Newmont, the world's largest gold producer, cuts production targets for 2020 and restarts four mines

Published: May 21, 2020 08:36 (GMT+8)

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SMM5 March 21: a few days ago, Newmont Mining Co., Ltd., the world's largest gold producer, (Newmont Mining Corp.) Lowering its 2020 production guidance, the company now expects gold production to be about 6 million ounces in 2020, up from 6.4 million ounces on January 2. Newmont said the revised guidance was made under the assumption that the restart operation would continue for the rest of 2020 and that there would no longer be any major disruption.

In addition, due to the temporary closure of mines in Newmont due to the new crown epidemic, many national and local governments have closed non-essential commercial operations and mining activities have been temporarily suspended in order to stop the spread of the new crown virus. Mining in almost all jurisdictions is now considered "essential", Mr Newmont said.

Newmont said 13 of the company's 12 operating mines and two joint venture mines would resume full operation in the coming weeks. However, the company said that four of the five suspended mines are already in the process of restarting operations.

The Penasquito mine in Mexico, the CerroNegro mine in Argentina, the El é onore mine in Quebec and the Yanacocha mine in Peru are gradually increasing production. The company's Musselwhite mine in Ontario is still under maintenance to prevent the virus from spreading to nearby aboriginal communities. This is the only mine that has not yet returned to normal operation.

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