-product credits | (4) | (51) | (8) | (2) | (44) | (22) | |||||||||||||||||||||||||||||
| Royalties and production taxes | 39 | 82 | 45 | 103 | 31 | 55 | |||||||||||||||||||||||||||||
| Write-downs and inventory change | 2 | 55 | (20) | (51) | (30) | (8) | |||||||||||||||||||||||||||||
| Costs applicable to sales (2) | 773 | 811 | 715 | 713 | 757 | 756 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 385 | 358 | 182 | 311 | 434 | 343 | |||||||||||||||||||||||||||||
| Reclamation accretion | 10 | 34 | 8 | 12 | 6 | 13 | |||||||||||||||||||||||||||||
| Total production costs | $ | 1,168 | $ | 1,203 | $ | 905 | $ | 1,036 | $ | 1,197 | $ | 1,112 | |||||||||||||||||||||||
| All-in sustaining costs per ounce sold (2) | $ | 1,049 | $ | 1,100 | $ | 964 | $ | 890 | $ | 920 | $ | 1,045 |
____________________________
(1)Production costs and All-In Sustaining Costs are not comparable due to differences in the items included in each of the measures. All-In Sustaining Costs is a non-GAAP financial measures. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.
(2)Costs applicable to sales per ounce and All-In Sustaining Costs per ounce are non-GAAP financial measures. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.
The following tables detail operating statistics related to co-product metal production and sales:
| Year Ended December 31, 2022 | |||||||||||||||||||||||
| Copper (1) | Silver (2) | Lead (2) | Zinc (2) | ||||||||||||||||||||
| (pounds) | (ounces) | (pounds) | (pounds) | ||||||||||||||||||||
| Tonnes milled (000 tonnes) | 37,240 | 35,928 | 35,928 | 35,928 | |||||||||||||||||||
| Average milled grade (tonnes/tonnes processed)/(grams/tonnes processed) | 0.14 | % | 32.27 | 0.27 | % | 0.70 | % | ||||||||||||||||
| Average mill recovery rate | 81.5 | % | 86.8 | % | 74.7 | % | 81.3 | % | |||||||||||||||
| Consolidated pounds (millions)/ounces (thousands) produced | 84 | 29,667 | 149 | 377 | |||||||||||||||||||
| Consolidated pounds (millions)/ounces (thousands) sold | 85 | 29,743 | 147 | 373 |
| Year Ended December 31, 2021 | |||||||||||||||||||||||
| Copper (1) | Silver (2) | Lead (2) | Zinc (2) | ||||||||||||||||||||
| (pounds) | (ounces) | (pounds) | (pounds) | ||||||||||||||||||||
| Tonnes milled (000 tonnes) | 40,058 | 35,730 | 35,730 | 35,730 | |||||||||||||||||||
| Average milled grade (tonnes/tonnes processed)/(grams/tonnes processed) | 0.11 | % | 32.42 | 0.29 | % | 0.77 | % | ||||||||||||||||
| Average mill recovery rate | 80.7 | % | 91.9 | % | 82.3 | % | 84.0 | % | |||||||||||||||
| Consolidated pounds (millions)/ounces (thousands) produced | 71 | 31,375 | 177 | 435 | |||||||||||||||||||
| Consolidated pounds (millions)/ounces (thousands) sold | 69 | 32,237 | 173 | 433 |
| Year ended December 31, 2020 | |||||||||||||||||||||||
| Copper (1) | Silver (2) | Lead (2) | Zinc (2) | ||||||||||||||||||||
| (pounds) | (ounces) | (pounds) | (pounds) | ||||||||||||||||||||
| Tonnes milled (000 tonnes) | 40,457 | 30,590 | 30,590 | 30,590 | |||||||||||||||||||
| Average milled grade (tonnes/tonnes processed)/(grams/tonnes processed) | 0.08 | % | 34.57 | 0.35 | % | 0.80 | % | ||||||||||||||||
| Average mill recovery rate | 80.2 | % | 90.8 | % | 80.1 | % | 84.1 | % | |||||||||||||||
| Consolidated pounds (millions)/ounces (thousands) produced | 56 | 27,801 | 179 | 381 | |||||||||||||||||||
| Consolidated pounds (millions)/ounces (thousands) sold | 56 | 28,596 | 185 | 407 |
____________________________
(1)All of our copper co-product production came from the Boddington Mine in Australia.
(2)All of our silver, lead and zinc co-product production came from the Peñasquito Mine in North America.
The following tables detail operating statistics related to co-product metal production costs per gold equivalent ounce (“GEO”) sold. Gold equivalent ounces are calculated as pounds or ounces produced multiplied by the ratio of the other metals’ price to the gold price, using the metal prices in the table below:
| Gold | Copper | Silver | Lead | Zinc | |||||||||||||||||||||||||
| (ounce) | (pound) | (ounce) | (pound) | (pound) | |||||||||||||||||||||||||
| 2022 GEO Price | $ | 1,200 | $ | 3.25 | $ | 23.00 | $ | 0.95 | $ | 1.15 | |||||||||||||||||||
| 2021 GEO Price | $ | 1,200 | $ | 2.75 | $ | 22.00 | $ | 0.90 | $ | 1.05 | |||||||||||||||||||
| 2020 GEO Price | $ | 1,200 | $ | 2.75 | $ | 16.00 | $ | 0.95 | $ | 1.20 |
| Year Ended December 31, 2022 | |||||||||||||||||
| North America | Australia | Total / Weighted-Average | |||||||||||||||
| Production costs per GEO sold: (1) | |||||||||||||||||
| Costs applicable to sales (2) | $ | 828 | $ | 782 | $ | 819 | |||||||||||
| Depreciation and amortization | 267 | 145 | 245 | ||||||||||||||
| Reclamation and remediation | 8 | 9 | 9 | ||||||||||||||
| Total production costs per GEO sold (3) | $ | 1,103 | $ | 936 | $ | 1,073 | |||||||||||
| All-in sustaining costs per GEO sold (2) | $ | 1,115 | $ | 909 | $ | 1,114 |
| Year Ended December 31, 2021 | |||||||||||||||||
| North America | Australia | Total / Weighted-Average | |||||||||||||||
| Production costs per GEO sold: (1) | |||||||||||||||||
| Costs applicable to sales (2) | $ | 603 | $ | 902 | $ | 640 | |||||||||||
| Depreciation and amortization | 291 | 147 | 273 | ||||||||||||||
| Reclamation and remediation | 5 | 11 | 6 | ||||||||||||||
| Total production costs per GEO sold (3) | $ | 899 | $ | 1,060 | $ | 919 | |||||||||||
| All-in sustaining costs per GEO sold (2) | $ | 826 | $ | 1,112 | $ | 900 |
| Year Ended Year ended December 31, 2020 | |||||||||||||||||
| North America | Australia | Total / Weighted-Average | |||||||||||||||
| Production costs per GEO sold: (1) | |||||||||||||||||
| Costs applicable to sales (2) | $ | 535 | $ | 837 | $ | 571 | |||||||||||
| Depreciation and amortization | 302 | 152 | 284 | ||||||||||||||
| Reclamation and remediation | 8 | 11 | 9 | ||||||||||||||
| Total production costs per GEO sold (3) | $ | 845 | $ | 1,000 | $ | 864 | |||||||||||
| All-in sustaining costs per GEO sold (2) | $ | 828 | $ | 1,080 | $ | 858 |
____________________________
(1)Production costs and All-In Sustaining Costs are not comparable due to differences in the items included in each of the measures. All-In Sustaining Costs is a non-GAAP financial measures. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.
(2)Costs applicable to sales per GEO and All-In Sustaining Costs per GEO are non-GAAP financial measures. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.
(3)May not recalculate due to rounding.
Proven and Probable Reserves
All of our reserves are located on land (i) we own or control, or (ii) that is owned or controlled by business entities established with our joint venture partners, in which the Company owns its pro-rata share of the capital stock, membership units, or interests. The risks that could affect title to our property are included above in Item 1A, Risk Factors.
A “mineral reserve” is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. The term “economically viable,” as used in the definition of reserve, means that the qualified person has analytically determined that extraction of the mineral reserve is economically viable under reasonable investment and market assumptions.
The term “proven reserves” means the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource. The term “probable reserves” means reserves for which quantity and grade are computed from information similar to that used for proven reserves, but the sites for sampling are farther apart or are otherwise less closely spaced. The degree of assurance, although lower than that for proven reserves, is high enough to assume continuity between points of observation. Proven and probable reserves include gold, copper, silver, lead, zinc or molybdenum attributable to Newmont’s ownership or economic interest.
Proven and probable reserves are based on extensive drilling, sampling, mine modeling and metallurgical testing from which we determined economic feasibility. The reference point for mineral reserves is the point of delivery to the process plant. Metal price assumptions, adjusted for our exchange rate assumption, are based on considering such factors as market forecasts, industry consensus and management estimates. 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 below list the average metallurgical recovery rate for each deposit, which takes into account the relevant processing methods. The cut-off grade, or lowest grade of mineralization considered economic to process, varies between deposits depending upon prevailing economic conditions, mineability of the deposit, by-products, amenability of the ore to gold, copper, silver, lead, zinc or molybdenum extraction and type of milling or leaching facilities available. Reserve estimates may have non-material differences in comparison to our joint venture partners due to differences in classification and rounding methodology.
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, copper, silver, lead, zinc and molybdenum will be realized. Ounces of gold or silver or pounds of copper, lead, zinc 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, copper, silver, lead, zinc and molybdenum, as well as increased production costs or reduced metallurgical recovery rates, could render certain proven and probable reserves containing higher cost reserves uneconomic to exploit and might result in a reduction of reserves.
