Archive | Newmont

Barrick’s Digital Reinvention Takes Shape in a Nevada Desert – by Danielle Bochove (Bloomberg News – October 30, 2017)

https://www.bloomberg.com/

Elko, Nevada is no Silicon Valley. A recent front-page story in the local paper hailed inductees to the Buckaroo Hall of Fame, a nod to the town’s cowboy past. Inside, a full-page spread detailed the aspirations of the kids vying for homecoming king and queen.

Yet it’s here, in an unremarkable warehouse in the foothills of the Ruby Mountains, that Barrick Gold Corp. has created an in-house coding hub to design software for its nearby Cortez operation — one step in its plan to use technology to revolutionize the business.

From underground WiFi to sensors that track the output of every miner, it’s all part of what Cisco Systems Inc. Executive Chairman John Chambers calls an “audacious goal” by his Barrick counterpart John Thornton to drag gold mining into the 21st century. Continue Reading →

Australia Just Ramped Up Super-Pit Fight Between Top Gold Miners – by Danielle Bochove (Bloomberg News – September 25, 2017)

https://www.bloomberg.com/

A tax hike in Western Australia stands to lower the value of a massive gold deposit and further drive apart its owners: the world’s biggest producers of the metal who have spent the last two years debating what the mine is worth.

Newmont Mining Corp., the second-largest gold miner, has been interested in buying Barrick Gold Corp.’s 50 percent stake in the Kalgoorlie Super Pit since at least 2015. Newmont already owns the other half and operates the mine for Barrick, the No. 1 producer of the metal. The only reason a deal hasn’t been done, the two sides say, is price.

Now, the royalty increase could further the gap between how much the companies think the operation is worth. The higher tax “adversely” affects the value of Kalgoorlie, said Gary Goldberg, Newmont’s chief executive officer. Continue Reading →

A Cosmic Theory and 2-Inch Lump of Gold Spur 500% Novo Surge – by Natalie Obiko Pearson (Bloomberg News – August 21, 2017)

https://www.bloomberg.com/

Quinton Todd Hennigh has spent 13 years scouring the Earth for clues to back a hunch: that the world’s biggest gold resource has lost siblings elsewhere on the planet.

Now the president of Novo Resources Corp. thinks he may have found a counterpart of South Africa’s Witwatersrand in the ancient red rocks near Australia’s northwest coast. In July, his company zeroed in on a gold find that’s confounded geologists and sparked a 500 percent surge in the explorer’s share price.

The first test on land south of the coastal town of Karratha looked good. Employing two men, a metal detector and a jack hammer, Vancouver-based Novo extracted gold nuggets as long as 4 centimeters (1.6 inches) from an exploration “trench” little more than a half-meter deep. That tiny sample hinted at ore grades that could be among the highest of any operating mine in the world. Continue Reading →

Cash-rich Newmont Mining mulls boosting dividend as peers pursue debt reduction – by Susan Taylor (Reuters U.S. – August 9, 2017)

https://www.reuters.com/

TORONTO (Reuters) – With a plump $3.1 billion pile of cash, Newmont Mining Corp is mulling a sweeter dividend to attract a broader shareholder base, a move that makes it an outlier in the still recovering gold sector.

Although miners are no longer crippled by expansion-fueled debt loads, the priority for their cash is building and expanding mines to replace depleting gold reserves, and further reducing debt. Dividend increases are not on their immediate horizon, making Newmont, which has said it was considering doing so, stand out.

Like other producers, Newmont is also investing in expansion projects, but with the fattest purse among gold producers and no debt due until 2019, the Colorado-based miner may have excess cash to return to shareholders. Continue Reading →

Examining Barrick Gold’s Regulatory Risk In Developing Countries – by Trefis Team (Forbes Magazine – June 26, 2017)

https://www.forbes.com/

Barrick Gold’s African operations are mired in uncertainty amid the Tanzanian government’s ban on the export of unprocessed mineral ores from the country. In addition, the Tanzanian government has alleged that Acacia Mining plc, the Barrick Gold subsidiary which operates the company’s mining interests in the country, has been evading taxes by understating the amount of gold concentrate that it exports.

While Barrick has not altered its production guidance for its African mining operations yet, per Acacia plc (in which Barrick holds a 63.9% stake) the mineral export ban is reportedly costing the company nearly $1 million per day in lost sales, as there isn’t enough gold smelting capacity within the country.

