Newmont head Tom Palmer isn’t shy about celebrating the company’s success.
“Newmont has solidified its position as the gold industry’s leader with the highest concentration of Tier 1 assets, reserves and resources,” Palmer said in a recent announcement.
“Supported by our industry-leading exploration program, we continue to focus on extending mine life, developing districts and discovering new opportunities in the most favourable mining jurisdictions.”
And it would seem Palmer has every right to celebrate.
The major’s future Tier 1 portfolio includes 125.5 million attributable gold ounces and significant mineral reserves from other ore, including over 13.5 million in copper reserves.
Newmont has doubled its reserve base since 2018, diversifying itself across the globe’s largest mining jurisdictions including Australia and the US. Added to that is the fact that the major has nine asset bases with a gold reserve life of 10 years or more.
“Newmont’s extensive gold and copper reserve base represents the foundation for stable production and meaningful value creation for the next several decades,” Palmer said.
The gold miner has not played coy about its ambitions in other ores, describing its ambitions to work with major copper players like BHP to unlock more assets across the globe.
Now, with a reported 153,000 tonnes of copper produced in 2024 alone, Newmont is well on its way to becoming a key copper and gold miner.
“Our record fourth quarter gave a glimpse into the promising potential of the business and allowed Newmont to deliver record operating cash flows,” Palmer said.
“Looking to 2025 and beyond, our priorities are clear: maximise the potential of our Tier 1 portfolio, meet our commitments, return capital, and drive long-term value for our shareholders.”