We had attributable proven and probable gold reserves of 96.1 million ounces at December 31, 2022. In the fourth quarter of 2022, the Company raised the reserves gold pricing assumption from $1,200 in 2021 to $1,400. The increase in reserves gold pricing assumption is based on the Company’s assessment of multiple factors, including historical gold pricing trends, consensus price forecasts, impacts of inflation and resulting high-interest rate environment, the ongoing impacts of the COVID-19 pandemic, and the Russian invasion of Ukraine. These volatile market conditions have created a high degree of uncertainty in the global markets, which
have historically positively impacted gold prices. We estimate our 2022 reserves would increase by 3% (3.3 million ounces), or decline by 7% (7.2 million ounces), if estimated at a $1,500 and $1,300 per ounce gold price, respectively, with all other assumptions remaining constant.
We publish reserves annually, and will recalculate reserves at December 31, 2023, 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 2023.
The Company has internal controls for reviewing and documenting the information supporting the mineral reserve and mineral resource estimates, describing the methods used, and ensuring the validity of the estimates. These internal control processes were not materially impacted by the adoption of S-K 1300 in 2021. Information that is utilized to compile mineral reserves and resources is prepared and certified by appropriately qualified persons at the mine site level and is subject to our internal review process which includes review by the Newmont-designated region and the Qualified Person (“QP”) based in our corporate office in Denver, Colorado. Additionally, all material sites are audited every other year and the non-material sites on a three-year cycle by subject matter experts for compliance to internal standards and guidelines as well as regulatory requirements. The QP presents the mineral reserve and mineral resource information to the Audit Committee and the Disclosure Committee on an annual basis for further review.
The following tables detail gold proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2022 and 2021:
| Gold Reserves at December 31, 2022 (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Proven Reserves | Probable Reserves | Proven and Probable Reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (2) (000 tonnes) | Grade (g/tonne) | Ounces (3) (000) | Tonnage (2) (000 tonnes) | Grade (g/tonne) | Ounces (3) (000) | Tonnage (2) (000 tonnes) | Grade (g/tonne) | Ounces (3) (000) | Metallurgical Recovery (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CC&V Open Pits | 100% | 49,300 | 0.39 | 620 | 12,000 | 0.31 | 120 | 61,400 | 0.37 | 740 | 57% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CC&V Leach Pads (4)(5) | 100% | — | — | — | 32,600 | 0.78 | 820 | 32,600 | 0.78 | 820 | 56% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total CC&V, Colorado | 49,300 | 0.39 | 620 | 44,600 | 0.66 | 940 | 94,000 | 0.52 | 1,560 | 56% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Musselwhite, Canada (6) | 100% | 3,400 | 5.48 | 590 | 7,000 | 5.89 | 1,320 | 10,400 | 5.76 | 1,920 | 96% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Porcupine Underground (7) | 100% | 1,800 | 8.50 | 500 | 700 | 8.47 | 190 | 2,500 | 8.49 | 690 | 92% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Porcupine Open Pit (8) | 100% | 2,600 | 1.60 | 130 | 31,900 | 1.44 | 1,480 | 34,500 | 1.46 | 1,610 | 93% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Porcupine, Canada | 4,400 | 4.44 | 630 | 32,600 | 1.59 | 1,670 | 37,000 | 1.93 | 2,300 | 93% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Éléonore, Canada (9) | 100% | 1,900 | 5.11 | 310 | 7,400 | 5.25 | 1,260 | 9,400 | 5.22 | 1,570 | 92% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peñasquito, Mexico (10) | 100% | 104,500 | 0.58 | 1,960 | 212,000 | 0.51 | 3,450 | 316,500 | 0.53 | 5,410 | 69% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 163,500 | 0.78 | 4,110 | 303,700 | 0.89 | 8,640 | 467,200 | 0.85 | 12,750 | 79% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Yanacocha Open Pits (11) | 100% | 27,500 | 0.71 | 630 | 119,000 | 0.72 | 2,750 | 146,500 | 0.72 | 3,380 | 57% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Yanacocha Underground (12) | 100% | — | — | — | 12,300 | 6.06 | 2,400 | 12,300 | 6.06 | 2,400 | 97% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Yanacocha, Peru (13) | 27,500 | 0.71 | 630 | 131,300 | 1.22 | 5,140 | 158,800 | 1.13 | 5,780 | 73% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Merian, Suriname (14) | 75% | 31,000 | 1.16 | 1,150 | 73,800 | 1.16 | 2,750 | 104,800 | 1.16 | 3,900 | 93% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cerro Negro, Argentina (15) | 100% | 1,600 | 9.46 | 500 | 7,800 | 10.13 | 2,530 | 9,400 | 10.02 | 3,030 | 95% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pueblo Viejo Open Pits | 40% | 23,500 | 2.29 | 1,730 | 55,000 | 2.15 | 3,800 | 78,500 | 2.19 | 5,530 | 90% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pueblo Viejo Stockpiles (16) | 40% | — | — | — | 38,200 | 2.17 | 2,670 | 38,200 | 2.17 | 2,670 | 90% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Pueblo Viejo, Dominican Republic (17)(18) | 23,500 | 2.29 | 1,730 | 93,100 | 2.16 | 6,470 | 116,600 | 2.19 | 8,200 | 90% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NuevaUnión, Chile (19)(28) | 50% | — | — | — | 341,100 | 0.47 | 5,110 | 341,100 | 0.47 | 5,110 | 66% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Norte Abierto, Chile (20)(28) | 50% | — | — | — | 598,800 | 0.60 | 11,620 | 598,800 | 0.60 | 11,620 | 74% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 83,700 | 1.49 | 4,010 | 1,245,800 | 0.84 | 33,630 | 1,329,500 | 0.88 | 37,640 | 80% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Australia | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Boddington Open Pit | 100% | 237,400 | 0.68 | 5,190 | 209,300 | 0.64 | 4,300 | 446,700 | 0.66 | 9,490 | 85% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Boddington Stockpiles (16) | 100% | 2,000 | 0.71 | 50 | 76,200 | 0.43 | 1,040 | 78,300 | 0.43 | 1,090 | 80% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Boddington, Western Australia (21) | 239,400 | 0.68 | 5,240 | 285,500 | 0.58 | 5,350 | 524,900 | 0.63 | 10,580 | 84% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tanami, Northern Territory (22) | 100% | 11,300 | 5.05 | 1,840 | 21,600 | 5.49 | 3,820 | 33,000 | 5.34 | 5,660 | 98% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 250,800 | 0.88 | 7,080 | 307,100 | 0.93 | 9,160 | 557,900 | 0.91 | 16,240 | 89% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Africa | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ahafo South Open Pits (23) | 100% | 9,000 | 2.42 | 700 | 38,600 | 1.67 | 2,070 | 47,600 | 1.81 | 2,770 | 90% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ahafo South Underground (24) | 100% | 9,300 | 3.68 | 1,100 | 13,300 | 2.62 | 1,130 | 22,600 | 3.06 | 2,230 | 94% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ahafo South Stockpiles (16) | 100% | 22,100 | 0.91 | 640 | — | — | — | 22,100 | 0.91 | 640 | 90% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Ahafo South, Ghana | 40,400 | 1.89 | 2,450 | 51,900 | 1.92 | 3,200 | 92,300 | 1.90 | 5,650 | 92% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ahafo North, Ghana (25) | 100% | — | — | — | 50,100 | 2.37 | 3,820 | 50,100 | 2.37 | 3,820 | 91% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Akyem Open Pit (26) | 100% | 14,300 | 1.56 | 720 | 8,000 | 1.82 | 470 | 22,300 | 1.66 | 1,190 | 91% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Akyem Stockpiles (16) | 100% | 11,900 | 0.71 | 270 | — | — | — | 11,900 | 0.71 | 270 | 92% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Akyem, Ghana | 26,200 | 1.18 | 990 | 8,000 | 1.82 | 470 | 34,200 | 1.33 | 1,460 | 91% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 66,600 | 1.61 | 3,440 | 110,100 | 2.12 | 7,490 | 176,700 | 1.92 | 10,920 | 91% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nevada | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NGM Open Pits | 38.5% | 8,300 | 1.73 | 460 | 151,100 | 0.96 | 4,650 | 159,400 | 1.00 | 5,110 | 76% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NGM Stockpiles (16) | 38.5% | 10,100 | 2.05 | 670 | 15,000 | 2.51 | 1,210 | 25,100 | 2.32 | 1,880 | 79% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NGM Underground | 38.5% | 13,700 | 9.72 | 4,290 | 27,500 | 8.26 | 7,320 | 41,300 | 8.75 | 11,610 | 88% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total NGM, Nevada (27) | 32,100 | 5.24 | 5,410 | 193,700 | 2.12 | 13,180 | 225,800 | 2.56 | 18,590 | 84% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 32,100 | 5.24 | 5,410 | 193,700 | 2.12 | 13,180 | 225,800 | 2.56 | 18,590 | 84% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Gold | 596,700 | 1.25 | 24,050 | 2,160,400 | 1.04 | 72,100 | 2,757,100 | 1.09 | 96,140 | 83% |