Barrick’s woes in Tanzania are the latest in a series of developments for mining companies in developing markets that have adversely affected the viability of their operations in these jurisdictions. Continue Reading →

History of the Carlin Trend (Elko Daily Free Press – May 2, 2015)

http://m.elkodaily.com/

CARLIN — On May 4, 1965, with little fanfare, Newmont poured its first bar of gold from the Carlin Mine. The pomp and circumstance of the official commissioning of the mine would have to wait a few more weeks. That first bar marked the start of one of the largest and longest-lived mining districts in the world.

In summer 1961, geologists John Livermore and Alan Coope arrived in Carlin to visit the Blue Star mine and the Gold Quarry prospect. Livermore had recently heard a talk by U.S. Geological Survey geologist Ralph Roberts about an area in northern Eureka County that had the potential for hosting gold deposits. The type of deposit they were searching for was similar to Getchell, Gold Acres and Bootstrap, deposits in which the gold was dispersed as microscopic particles that could not be found using a gold pan.

After visiting and examining the local deposits, Livermore and Coope began exploring an area approximately 2¾ miles south of Blue Star on Popovich Hill. They postulated that gold would be found in the limestone rocks below a regional fault known as the Roberts Mountains Thrust. Continue Reading →

Nevada gold production increases in 2016 – by Adella Harding (Elko Daily Free Press – May 18, 2017)

http://elkodaily.com/

Gold production in Nevada rose 2.4 percent in 2016 to nearly 5.47 million ounces, while silver production was down 6.4 percent to a nearly 8.89 million ounces, show new figures from the Nevada Division of Minerals. Total gold production in 2015 was nearly 5.34 million ounces, and 2015 silver production totaled a little less than 9.5 million ounces.

“The value of production won’t be available until the Department of Taxation releases their Net Proceeds of Minerals bulletin,” however, said Michael Visher, deputy administrator for the minerals division, in an email in May.

The two largest gold producers were Barrick Gold Corp. and Newmont Mining Corp. Barrick produced nearly 2.64 million ounces of the total gold production and 200,757 ounces of silver from operations on the Carlin Trend, the Cortez operations near Crescent Valley and Turquoise Ridge in Humboldt County. Continue Reading →

Suriname Newmont gold mine opened, seen boosting struggling economy – by Ank Kuipers (Reuters U.S. – November 17, 2016)

http://www.reuters.com/

MERIAN MINE, SURINAME – Suriname President Desi Bouterse and Newmont Mining Corp Chief Executive Gary Goldberg inaugurated the open-pit Merian gold mine on Thursday, which is expected to give a boost to the small, economically struggling South American country.

The mine has gold reserves of about 5.1 million ounces and its annual production is expected to average between 400,000 and 500,000 ounces during the first five full years of operation. Suriname’s state-owned oil company, Staatsolie, has a 25 percent stake in the mine.

“Never before did our country have the courage to participate as an equal partner in such a mining venture,” Bouterse told hundreds of guests and mine employees at the opening ceremony. Continue Reading →

Newmont Mining Swings to a Loss, Revises Dividend Policy – by Maria Armental (Wall Street Journal – October 27, 2016)

http://www.wsj.com/

Newmont Mining Corp. swung to a third-quarter loss, hurt by a charge tied to the planned sale of its stake in one of the largest copper deposits in Indonesia. The deal, which had been expected to close in the third quarter, is now expected to close in the fourth quarter.

On an adjusted basis, however, the miner’s profit more than doubled as it benefited from higher prices and higher gold production.

Separately, Colorado-based Newmont, the world’s No. 2 gold miner by production, said it was updating its gold price-linked dividend policy to take advantage of rising prices and said that Nancy K. Buese, most recently chief financial officer at MPLX LP, will take over as CFO on Oct. 31. Continue Reading →

Newmont, Barrick Agree More on Present Than Future Value of Mine – by Danielle Bochove (Bloomberg News – October 17, 2016)

http://www.bloombergquint.com/

(Bloomberg) — A split between the world’s two largest gold producers over the value of their jointly owned Australian mine is more about future economic expectations than what’s in the ground.

That’s the view of Newmont Mining Corp.’s Gary Goldberg, who has been saying for over a year he’d be interested in buying Barrick Gold Corp.’s half of the Kalgoorlie Super Pit — at the right price. Since Barrick officially started a sales process of the 50 percent stake in July, a wide field of potential bidders is said to have formed to vie with Newmont for the stake in Australia’s largest open-pit gold mine.

