The world's largest gold producer (Newmont) said it expects annual gold production to stabilize between 6 million and 7 million ounces over the next five years.
On Monday, the company said in its 2021 outlook that it expects to produce 6.5 million ounces of gold in 2021. Looking ahead, the company expects gold production to grow by 62-6.7 million ounces a year from 2022 to 2023 and by 65-7 million ounces between 2024 and 2025.
The company also said it expected costs to remain stable as production increased. By 2021, the total maintenance cost of gold is about $970 per ounce ((AISC)). AISC is expected to be between $850 and $950 per ounce in 2022 and between $825 and $925 per ounce in 2023. Between 2024 and 2025, AISC is expected to rise to $800,900 an ounce.
Newmont will allocate $850 million in development costs in 2021 and is expected to average between $60m and $800m a year by 2025.
The company is planning to spend $500 million on its 2025 climate change plan, which aims to reduce greenhouse gas emissions by 30% by 2030 and achieve zero carbon emissions by 2050.