| Gold Reserves at December 31, 2021 (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Proven Reserves | Probable Reserves | Proven and Probable Reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (2) (000 tonnes) | Grade (g/tonne) | Ounces (3) (000) | Tonnage (2) (000 tonnes) | Grade (g/tonne) | Ounces (3) (000) | Tonnage (2) (000 tonnes) | Grade (g/tonne) | Ounces (3) (000) | Metallurgical Recovery (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CC&V Open Pits | 100% | 70,700 | 0.44 | 1,000 | 15,400 | 0.37 | 180 | 86,100 | 0.43 | 1,180 | 60% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CC&V Leach Pads (5) | 100% | — | — | — | 31,200 | 0.81 | 810 | 31,200 | 0.81 | 810 | 57% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total CC&V, Colorado | 70,700 | 0.44 | 1,000 | 46,600 | 0.66 | 990 | 117,300 | 0.53 | 1,990 | 59% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Musselwhite, Canada | 100% | 2,800 | 5.07 | 460 | 6,700 | 6.07 | 1,310 | 9,500 | 5.77 | 1,770 | 96% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Porcupine Underground | 100% | 2,300 | 7.24 | 530 | 900 | 7.97 | 240 | 3,200 | 7.46 | 770 | 92% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Porcupine Open Pit | 100% | 5,900 | 1.60 | 310 | 33,700 | 1.41 | 1,520 | 39,600 | 1.44 | 1,830 | 94% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Porcupine, Canada | 8,200 | 3.19 | 840 | 34,600 | 1.58 | 1,760 | 42,800 | 1.89 | 2,600 | 93% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Éléonore, Canada | 100% | 2,200 | 5.03 | 350 | 9,000 | 5.06 | 1,470 | 11,200 | 5.05 | 1,820 | 91% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peñasquito, Mexico (17) | 100% | 115,000 | 0.61 | 2,250 | 247,000 | 0.51 | 4,080 | 362,000 | 0.54 | 6,330 | 69% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 198,900 | 0.77 | 4,900 | 343,900 | 0.87 | 9,610 | 542,800 | 0.83 | 14,510 | 78% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Yanacocha Open Pits | 51.35% | 16,500 | 0.66 | 350 | 68,200 | 0.68 | 1,490 | 84,700 | 0.68 | 1,840 | 57% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Yanacocha Underground | 51.35% | — | — | — | 7,000 | 6.20 | 1,390 | 7,000 | 6.20 | 1,390 | 97% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Yanacocha, Peru | 16,500 | 0.66 | 350 | 75,200 | 1.19 | 2,880 | 91,700 | 1.10 | 3,230 | 74% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Merian, Suriname | 75% | 47,100 | 1.36 | 2,050 | 54,500 | 1.11 | 1,950 | 101,600 | 1.22 | 4,000 | 93% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cerro Negro, Argentina | 100% | 1,800 | 8.93 | 500 | 7,200 | 8.88 | 2,060 | 9,000 | 8.89 | 2,560 | 94% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pueblo Viejo Open Pits | 40% | 5,000 | 2.20 | 350 | 8,200 | 2.33 | 620 | 13,200 | 2.28 | 970 | 89% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pueblo Viejo Stockpiles (16) | 40% | — | — | — | 37,400 | 2.20 | 2,640 | 37,400 | 2.20 | 2,640 | 89% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Pueblo Viejo, Dominican Republic (18) | 5,000 | 2.20 | 350 | 45,600 | 2.22 | 3,260 | 50,600 | 2.22 | 3,610 | 89% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NuevaUnión, Chile (19)(28) | 50% | — | — | — | 341,100 | 0.47 | 5,110 | 341,100 | 0.47 | 5,110 | 66% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Norte Abierto, Chile (20)(28) | 50% | — | — | — | 598,800 | 0.60 | 11,620 | 598,800 | 0.60 | 11,620 | 74% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 70,400 | 1.44 | 3,250 | 1,122,400 | 0.75 | 26,880 | 1,192,800 | 0.79 | 30,130 | 78% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Australia | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Boddington Open Pit | 100% | 237,400 | 0.70 | 5,360 | 239,100 | 0.66 | 5,080 | 476,500 | 0.68 | 10,440 | 86% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Boddington Stockpiles (16) | 100% | 2,700 | 0.68 | 60 | 79,100 | 0.43 | 1,090 | 81,800 | 0.44 | 1,150 | 79% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Boddington, Western Australia (17) | 240,100 | 0.70 | 5,420 | 318,200 | 0.60 | 6,170 | 558,300 | 0.65 | 11,590 | 85% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tanami, Northern Territory | 100% | 12,700 | 4.97 | 2,040 | 22,100 | 5.25 | 3,740 | 34,800 | 5.15 | 5,780 | 98% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 252,800 | 0.92 | 7,460 | 340,300 | 0.91 | 9,910 | 593,100 | 0.91 | 17,370 | 89% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Africa | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ahafo South Open Pits | 100% | 11,800 | 2.35 | 890 | 39,700 | 1.67 | 2,140 | 51,500 | 1.83 | 3,030 | 95% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ahafo South Underground | 100% | 9,400 | 3.76 | 1,140 | 12,700 | 2.68 | 1,100 | 22,100 | 3.14 | 2,240 | 94% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ahafo South Stockpiles (16) | 100% | 28,300 | 0.92 | 830 | — | — | — | 28,300 | 0.92 | 830 | 89% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Ahafo South, Ghana (17) | 49,500 | 1.80 | 2,860 | 52,400 | 1.92 | 3,240 | 101,900 | 1.86 | 6,100 | 94% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ahafo North, Ghana | 100% | — | — | — | 46,300 | 2.40 | 3,570 | 46,300 | 2.40 | 3,570 | 91% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Akyem Open Pit | 100% | 15,800 | 1.61 | 810 | 10,900 | 1.89 | 660 | 26,700 | 1.72 | 1,470 | 92% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Akyem Stockpiles (16) | 100% | 13,900 | 0.78 | 350 | — | — | — | 13,900 | 0.78 | 350 | 91% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Akyem, Ghana | 29,700 | 1.22 | 1,160 | 10,900 | 1.89 | 660 | 40,600 | 1.40 | 1,820 | 91% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 79,200 | 1.58 | 4,020 | 109,600 | 2.12 | 7,470 | 188,800 | 1.89 | 11,490 | 92% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nevada | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NGM Open Pits | 38.5% | 10,000 | 1.86 | 600 | 119,500 | 1.21 | 4,650 | 129,500 | 1.26 | 5,250 | 70% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NGM Stockpiles (16) | 38.5% | 14,300 | 2.03 | 940 | 14,900 | 2.62 | 1,250 | 29,200 | 2.33 | 2,190 | 68% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NGM Underground | 38.5% | 13,600 | 9.95 | 4,340 | 28,000 | 8.39 | 7,560 | 41,600 | 8.90 | 11,900 | 88% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total NGM, Nevada (17)(27) | 37,900 | 4.82 | 5,880 | 162,400 | 2.58 | 13,460 | 200,300 | 3.00 | 19,340 | 81% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 37,900 | 4.82 | 5,880 | 162,400 | 2.58 | 13,460 | 200,300 | 3.00 | 19,340 | 81% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Gold | 639,200 | 1.24 | 25,510 | 2,078,600 | 1.01 | 67,330 | 2,717,800 | 1.06 | 92,840 | 81% |
____________________________
(1)Gold reserves, at sites in which Newmont is the operator for 2022 and 2021 were estimated at a gold price of $1,400 and $1,200 per ounce, respectively, unless otherwise noted. Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding.
(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 2022 reserves were as follows: 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 2022 reserves not less than 3.10 gram per tonne.
(7)Cut-off grade utilized in 2022 reserves not less than 5.00 gram per tonne.
(8)Cut-off grade utilized in 2022 reserves not less than 0.51 gram per tonne.
(9)Cut-off grade utilized in 2022 reserves not less than 4.00 gram per tonne.
(10)Gold cut-off grade varies with level of silver, lead and zinc credits.
(11)Gold cut-off grades utilized in 2022 reserves were as follows: oxide leach material not less than 0.12 gram per tonne and refractory mill material not less than 1.26 gram per tonne.
(12)Gold cut-off grades utilized in 2022 were as follows: oxide mill material not less than 2.63 gram per tonne and refractory mill material varies with level of copper and silver credits.
(13)In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. Refer to Note 1 to the Consolidated Financial Statements for further information.
(14)Cut-off grade utilized in 2022 reserves not less than 0.31 gram per tonne.
(15)Cut-off grade utilized in 2022 reserves not less than 4.30 gram per tonne.
(16)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.
(17)Amounts presented herein have been rounded to the nearest 10,000 for ounces and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
(18)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.
(19)Project is currently undeveloped. Reserve estimates provided by the NuevaUnión joint venture.
(20)Project is currently undeveloped. Reserve estimates provided by the Norte Abierto joint venture.
(21)Gold cut-off grade varies with level of copper credits.
(22)Cut-off grade utilized in 2022 reserves not less than 2.30 gram per tonne.
(23)Cut-off grade utilized in 2022 reserves not less than 0.60 gram per tonne.
(24)Cut-off grade utilized in 2022 reserves not less than 1.60 gram per tonne.
(25)Cut-off grade utilized in 2022 reserves not less than 0.56 gram per tonne.
(26)Cut-off grade utilized in 2022 reserves not less than 0.52 gram per tonne.
(27)Reserve estimates provided by Barrick, the operator of the NGM joint venture.
(28)Currently included in Corporate and Other in Note 3 of the Consolidated Financial Statements.