“We’re not misaligned in terms of where we see some of the value of the resource that’s there,” Newmont’s chief executive officer said in an interview with Bloomberg TV Canada. “But people have different assumptions on exchange rates, and gold price, those sorts of things.” Continue Reading →

Gold mine chose ‘eviction over dialogue’ in Peru land dispute – report – by Chris Arsenault (Reuters U.K. – September 29, 2016)

http://uk.reuters.com/

RIO DE JANEIRO (Thomson Reuters Foundation) – One of the world’s biggest gold mining firms has pledged to improve its dispute resolution practices following an 18-month investigation into a bitter, ongoing conflict over land between farmers and its Peruvian subsidiary.

Denver-based Newmont Mining Corporation said the company-financed independent investigation into conflicts around South America’s largest gold mine had found no conclusive evidence of human rights abuses.

Rights groups had complained that private security forces backed by the firm assaulted protesting farmers. The company denies being involved in the attacks. But Newmont said in a statement after the investigation was released on Wednesday that it had not properly followed its own standards for dialogue in resolving land disputes. Continue Reading →

Newmont’s Indonesia mine sale closure may slip into fourth quarter: CEO – by Nicole Mordant (Reuters U.S. – September 20, 2016)

http://www.reuters.com/

COLORADO SPRINGS, COLO. – Newmont Mining Corp’s sale of its stake in the Batu Hijau mine in Indonesia may not close until the fourth quarter of the year, Chief Executive Gary Goldberg said on Monday, adding that the approvals process was complex.

Newmont agreed on June 30 to sell its 48.5 percent economic interest in its Indonesia operations to a local investor group for up to $1.3 billion. The Denver-based miner said at the time it expected the deal to close in the third quarter.

The possible delay comes after some analysts raised concerns after the deal was announced that closing conditions, including requirements for a valid export license for the mine, posed risks to the transaction. Continue Reading →

Newmont’s Carlin team wins national mine rescue competition: Barrick’s Turquoise Ridge team won first in one of the technician portions (Elko Daily Free Press – August 8, 2016)

http://elkodaily.com/

RENO – Newmont Mining Corp.’s Carlin Team beat out 35 teams from 16 states nationwide to finish first at the 2016 National Metal and Nonmetal Mine Rescue Contest in Reno.

The Carlin team came in third in the field competition, first place for first aid and second for team tech (BG4) during the four-day event held July 25-28 in Reno. Barrick Gold’s “Turquoise Ridge Regulators” from Golconda, came in first in the bio technician team competition.

Co-hosted by the U.S. Department of Labor’s Mine Safety and Health Administration and the Nevada Mining Association, mine rescue competitions gauge the readiness of teams and their individual members – sharpening skills and testing their knowledge in a series of simulated emergency scenarios, such as a mine fire, explosion or roof collapse. Continue Reading →

Gold miner Newmont cuts cost forecast, beats market – by Nicole Mordant (Reuters U.S. – July 20, 2016)

http://www.reuters.com/

Newmont Mining’s (NEM.N) adjusted net income in the second quarter blew past market expectations on Wednesday and the world’s second biggest gold miner by value also cut its gold cost forecast, sending its shares higher after hours.

Greenwood Village, Colorado-based Newmont kicked off the reporting season for large North American gold miners, which are expected to have benefited from a rise in bullion prices this year.

Newmont, which also mines copper, said adjusted income rose to $231 million, or 44 cents a share, in the quarter ended June as gold output rose and costs fell. Continue Reading →

Gold supply to drop by 7 pct by 2021 – Newmont CEO – by Michael Allan McCrae (Mining.com – June 20, 2016)

http://www.mining.com/

Due to the past price performance of gold, supply is constrained says Gary Goldberg, president and CEO of Newmont Mining. “We see the medium- to long-term as being very good,” said Goldberg in an interview with MINING.com earlier this month talking about gold prices and buying trends in India and China.

“I think you have seen a decrease in supply as there has been less investment in new properties. We are one of the few who are building two brand-new mines: Merian-Suriname and Long Canyon in Nevada. “Overall, we see gold supply dropping by about 7% by 2021.”

Transcript is edited for brevity and clarity.

MINING.com: Who are you.

Gary Goldberg: I am Gary Goldberg. I am the president and CEO of Newmont Mining. Continue Reading →