The following tables detail copper proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2022 and 2021:
| Copper Reserves at December 31, 2022 (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Proven Reserves | Probable Reserves | Proven and Probable Reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (2) (000 tonnes) | Grade (Cu %) | Pounds (3) (millions) | Tonnage (2) (000 tonnes) | Grade (Cu %) | Pounds (3) (millions) | Tonnage (2) (000 tonnes) | Grade (Cu %) | Pounds (3) (millions) | Metallurgical Recovery (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Yanacocha Open Pits and Underground, Peru (4)(11) | 100% | — | —% | — | 111,100 | 0.63% | 1,530 | 111,100 | 0.63% | 1,530 | 83% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NuevaUnión, Chile (5)(6) | 50% | — | —% | — | 1,118,000 | 0.40% | 9,800 | 1,118,000 | 0.40% | 9,800 | 88% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Norte Abierto, Chile (6)(7) | 50% | — | —% | — | 598,800 | 0.22% | 2,890 | 598,800 | 0.22% | 2,890 | 87% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | —% | — | 1,827,900 | 0.35% | 14,220 | 1,827,900 | 0.35% | 14,220 | 87% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Australia | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Boddington Open Pit, Western Australia (8) | 100% | 237,400 | 0.10% | 510 | 209,300 | 0.11% | 500 | 446,700 | 0.10% | 1,010 | 82% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Boddington Stockpiles, Western Australia (9) | 100% | 2,000 | 0.13% | 10 | 76,200 | 0.09% | 150 | 78,300 | 0.09% | 150 | 74% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 239,400 | 0.10% | 520 | 285,500 | 0.10% | 640 | 524,900 | 0.10% | 1,160 | 81% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nevada | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NGM, Nevada (10) | 38.5% | 7,000 | 0.16% | 30 | 81,700 | 0.16% | 300 | 88,700 | 0.16% | 320 | 65% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 7,000 | 0.16% | 30 | 81,700 | 0.16% | 300 | 88,700 | 0.16% | 320 | 65% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Copper | 246,400 | 0.10% | 540 | 2,195,200 | 0.31% | 15,160 | 2,441,500 | 0.29% | 15,710 | 86% |
| Copper Reserves at December 31, 2021 (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Proven Reserves | Probable Reserves | Proven and Probable Reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (2) (000 tonnes) | Grade (Cu %) | Pounds (3) (millions) | Tonnage (2) (000 tonnes) | Grade (Cu %) | Pounds (3) (millions) | Tonnage (2) (000 tonnes) | Grade (Cu %) | Pounds (3) (millions) | Metallurgical Recovery (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Yanacocha Open Pits and Underground, Peru | 51.35% | — | —% | — | 57,700 | 0.61% | 780 | 57,700 | 0.61% | 780 | 84% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NuevaUnión, Chile (5)(6) | 50% | — | —% | — | 1,118,000 | 0.40% | 9,800 | 1,118,000 | 0.40% | 9,800 | 88% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Norte Abierto, Chile (6)(7) | 50% | — | —% | — | 598,800 | 0.22% | 2,890 | 598,800 | 0.22% | 2,890 | 87% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | —% | — | 1,774,500 | 0.34% | 13,470 | 1,774,500 | 0.34% | 13,470 | 87% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Australia | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Boddington Open Pit, Western Australia (12) | 100% | 237,400 | 0.10% | 540 | 239,100 | 0.11% | 590 | 476,500 | 0.11% | 1,130 | 82% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Boddington Stockpiles, Western Australia (9)(12) | 100% | 2,600 | 0.09% | 10 | 79,100 | 0.09% | 150 | 81,700 | 0.09% | 160 | 77% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 240,000 | 0.10% | 550 | 318,200 | 0.11% | 740 | 558,200 | 0.11% | 1,290 | 82% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nevada | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NGM, Nevada (10)(12) | 38.5% | 6,900 | 0.17% | 30 | 80,200 | 0.17% | 300 | 87,100 | 0.17% | 330 | 65% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6,900 | 0.17% | 30 | 80,200 | 0.17% | 300 | 87,100 | 0.17% | 330 | 65% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Copper | 246,900 | 0.11% | 580 | 2,172,900 | 0.30% | 14,510 | 2,419,800 | 0.28% | 15,090 | 87% |
____________________________
(1)Copper reserves, at sites in which Newmont is the operator, for 2022 and 2021 were estimated at a copper price of $3.50 and $2.75 per pound, respectively. Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding.
(2)Tonnages include allowances for losses resulting from mining methods. 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 Sulfides 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)Currently included in Corporate and Other in Note 3 of the Consolidated Financial Statements.
(7)Project is currently undeveloped. Reserve estimates provided by the Norte Abierto joint venture.
(8)Copper cut-off grade varies with level of gold credits.
(9)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.
(10)Reserve estimates provided by Barrick, the operator of the NGM joint venture.
(11)In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. Refer to Note 1 to the Consolidated Financial Statements for further information.
(12)Amounts presented herein have been rounded to the nearest 10 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
The following tables detail silver proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2022 and 2021:
| Silver Reserves at December 31, 2022 (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Proven Reserves | Probable Reserves | Proven and Probable Reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (2) (000 tonnes) | Grade (g/tonne) | Ounces (3) (000) | Tonnage (2) (000 tonnes) | Grade (g/tonne) | Ounces (3) (000) | Tonnage (2) (000 tonnes) | Grade (g/tonne) | Ounces (3) (000) | Metallurgical Recovery (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peñasquito Open Pits, Mexico (4) | 100% | 103,900 | 38.00 | 126,990 | 184,500 | 33.04 | 196,020 | 288,500 | 34.82 | 323,000 | 86% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peñasquito Stockpiles, Mexico (5) | 100% | 500 | 37.88 | 660 | 27,500 | 25.33 | 22,390 | 28,000 | 25.57 | 23,050 | 86% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 104,500 | 38.00 | 127,640 | 212,000 | 32.04 | 218,410 | 316,500 | 34.00 | 346,050 | 86% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Yanacocha Open Pits and Underground, Peru (6) | 100% | — | — | — | 93,400 | 19.90 | 59,760 | 93,400 | 19.90 | 59,760 | 54% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Yanacocha Stockpiles and Leach Pads, Peru (5)(7) | 100% | 2,800 | 31.48 | 2,820 | 93,600 | 8.04 | 24,190 | 96,400 | 8.71 | 27,010 | 13% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Yanacocha, Peru (14) | 2,800 | 31.48 | 2,820 | 187,000 | 13.96 | 83,950 | 189,800 | 14.22 | 86,770 | 41% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cerro Negro, Argentina (8) | 100% | 1,600 | 74.72 | 3,940 | 7,800 | 62.31 | 15,550 | 9,400 | 64.47 | 19,490 | 75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pueblo Viejo, Dominican Republic, Open Pits (9) | 40% | 23,500 | 12.94 | 9,780 | 55,000 | 12.84 | 22,680 | 78,500 | 12.87 | 32,460 | 65% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pueblo Viejo, Dominican Republic, Stockpiles (5)(9) | 40% | — | — | — | 38,200 | 15.10 | 18,520 | 38,200 | 15.10 | 18,520 | 65% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Pueblo Viejo, Dominican Republic (15) | 23,500 | 12.94 | 9,780 | 93,100 | 13.76 | 41,200 | 116,600 | 13.60 | 50,980 | 65% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NuevaUnión, Chile (10)(11) | 50% | — | — | — | 1,118,000 | 1.31 | 47,170 | 1,118,000 | 1.31 | 47,170 | 66% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Norte Abierto, Chile (11)(12) | 50% | — | — | — | 598,800 | 1.52 | 29,340 | 598,800 | 1.52 | 29,340 | 74% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 27,900 | 18.41 | 16,540 | 2,004,700 | 3.37 | 217,210 | 2,032,600 | 3.58 | 233,750 | 58% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nevada | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NGM, Nevada (13) | 38.5% | 5,300 | 7.46 | 1,280 | 60,100 | 6.24 | 12,060 | 65,500 | 6.34 | 13,340 | 38% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5,300 | 7.46 | 1,280 | 60,100 | 6.24 | 12,060 | 65,500 | 6.34 | 13,340 | 38% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Silver | 137,800 | 32.84 | 145,460 | 2,276,900 | 6.12 | 447,680 | 2,414,600 | 7.64 | 593,140 | 74% |
| Silver Reserves at December 31, 2021 (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Proven Reserves | Probable Reserves | Proven and Probable Reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (2) (000 tonnes) | Grade (g/tonne) | Ounces (3) (000) | Tonnage (2) (000 tonnes) | Grade (g/tonne) | Ounces (3) (000) | Tonnage (2) (000 tonnes) | Grade (g/tonne) | Ounces (3) (000) | Metallurgical Recovery (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peñasquito Open Pits, Mexico (15) | 100% | 107,200 | 38.79 | 133,650 | 219,100 | 32.75 | 230,760 | 326,300 | 34.73 | 364,410 | 87% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peñasquito Stockpiles, Mexico (5)(15) | 100% | 7,800 | 31.10 | 7,810 | 27,900 | 24.15 | 21,670 | 35,700 | 25.67 | 29,480 | 87% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 115,000 | 38.26 | 141,460 | 247,000 | 31.78 | 252,430 | 362,000 | 33.84 | 393,890 | 87% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Yanacocha Open Pits and Underground, Peru | 51.35% | 1,200 | 7.57 | 280 | 48,900 | 19.08 | 30,000 | 50,100 | 18.80 | 30,280 | 55% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Yanacocha Stockpiles and Leach Pads, Peru (5)(7) | 51.35% | 1,400 | 31.48 | 1,450 | 47,300 | 8.16 | 12,400 | 48,700 | 8.85 | 13,850 | 12% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Yanacocha, Peru | 2,600 | 20.81 | 1,730 | 96,200 | 13.85 | 42,400 | 98,800 | 13.85 | 44,130 | 42% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cerro Negro, Argentina | 100% | 1,700 | 71.26 | 4,010 | 7,200 | 54.16 | 12,540 | 8,900 | 57.51 | 16,550 | 76% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pueblo Viejo, Dominican Republic, Open Pits (9) | 40% | 5,000 | 11.18 | 1,790 | 8,200 | 11.94 | 3,160 | 13,200 | 11.65 | 4,950 | 75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pueblo Viejo, Dominican Republic, Stockpiles (5)(9) | 40% | — | — | — | 37,400 | 15.49 | 18,630 | 37,400 | 15.49 | 18,630 | 78% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Pueblo Viejo, Dominican Republic (9) | 5,000 | 11.18 | 1,790 | 45,600 | 14.85 | 21,790 | 50,600 | 14.49 | 23,580 | 77% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NuevaUnión, Chile (10)(11) | 50% | — | — | — | 1,118,000 | 1.31 | 47,170 | 1,118,000 | 1.31 | 47,170 | 66% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Norte Abierto, Chile (11)(12) | 50% | — | — | — | 598,800 | 1.52 | 29,340 | 598,800 | 1.52 | 29,340 | 74% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 9,300 | 25.14 | 7,530 | 1,865,800 | 2.56 | 153,240 | 1,875,100 | 2.67 | 160,770 | 63% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nevada | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NGM, Nevada (13)(15) | 38.5% | 5,200 | 7.40 | 1,230 | 60,000 | 6.35 | 12,250 | 65,200 | 6.43 | 13,480 | 38% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5,200 | 7.40 | 1,230 | 60,000 | 6.35 | 12,250 | 65,200 | 6.43 | 13,480 | 38% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Silver | 129,500 | 36.08 | 150,220 | 2,172,800 | 5.98 | 417,920 | 2,302,300 | 7.68 | 568,140 | 74% |
____________________________
(1)Silver reserves, at sites in which Newmont is the operator, for 2022 and 2021 were estimated at a silver price of $20 per ounce. Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding.
(2)Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to 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)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 reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.
(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)Currently included in Corporate and Other in Note 3 of the Consolidated Financial Statements.
(12)Project is currently undeveloped. Reserve estimates provided by the Norte Abierto joint venture.
(13)Reserve estimates provided by Barrick, the operator of the NGM joint venture.
(14)In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. Refer to Note 1 to the Consolidated Financial Statements for further information.
(15)Amounts presented herein have been rounded to the nearest 10,000 for ounces and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
The following tables detail lead proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2022 and 2021:
| Lead Reserves at December 31, 2022 (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Proven Reserves | Probable Reserves | Proven and Probable Reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (2) (000 tonnes) | Grade (Pb %) | Pounds (3) (millions) | Tonnage (2) (000 tonnes) | Grade (Pb %) | Pounds (3) (millions) | Tonnage (2) (000 tonnes) | Grade (Pb %) | Pounds (3) (millions) | Metallurgical Recovery (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peñasquito Open Pits, Mexico (4) | 100% | 103,900 | 0.36% | 830 | 184,500 | 0.31% | 1,270 | 288,500 | 0.33% | 2,090 | 72% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peñasquito Stockpiles, Mexico (5) | 100% | 500 | 0.16% | — | 27,500 | 0.33% | 200 | 28,000 | 0.33% | 200 | 72% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Lead | 104,500 | 0.36% | 830 | 212,000 | 0.31% | 1,470 | 316,500 | 0.33% | 2,300 | 72% |
| Lead Reserves at December 31, 2021 (1)(6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Proven Reserves | Probable Reserves | Proven and Probable Reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (2) (000 tonnes) | Grade (Pb %) | Pounds (3) (millions) | Tonnage (2) (000 tonnes) | Grade (Pb %) | Pounds (3) (millions) | Tonnage (2) (000 tonnes) | Grade (Pb %) | Pounds (3) (millions) | Metallurgical Recovery (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peñasquito Open Pits, Mexico | 100% | 107,200 | 0.37% | 880 | 219,100 | 0.3% | 1,440 | 326,300 | 0.32% | 2,320 | 73% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peñasquito Stockpiles, Mexico (5) | 100% | 7,800 | 0.34% | 60 | 27,900 | 0.32% | 200 | 35,700 | 0.33% | 260 | 73% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Lead | 115,000 | 0.37% | 940 | 247,000 | 0.3% | 1,640 | 362,000 | 0.32% | 2,580 | 73% |
____________________________
(1)Lead reserves for 2022 and 2021 were estimated at a lead price of $1.00 and $0.90 per pound, respectively. Amounts presented may not recalculate in total due to rounding.
(2)Tonnages include allowances for losses resulting from mining methods. 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)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 pounds exceed 100 million and are greater than 5% of the total site-reported reserves.
(6)Amounts presented herein have been rounded to the nearest 10 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
The following tables detail zinc proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2022 and 2021:
| Zinc Reserves at December 31, 2022 (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Proven Reserves | Probable Reserves | Proven and Probable Reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (2) (000 tonnes) | Grade (Zn %) | Pounds (3) (millions) | Tonnage (2) (000 tonnes) | Grade (Zn %) | Pounds (3) (millions) | Tonnage (2) (000 tonnes) | Grade (Zn %) | Pounds (3) (millions) | Metallurgical Recovery (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peñasquito Open Pits, Mexico (4) | 100% | 103,900 | 0.94% | 2,160 | 184,500 | 0.76% | 3,080 | 288,500 | 0.82% | 5,240 | 81% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peñasquito Stockpiles, Mexico (5) | 100% | 500 | 0.95% | 10 | 27,500 | 0.46% | 280 | 28,000 | 0.47% | 290 | 81% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Zinc | 104,500 | 0.94% | 2,180 | 212,000 | 0.72% | 3,360 | 316,500 | 0.79% | 5,540 | 81% |
| Zinc Reserves at December 31, 2021 (1)(6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Proven Reserves | Probable Reserves | Proven and Probable Reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (2) (000 tonnes) | Grade (Zn %) | Pounds (3) (millions) | Tonnage (2) (000 tonnes) | Grade (Zn %) | Pounds (3) (millions) | Tonnage (2) (000 tonnes) | Grade (Zn %) | Pounds (3) (millions) | Metallurgical Recovery (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peñasquito Open Pits, Mexico | 100% | 107,200 | 0.96% | 2,260 | 219,100 | 0.74% | 3,590 | 326,300 | 0.81% | 5,850 | 81% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peñasquito Stockpiles, Mexico (5) | 100% | 7,800 | 0.67% | 120 | 27,900 | 0.45% | 280 | 35,700 | 0.50% | 400 | 81% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Zinc | 115,000 | 0.94% | 2,380 | 247,000 | 0.71% | 3,870 | 362,000 | 0.78% | 6,250 | 81% |
____________________________
(1)Zinc reserves for 2022 and 2021 were estimated at a zinc price of $1.20 and $1.15 per pound, respectively. Amounts presented may not recalculate in total due to rounding.
(2)Tonnages include allowances for losses resulting from mining methods. 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)Zinc cut-off grade varies with level of gold, silver and lead 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 pounds exceed 100 million and are greater than 5% of the total site-reported reserves.
(6)Amounts presented herein have been rounded to the nearest 10 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
The following tables detail molybdenum proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2022 and 2021:
| Molybdenum Reserves at December 31, 2022 (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Proven Reserves | Probable Reserves | Proven and Probable Reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (2) (000 tonnes) | Grade (Mo %) | Pounds (3) (millions) | Tonnage (2) (000 tonnes) | Grade (Mo %) | Pounds (3) (millions) | Tonnage (2) (000 tonnes) | Grade (Mo %) | Pounds (3) (millions) | Metallurgical Recovery (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NuevaUnión, Chile (4) | 50% | — | —% | — | 776,900 | 0.02% | 270 | 776,900 | 0.02% | 270 | 48% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Molybdenum | — | —% | — | 776,900 | 0.02% | 270 | 776,900 | 0.02% | 270 | 48% |
| Molybdenum Reserves at December 31, 2021 (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Proven Reserves | Probable Reserves | Proven and Probable Reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (2) (000 tonnes) | Grade (Mo %) | Pounds (3) (millions) | Tonnage (2) (000 tonnes) | Grade (Mo %) | Pounds (3) (millions) | Tonnage (2) (000 tonnes) | Grade (Mo %) | Pounds (3) (millions) | Metallurgical Recovery (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NuevaUnión, Chile (4) | 50% | — | —% | — | 776,900 | 0.02% | 270 | 776,900 | 0.02% | 270 | 48% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Molybdenum | — | —% | — | 776,900 | 0.02% | 270 | 776,900 | 0.02% | 270 | 48% |
____________________________
(1)Reserves estimates were estimated based on prices set by the NuevaUnión joint venture. The project is currently undeveloped.
(2)Tonnages include allowances for losses resulting from mining methods. 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)Currently included in Corporate and Other in Note 3 of the Consolidated Financial Statements.
Measured, Indicated, and Inferred Resources
All of our resources are located on land (i) we own or control, or (ii) that is owned or controlled by business entities established with our joint venture partners, in which the Company owns its pro-rata share of the capital stock, membership units, or interests. The risks that could affect title to our property are included above in Item 1A, Risk Factors.
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. The reference point for mineral
resources is in situ. Mineral resources are sub-divided, in order of increasing geological confidence, into inferred, indicated and measured categories. Ounces of gold and silver or pounds of copper, zinc, lead, and molybdenum included in the measured, indicated and inferred resources are those contained prior to losses during metallurgical treatment. The terms "measured resource," "indicated resource," and "inferred resource" mean that part of a mineral resource for which quantity and grade or quality are estimated on the basis of geological evidence and sampling that is considered to be comprehensive, adequate, or limited, respectively.
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. Metal price assumptions are based on approximately a fifteen to twenty-five percent premium over reserve prices.
Our exploration efforts are directed to the discovery of new resources and converting it into proven and probable reserves. We conduct brownfield exploration around our existing mines and greenfield exploration in other regions globally. Brownfield exploration can result in the discovery of additional deposits, which may receive the economic benefit of existing operating, processing and administrative infrastructures. In contrast, the discovery of mineralization through greenfield exploration efforts will require capital investment to build a stand-alone operation. Our Exploration expense was $231, $209 and $187 in 2022, 2021 and 2020, respectively.
We had attributable measured and indicated gold resources of 75.3 million ounces and attributable inferred gold resources of 36.1 million ounces at December 31, 2022. For 2022 and 2021, attributable measured, indicated, and inferred gold resources were estimated at a gold price assumption of $1,600 and $1,400 per ounce, respectively. The increase in the resource gold pricing assumption in 2022 from 2021 is based on the Company’s assessment of multiple factors, including historical gold pricing trends, consensus price forecasts, impacts of inflation and resulting high-interest rate environment, the ongoing impacts of the COVID-19 pandemic, and the Russian invasion of Ukraine. These volatile market conditions have created a high degree of uncertainty in the global markets, which have historically positively impacted gold prices.
The resource figures presented herein do not include that part of our resources that have been converted to Proven and Probable Reserves as shown above, as they are reported exclusive of reserves, and have been estimated based on information available at the time of calculation.
The Company has internal controls for reviewing and documenting the information supporting the mineral reserve and mineral resource estimates, describing the methods used, and ensuring the validity of the estimates. Refer to Proven and Probable Reserves above for further information on these internal controls.
We publish measured, indicated, and inferred resources annually, and will recalculate them at December 31, 2023, taking into account metal prices, changes, if any, in future production and capital costs, divestments and conversion to reserves, as well as any acquisitions and additions during 2023.
The following tables detail measured, indicated, and inferred resources reflecting only those that are attributable to Newmont’s ownership or economic interest at December 31, 2022 and 2021.
| Gold Resources at December 31, 2022 (1)(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Measured Resources | Indicated Resources | Measured and Indicated Resources | Inferred Resources | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (000 tonnes) | Grade (g/tonne) | Ounces (000) | Tonnage (000 tonnes) | Grade (g/tonne) | Ounces (000) | Tonnage (000 tonnes) | Grade (g/tonne) | Ounces (000) | Tonnage (000 tonnes) | Grade (g/tonne) | Ounces (000) | Metallurgical Recovery (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CC&V, Colorado | 100% | 79,700 | 0.38 | 980 | 42,300 | 0.32 | 440 | 122,000 | 0.36 | 1,420 | 32,200 | 0.34 | 350 | 59% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Musselwhite, Canada | 100% | 1,300 | 3.92 | 170 | 2,600 | 3.93 | 330 | 3,900 | 3.93 | 490 | 3,000 | 4.15 | 410 | 95% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Porcupine Underground | 100% | 300 | 6.69 | 70 | 1,000 | 8.64 | 270 | 1,300 | 8.15 | 340 | 1,800 | 8.08 | 480 | 92% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Porcupine Open Pit | 100% | 200 | 0.51 | — | 73,000 | 1.53 | 3,600 | 73,200 | 1.53 | 3,600 | 66,000 | 1.36 | 2,890 | 91% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Porcupine, Canada | 500 | 4.36 | 70 | 73,900 | 1.63 | 3,860 | 74,500 | 1.64 | 3,940 | 67,900 | 1.54 | 3,370 | 91% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Éléonore, Canada | 100% | 400 | 5.05 | 70 | 2,100 | 5.10 | 350 | 2,500 | 5.09 | 420 | 2,600 | 5.45 | 460 | 92% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peñasquito, Mexico | 100% | 47,400 | 0.25 | 390 | 263,500 | 0.26 | 2,190 | 311,000 | 0.26 | 2,570 | 84,700 | 0.41 | 1,110 | 69% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noche Buena, Mexico | 50% | — | — | — | 19,900 | 0.37 | 240 | 19,900 | 0.37 | 240 | 1,600 | 0.21 | 10 | 50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Coffee, Canada | 100% | — | — | — | 53,900 | 1.23 | 2,140 | 53,900 | 1.23 | 2,140 | 7,200 | 1.01 | 230 | 80% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galore Creek, Canada (4) | 50% | 212,800 | 0.29 | 2,010 | 385,600 | 0.22 | 2,710 | 598,400 | 0.25 | 4,720 | 118,900 | 0.19 | 720 | 75% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 342,300 | 0.34 | 3,700 | 843,900 | 0.45 | 12,230 | 1,186,200 | 0.42 | 15,930 | 318,100 | 0.65 | 6,650 | 79% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Conga, Peru (10) | 100% | — | — | — | 693,800 | 0.65 | 14,590 | 693,800 | 0.65 | 14,590 | 230,500 | 0.39 | 2,880 | 75% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Yanacocha Open Pit | 100% | 13,500 | 0.38 | 170 | 114,900 | 0.42 | 1,570 | 128,400 | 0.42 | 1,730 | 189,700 | 0.79 | 4,830 | 66% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Yanacocha Underground | 100% | 500 | 4.07 | 70 | 6,200 | 4.70 | 940 | 6,700 | 4.65 | 1,010 | 3,400 | 4.99 | 550 | 97% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Yanacocha, Peru (10) | 14,100 | 0.52 | 240 | 121,100 | 0.64 | 2,510 | 135,100 | 0.63 | 2,740 | 193,100 | 0.87 | 5,380 | 72% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Merian, Suriname | 75% | 5,600 | 0.99 | 180 | 35,300 | 1.26 | 1,430 | 40,900 | 1.22 | 1,610 | 37,000 | 0.86 | 1,020 | 89% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cerro Negro Underground | 100% | 200 | 6.11 | 30 | 1,500 | 7.33 | 360 | 1,700 | 7.22 | 390 | 5,700 | 6.19 | 1,140 | 95% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cerro Negro Open Pit | 100% | 1,200 | 3.28 | 130 | 1,200 | 3.15 | 120 | 2,400 | 3.22 | 250 | 300 | 2.46 | 20 | 90% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Cerro Negro, Argentina | 100% | 1,400 | 3.60 | 160 | 2,700 | 5.49 | 480 | 4,100 | 4.86 | 630 | 6,000 | 6.00 | 1,160 | 94% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pueblo Viejo, Dominican Republic (5)(11) | 40% | 7,300 | 1.43 | 340 | 33,200 | 1.51 | 1,610 | 40,600 | 1.49 | 1,950 | 3,000 | 1.77 | 170 | 88% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NuevaUnión, Chile (6) | 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 (7) | 50% | 77,200 | 0.61 | 1,510 | 596,900 | 0.49 | 9,320 | 674,200 | 0.50 | 10,820 | 369,600 | 0.37 | 4,360 | 76% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 110,400 | 0.70 | 2,490 | 1,601,400 | 0.63 | 32,180 | 1,711,700 | 0.63 | 34,670 | 1,079,200 | 0.52 | 18,030 | 76% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Australia | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Boddington, Western Australia | 100% | 92,800 | 0.55 | 1,630 | 167,400 | 0.54 | 2,900 | 260,200 | 0.54 | 4,530 | 2,800 | 0.51 | 50 | 83% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tanami Open Pit | 100% | 9,400 | 1.67 | 500 | 23,800 | 1.47 | 1,120 | 33,200 | 1.53 | 1,630 | 4,200 | 1.13 | 150 | 90% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tanami Underground | 100% | 1,700 | 3.26 | 180 | 5,400 | 4.29 | 750 | 7,100 | 4.04 | 920 | 8,800 | 5.19 | 1,460 | 97% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Tanami, Northern Territory | 100% | 11,000 | 1.91 | 680 | 29,200 | 1.99 | 1,870 | 40,200 | 1.97 | 2,550 | 13,000 | 3.88 | 1,620 | 94% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 103,800 | 0.69 | 2,310 | 196,600 | 0.76 | 4,770 | 300,400 | 0.73 | 7,080 | 15,800 | 3.28 | 1,660 | 88% |
| Gold Resources at December 31, 2022 (1)(2) (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Measured Resources | Indicated Resources | Measured and Indicated Resources | Inferred Resources | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (000 tonnes) | Grade (g/tonne) | Ounces (000) | Tonnage (000 tonnes) | Grade (g/tonne) | Ounces (000) | Tonnage (000 tonnes) | Grade (g/tonne) | Ounces (000) | Tonnage (000 tonnes) | Grade (g/tonne) | Ounces (000) | Metallurgical Recovery (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Africa | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ahafo South | 100% | 200 | 0.56 | — | 20,000 | 1.09 | 700 | 20,200 | 1.09 | 710 | 10,200 | 1.29 | 420 | 86% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ahafo Underground | 100% | — | — | — | 24,700 | 3.53 | 2,810 | 24,700 | 3.53 | 2,810 | 11,000 | 3.44 | 1,220 | 92% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Ahafo South, Ghana | 200 | 0.56 | — | 44,700 | 2.44 | 3,510 | 44,900 | 2.43 | 3,510 | 21,200 | 2.41 | 1,640 | 91% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ahafo North Open Pits, Ghana | 100% | 2,900 | 1.28 | 120 | 12,700 | 1.94 | 790 | 15,700 | 1.81 | 910 | 10,000 | 1.50 | 490 | 92% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Akyem Open Pits | 100% | 1,000 | 0.70 | 20 | 700 | 0.67 | 20 | 1,700 | 0.69 | 40 | 1,800 | 1.18 | 70 | 92% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Akyem Underground | 100% | — | — | — | 8,300 | 3.92 | 1,050 | 8,300 | 3.92 | 1,050 | 5,300 | 3.27 | 560 | 92% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Akyem, Ghana | 1,000 | 0.70 | 20 | 9,000 | 3.68 | 1,060 | 10,000 | 3.38 | 1,090 | 7,100 | 2.74 | 620 | 92% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4,100 | 1.10 | 150 | 66,400 | 2.51 | 5,360 | 70,500 | 2.43 | 5,510 | 38,300 | 2.23 | 2,750 | 91% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nevada | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NGM Open Pits and Stockpiles | 38.5% | 23,200 | 1.89 | 1,410 | 175,200 | 0.99 | 5,600 | 198,400 | 1.10 | 7,000 | 129,900 | 0.69 | 2,880 | 73% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NGM Underground | 38.5% | 9,800 | 6.48 | 2,040 | 16,600 | 5.84 | 3,110 | 26,400 | 6.08 | 5,150 | 19,500 | 6.63 | 4,150 | 86% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total NGM, Nevada (9) | 33,000 | 3.25 | 3,450 | 191,700 | 1.41 | 8,700 | 224,800 | 1.68 | 12,160 | 149,300 | 1.47 | 7,040 | 79% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 33,000 | 3.25 | 3,450 | 191,700 | 1.41 | 8,700 | 224,800 | 1.68 | 12,160 | 149,300 | 1.47 | 7,040 | 79% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Gold | 593,600 | 0.63 | 12,080 | 2,900,000 | 0.68 | 63,250 | 3,493,600 | 0.67 | 75,330 | 1,600,700 | 0.70 | 36,130 | 79% |
| Gold Resources at December 31, 2021 (1)(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Measured Resources | Indicated Resources | Measured and Indicated Resources | Inferred Resources | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (000 tonnes) | Grade (g/tonne) | Ounces (000) | Tonnage (000 tonnes) | Grade (g/tonne) | Ounces (000) | Tonnage (000 tonnes) | Grade (g/tonne) | Ounces (000) | Tonnage (000 tonnes) | Grade (g/tonne) | Ounces (000) | Metallurgical Recovery (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 (11) | 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 (4) | 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% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 | 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 (5) | 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 (6) | 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 (7) | 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 (8) | 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% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 (11) | 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% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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% |
| Gold Resources at December 31, 2021 (1)(2) (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Measured Resources | Indicated Resources | Measured and Indicated Resources | Inferred Resources | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (000 tonnes) | Grade (g/tonne) | Ounces (000) | Tonnage (000 tonnes) | Grade (g/tonne) | Ounces (000) | Tonnage (000 tonnes) | Grade (g/tonne) | Ounces (000) | Tonnage (000 tonnes) | Grade (g/tonne) | Ounces (000) | Metallurgical Recovery (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 (11) | 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% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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, Nevada (9)(11) | 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% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 Gold | 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. Amounts presented may not recalculate in total due to rounding.
(2)Resources, at sites in which Newmont is the operator, are estimated at a gold price of $1,600 and $1,400 per ounce for 2022 and 2021, respectively. Resources provided by other operators may use pricing that differs. 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)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)Project is currently undeveloped. Resource estimates provided by Teck Resources, the Galore Creek joint venture partner.
(5)Resource estimates provided by Barrick, the operator of Pueblo Viejo.
(6)Project is currently undeveloped. Resource estimates provided by the NuevaUnión joint venture.
(7)Project is currently undeveloped. Resource estimates provided by the Norte Abierto joint venture.
(8)Project is currently undeveloped. Resource estimates provided by Yamana, the operator of the Agua Rica joint venture. In November 2022, the Company sold its 18.75% ownership in Agua Rica. Refer to Note 8 of the Consolidated Financial Statements for further information.
(9)Resource estimates provided by Barrick, the operator of the NGM joint venture
(10)In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. Refer to Note 1 to the Consolidated Financial Statements for further information.
(11)Amounts presented herein have been rounded to the nearest 10,000 for ounces and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
| Copper Resources at December 31, 2022 (1)(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Measured Resources | Indicated Resources | Measured and Indicated Resources | Inferred Resources | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (000 tonnes) | Grade (Cu%) | Pounds (millions) | Tonnage (000 tonnes) | Grade (Cu%) | Pounds (millions) | Tonnage (000 tonnes) | Grade (Cu%) | Pounds (millions) | Tonnage (000 tonnes) | Grade (Cu%) | Pounds (millions) | Metallurgical Recovery (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galore Creek, Canada (4) | 50% | 212,800 | 0.44% | 2,060 | 385,600 | 0.47% | 4,020 | 598,400 | 0.46% | 6,080 | 118,900 | 0.26% | 690 | 93% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 212,800 | 0.44% | 2,060 | 385,600 | 0.47% | 4,020 | 598,400 | 0.46% | 6,080 | 118,900 | 0.26% | 690 | 93% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Conga, Peru (9) | 100% | — | —% | — | 693,800 | 0.26% | 3,970 | 693,800 | 0.26% | 3,970 | 230,500 | 0.19% | 950 | 84% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Yanacocha Open Pits | 100% | — | —% | — | 94,600 | 0.39% | 810 | 94,600 | 0.39% | 810 | 36,400 | 0.39% | 310 | 81% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Yanacocha Underground | 100% | 500 | 0.18% | — | 6,200 | 0.12% | 20 | 6,700 | 0.12% | 20 | 3,400 | 0.13% | 10 | 97% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Yanacocha, Peru (9) | 500 | 0.18% | — | 100,800 | 0.37% | 830 | 101,300 | 0.37% | 830 | 39,700 | 0.37% | 320 | 81% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NuevaUnión, Chile (5) | 50% | 164,300 | 0.19% | 700 | 349,900 | 0.34% | 2,650 | 514,100 | 0.30% | 3,360 | 602,200 | 0.39% | 5,170 | 89% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Norte Abierto, Chile (6) | 50% | 57,600 | 0.24% | 310 | 551,300 | 0.19% | 2,340 | 608,900 | 0.20% | 2,640 | 361,800 | 0.18% | 1,450 | 90% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 222,400 | 0.21% | 1,010 | 1,695,700 | 0.26% | 9,790 | 1,918,100 | 0.26% | 10,800 | 1,234,200 | 0.29% | 7,890 | 87% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Australia | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Boddington, Western Australia | 100% | 92,800 | 0.11% | 230 | 167,400 | 0.11% | 420 | 260,200 | 0.11% | 650 | 2,800 | 0.08% | 10 | 82% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 92,800 | 0.11% | 230 | 167,400 | 0.11% | 420 | 260,200 | 0.11% | 650 | 2,800 | 0.08% | 10 | 82% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nevada | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NGM, Nevada (8) | 38.5% | 2,600 | 0.14% | 10 | 116,900 | 0.14% | 350 | 119,500 | 0.14% | 360 | 19,900 | 0.13% | 60 | 65% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2,600 | 0.14% | 10 | 116,900 | 0.14% | 350 | 119,500 | 0.14% | 360 | 19,900 | 0.13% | 60 | 65% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Copper | 530,600 | 0.28% | 3,310 | 2,365,500 | 0.28% | 14,580 | 2,896,100 | 0.28% | 17,890 | 1,375,800 | 0.28% | 8,640 | 88% |
| Copper Resources at December 31, 2021 (1)(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Measured Resources | Indicated Resources | Measured and Indicated Resources | Inferred Resources | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (000 tonnes) | Grade (Cu%) | Pounds (millions) | Tonnage (000 tonnes) | Grade (Cu%) | Pounds (millions) | Tonnage (000 tonnes) | Grade (Cu%) | Pounds (millions) | Tonnage (000 tonnes) | Grade (Cu%) | Pounds (millions) | Metallurgical Recovery (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galore Creek, Canada (4) | 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% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 | 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 | — | —% | — | 50,400 | 0.38% | 420 | 50,400 | 0.38% | 420 | 20,600 | 0.37% | 170 | 81% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NuevaUnión, Chile (5) | 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 (6) | 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 (7) | 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% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 (10) | 100% | 96,200 | 0.11% | 220 | 180,500 | 0.11% | 450 | 276,700 | 0.11% | 670 | 3,300 | 0.09% | 10 | 82% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 96,200 | 0.11% | 220 | 180,500 | 0.11% | 450 | 276,700 | 0.11% | 670 | 3,300 | 0.09% | 10 | 82% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nevada | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NGM, Nevada (8)(10) | 38.5% | 3,100 | 0.14% | 10 | 111,500 | 0.14% | 340 | 114,600 | 0.14% | 350 | 19,900 | 0.13% | 60 | 66% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3,100 | 0.14% | 10 | 111,500 | 0.14% | 340 | 114,600 | 0.14% | 350 | 19,900 | 0.13% | 60 | 66% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Copper | 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. Amounts presented may not recalculate in total due to rounding.
(2)Resources, at sites in which Newmont is the operator, are estimated at a copper price of $4.00 and $3.25 per pound for 2022 and 2021, respectively. Resources provided by other operators may use pricing that differs. Tonnage amounts have been rounded to the 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)Project is currently undeveloped. Resource estimates provided by Teck Resources.
(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. In November 2022, the Company sold its 18.75% ownership in Agua Rica. Refer to Note 8 of the Consolidated Financial Statements for further information.
(8)Resource estimates provided by Barrick, the operator of the NGM joint venture
(9)In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. Refer to Note 1 to the Consolidated Financial Statements for further information.
(10)Amounts presented herein have been rounded to the nearest 10 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
| Silver Resources at December 31, 2022 (1)(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Measured Resources | Indicated Resources | Measured and Indicated Resources | Inferred Resources | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (000 tonnes) | Grade (g/tonne) | Ounces (000) | Tonnage (000 tonnes) | Grade (g/tonne) | Ounces (000) | Tonnage (000 tonnes) | Grade (g/tonne) | Ounces (000) | Tonnage (000 tonnes) | Grade (g/tonne) | Ounces (000) | Metallurgical Recovery (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peñasquito, Mexico | 100% | 47,400 | 23.94 | 36,510 | 263,500 | 23.99 | 203,240 | 311,000 | 23.98 | 239,740 | 84,700 | 27.24 | 74,220 | 86% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noche Buena, Mexico | 50% | — | — | — | 19,900 | 13.99 | 8,970 | 19,900 | 13.99 | 8,970 | 1,600 | 10.98 | 550 | 25% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galore Creek, Canada (4) | 50% | 212,800 | 4.08 | 27,950 | 385,600 | 4.77 | 59,100 | 598,400 | 4.52 | 87,040 | 118,900 | 2.60 | 9,940 | 73% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 260,300 | 7.70 | 64,460 | 669,100 | 12.61 | 271,300 | 929,300 | 11.24 | 335,750 | 205,200 | 12.84 | 84,700 | 82% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Conga, Peru (10) | 100% | — | — | — | 693,800 | 2.06 | 45,910 | 693,800 | 2.06 | 45,910 | 175,000 | 1.13 | 6,330 | 70% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Yanacocha Open Pits | 100% | 12,500 | 3.30 | 1,330 | 108,100 | 11.11 | 38,610 | 120,600 | 10.30 | 39,930 | 29,600 | 12.52 | 11,920 | 41% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Yanacocha Underground | 100% | 500 | 0.37 | 10 | 6,200 | 37.02 | 7,350 | 6,700 | 34.23 | 7,350 | 3,400 | 40.45 | 4,390 | 83% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Yanacocha, Peru (10) | 13,000 | 3.19 | 1,330 | 114,200 | 12.51 | 45,950 | 127,200 | 11.56 | 47,290 | 33,000 | 15.38 | 16,310 | 49% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cerro Negro Underground | 100% | 200 | 42.43 | 210 | 1,500 | 51.31 | 2,490 | 1,700 | 50.51 | 2,690 | 5,700 | 35.10 | 6,450 | 76% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cerro Negro Open Pit | 100% | 1,200 | 6.77 | 260 | 1,200 | 6.63 | 250 | 2,400 | 6.70 | 520 | 300 | 6.68 | 70 | 60% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Cerro Negro, Argentina | 1,400 | 10.72 | 470 | 2,700 | 31.64 | 2,740 | 4,100 | 24.64 | 3,210 | 6,000 | 33.66 | 6,520 | 75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pueblo Viejo, Dominican Republic (5)(11) | 40% | 7,300 | 7.68 | 1,810 | 33,200 | 8.28 | 8,840 | 40,600 | 8.17 | 10,650 | 3,000 | 10.49 | 1,030 | 74% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NuevaUnión, Chile (6) | 50% | 164,300 | 0.96 | 5,080 | 349,900 | 1.19 | 13,370 | 514,100 | 1.12 | 18,440 | 602,200 | 1.16 | 22,530 | 66% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Norte Abierto, Chile (7) | 50% | 77,200 | 1.20 | 2,990 | 596,900 | 1.07 | 20,550 | 674,200 | 1.09 | 23,540 | 369,600 | 0.95 | 11,340 | 78% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 263,200 | 1.38 | 11,680 | 1,790,700 | 2.39 | 137,370 | 2,053,900 | 2.26 | 149,050 | 1,188,900 | 1.68 | 64,060 | 64% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nevada | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NGM, Nevada (9) | 38.5% | 2,400 | 5.33 | 410 | 81,700 | 5.46 | 14,340 | 84,100 | 5.46 | 14,760 | 18,700 | 5.57 | 3,350 | 38% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2,400 | 5.33 | 410 | 81,700 | 5.46 | 14,340 | 84,100 | 5.46 | 14,760 | 18,700 | 5.57 | 3,350 | 38% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Silver | 525,900 | 4.53 | 76,550 | 2,541,500 | 5.18 | 423,010 | 3,067,400 | 5.07 | 499,560 | 1,412,800 | 3.35 | 152,120 | 75% |
| Silver Resources at December 31, 2021 (1)(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Measured Resources | Indicated Resources | Measured and Indicated Resources | Inferred Resources | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (000 tonnes) | Grade (g/tonne) | Ounces (000) | Tonnage (000 tonnes) | Grade (g/tonne) | Ounces (000) | Tonnage (000 tonnes) | Grade (g/tonne) | Ounces (000) | Tonnage (000 tonnes) | Grade (g/tonne) | Ounces (000) | Metallurgical Recovery (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peñasquito, Mexico (11) | 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% | — | — | — | 21,000 | 13.94 | 9,400 | 21,000 | 13.94 | 9,400 | 1,600 | 11.08 | 570 | 25% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Galore Creek, Canada (4) | 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% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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% | — | — | — | 356,300 | 2.06 | 23,580 | 356,300 | 2.06 | 23,580 | 89,900 | 1.13 | 3,250 | 70% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Yanacocha Open Pits | 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 | 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 (5) | 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 | 74% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NuevaUnión, Chile (6) | 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 (7) | 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 (8) | 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% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 (9)(11) | 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% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 Silver | 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. Amounts presented may not recalculate in total due to rounding.
(2)Resources, at sites in which Newmont is the operator, are estimated at a silver price of $23 per ounce for 2022 and 2021. Resources provided by other operators may use pricing that differs. Tonnage amounts have been 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)Project is currently undeveloped. Resource estimates provided by Teck Resources.
(5)Resource estimates provided by Barrick, the operator of the Pueblo Viejo.
(6)Project is currently undeveloped. Resource estimates provided by the NuevaUnión joint venture.
(7)Project is currently undeveloped. Resource estimates provided by the Norte Abierto joint venture.
(8)Project is currently undeveloped. Resource estimates provided by Yamana, the operator of the Agua Rica joint venture. In November 2022, the Company sold its 18.75% ownership in Agua Rica. Refer to Note 8 of the Consolidated Financial Statements for further information.
(9)Resource estimates provided by Barrick, the operator of the NGM joint venture.
(10)In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. Refer to Note 1 to the Consolidated Financial Statements for further information.
(11)Amounts presented herein have been rounded to the nearest 10,000 for ounces and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
| Lead Resources at December 31, 2022 (1)(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Measured Resource | Indicated Resource | Measured and Indicated Resource | Inferred Resource | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (000 tonnes) | Grade (Pb%) | Pounds (millions) | Tonnage (000 tonnes) | Grade (Pb%) | Pounds (millions) | Tonnage (000 tonnes) | Grade (Pb%) | Pounds (millions) | Tonnage (000 tonnes) | Grade (Pb%) | Pounds (millions) | Metallurgical Recovery (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peñasquito, Mexico | 100 | % | 47,400 | 0.26% | 270 | 263,500 | 0.23% | 1,360 | 311,000 | 0.24% | 1,630 | 84,700 | 0.23% | 440 | 72% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Lead | 47,400 | 0.26% | 270 | 263,500 | 0.23% | 1,360 | 311,000 | 0.24% | 1,630 | 84,700 | 0.23% | 440 | 72% |
| Lead Resources at December 31, 2021 (1)(2)(4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Measured Resource | Indicated Resource | Measured and Indicated Resource | Inferred Resource | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (000 tonnes) | Grade (Pb%) | Pounds (millions) | Tonnage (000 tonnes) | Grade (Pb%) | Pounds (millions) | Tonnage (000 tonnes) | Grade (Pb%) | Pounds (millions) | Tonnage (000 tonnes) | Grade (Pb%) | Pounds (millions) | Metallurgical Recovery (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 Lead | 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 are estimated at a lead price of $1.20 and $1.10 per pound for 2022 and 2021, respectively. Tonnage amounts have been rounded to the 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)Amounts presented herein have been rounded to the nearest 10 million for pounds and 100,000 for tonnes and therefore may not agree to the Technical Report Summary provided under exhibit 96.
| Zinc Resources at December 31, 2022 (1)(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Measured Resource | Indicated Resource | Measured and Indicated Resource | Inferred Resource | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (000 tonnes) | Grade (Zn%) | Pounds (millions) | Tonnage (000 tonnes) | Grade (Zn%) | Pounds (millions) | Tonnage (000 tonnes) | Grade (Zn%) | Pounds (millions) | Tonnage (000 tonnes) | Grade (Zn%) | Pounds (millions) | Metallurgical Recovery (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peñasquito, Mexico | 100% | 47,400 | 0.62% | 650 | 263,500 | 0.53% | 3,080 | 311,000 | 0.54% | 3,740 | 84,700 | 0.53% | 1,000 | 81% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Zinc | 47,400 | 0.62% | 650 | 263,500 | 0.53% | 3,080 | 311,000 | 0.54% | 3,740 | 84,700 | 0.53% | 1,000 | 81% |
| Zinc Resources at December 31, 2021 (1)(2)(4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Measured Resource | Indicated Resource | Measured and Indicated Resource | Inferred Resource | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (000 tonnes) | Grade (Zn%) | Pounds (millions) | Tonnage (000 tonnes) | Grade (Zn%) | Pounds (millions) | Tonnage (000 tonnes) | Grade (Zn%) | Pounds (millions) | Tonnage (000 tonnes) | Grade (Zn%) | Pounds (millions) | Metallurgical Recovery (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 Zinc | 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 are estimated at a zinc price of $1.45 and $1.40 per pound for 2022 and 2021, respectively. Tonnage amounts have been rounded to the 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)Amounts presented herein have been rounded to the nearest 10 million for pounds and 100,000 for tonnes and therefore may not agree to the Technical Report Summary provided under exhibit 96.
| Molybdenum Resources at December 31, 2022 (1)(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Measured Resource | Indicated Resource | Measured and Indicated Resource | Inferred Resource | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (000 tonnes) | Grade (Mo%) | Pounds (millions) | Tonnage (000 tonnes) | Grade (Mo%) | Pounds (millions) | Tonnage (000 tonnes) | Grade (Mo%) | Pounds (millions) | Tonnage (000 tonnes) | Grade (Mo%) | Pounds (millions) | Metallurgical Recovery (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NuevaUnión, Chile (4) | 50% | 159,500 | 0.01% | 20 | 231,500 | 0.01% | 40 | 391,000 | 0.01% | 70 | 362,300 | 0.01% | 100 | 52% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Molybdenum | 159,500 | 0.01% | 20 | 231,500 | 0.01% | 40 | 391,000 | 0.01% | 70 | 362,300 | 0.01% | 100 | 52% |
| Molybdenum Resources at December 31, 2021 (1)(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Measured Resource | Indicated Resource | Measured and Indicated Resource | Inferred Resource | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits/Districts | Newmont Share | Tonnage (000 tonnes) | Grade (Mo%) | Pounds (millions) | Tonnage (000 tonnes) | Grade (Mo%) | Pounds (millions) | Tonnage (000 tonnes) | Grade (Mo%) | Pounds (millions) | Tonnage (000 tonnes) | Grade (Mo%) | Pounds (millions) | Metallurgical Recovery (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NuevaUnión, Chile (4) | 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 (5) | 18.75% | 141,900 | 0.03% | 80 | 137,400 | 0.03% | 90 | 279,300 | 0.03% | 170 | 139,900 | 0.03% | 90 | 44% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Molybdenum | 301,400 | 0.02% | 100 | 368,900 | 0.02% | 130 | 670,300 | 0.02% | 230 | 502,200 | 0.02% | 190 | 46% |
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(1)Resources are reported exclusive of reserves.
(2)Resources for NuevaUnión are estimated based on a molybdenum price set by NuevaUnión joint venture. In 2021, resources for Agua Rica were estimated based on a molybdenum price set by Yamana. Tonnage amounts have been rounded to the 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)Project is currently undeveloped. Resource estimates provided by NuevaUnión joint venture.
(5)Project is currently undeveloped. Resource estimates provided by Yamana, the operator of the Agua Rica joint venture. In November 2022, the Company sold its 18.75% ownership in Agua Rica. Refer to Note 8 of the Consolidated Financial Statements for further information.
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