Newmont reports 2024 gold reserves and 2025 outlook amid strategic portfolio shift

Newmont Corporation, the world’s largest gold producer, has reported gold reserve estimates of 134.1 million attributable ounces as of the end of 2024. This marks a slight decline from 135.9 million ounces in 2023, reflecting the impact of depletion and reserve revisions. However, the company remains focused on long-term mineral resource growth, leveraging its extensive copper production forecast and high-quality Tier 1 portfolio.

The company’s updated reserve estimate also includes 13.5 million tonnes of copper reserves and 530 million ounces of silver, reinforcing its strong position in the global mining sector. Newmont’s commitment to exploration and portfolio optimization ensures that it continues to deliver value, even as it restructures its asset base.

What is driving Newmont’s reserve and resource strategy?

Newmont has been actively managing its asset portfolio to focus on high-value, long-life mines. Its gold reserve estimates now emphasize Tier 1 assets, with 125.5 million attributable gold ounces forming the foundation of its core portfolio. The company’s reserves are strategically diversified across some of the most favorable mining jurisdictions, ensuring operational stability and resource longevity.

According to CEO Tom Palmer, the company’s mineral resource growth strategy is centered on maximizing its high-grade deposits and advancing exploration efforts. With a gold reserve life of over ten years at key sites including Boddington, Lihir, Tanami, and Ahafo, Newmont is well-positioned for sustained production. The company has also reported measured and indicated gold resources of 99.4 million ounces, with inferred resources totaling 70.6 million ounces.

How does Newmont’s copper production forecast impact its growth?

In addition to its dominant position in gold mining, Newmont’s copper production forecast remains strong, reflecting its diversified mineral portfolio. The company has retained 13.5 million tonnes of copper reserves, with 14.1 million tonnes in measured and indicated resources and 11 million tonnes in inferred resources. This level of copper exposure is significant, as the metal plays a critical role in global electrification and industrial applications.

Newmont’s copper assets complement its gold operations, providing an additional revenue stream while supporting long-term mineral resource growth. The company’s continued investment in high-quality reserves ensures a stable output of both gold and copper, securing its leadership in the mining sector.

What financial performance did Newmont achieve in 2024?

Newmont’s financial results for 2024 highlight a strong year, with a reported net income of $3.4 billion and adjusted net income per diluted share of $3.48. The company generated $6.3 billion in operating cash flow, with a record $1.6 billion in free cash flow in the fourth quarter alone.

The company’s financial stability is reinforced by its strong balance sheet, with $3.6 billion in cash reserves and total liquidity of $7.7 billion. This financial flexibility allows Newmont to continue reinvesting in its core operations while funding key growth initiatives.

For 2025, Newmont projects attributable gold production of 5.9 million ounces, with an expected all-in sustaining cost (AISC) of $1,630 per ounce. The company remains optimistic about gold price trends, particularly as long-term forecasts continue to favor the precious metal.

How is Newmont optimizing its asset portfolio through divestitures?

Newmont has initiated a $4.3 billion divestiture program, focusing on selling non-core assets to streamline operations. The company has announced agreements to sell six mining operations, including Akyem, Cripple Creek & Victor (CC&V), Éléonore, Musselwhite, Porcupine, and Telfer, along with its 70% interest in the Havieron project.

The expected $2.5 billion in cash proceeds from these sales, which are anticipated to be realized in the first half of 2025, will strengthen Newmont’s financial position. The company has also been actively returning capital to shareholders, with $1.2 billion in share repurchases as part of its $3 billion share buyback program, which remains authorized through 2026.

What are Newmont’s key expansion and development projects?

Newmont’s mineral resource growth strategy includes several key expansion projects, aimed at extending mine life and increasing production efficiency.

The Tanami Expansion 2 project in Australia is expected to secure the site’s long-term future, increasing annual production by 150,000 to 200,000 ounces starting in 2028. The Ahafo North project in Ghana will add 275,000 to 325,000 ounces annually, contributing to the company’s overall gold reserve estimates. Meanwhile, the Cadia Panel Caves project in Australia is set to yield 5.9 million ounces of gold and 1.3 million tonnes of copper, further enhancing Newmont’s copper production forecast.

By prioritizing capital allocation to these high-return projects, Newmont ensures that its gold reserve estimates and mineral resource growth remain robust, even as it adjusts its portfolio.

What does Newmont’s strategy mean for investors?

Newmont’s commitment to portfolio optimization, financial discipline, and long-term resource development places it in a strong position for sustained growth. With its gold reserve estimates solidifying its leadership in the sector and its copper production forecast providing additional upside, the company continues to deliver shareholder value.

As gold prices remain elevated and industrial demand for copper grows, Newmont’s focus on high-quality assets and disciplined capital management ensures that it remains a top performer in the mining industry. Investors will be closely watching the company’s ability to execute its divestiture program while advancing its mineral resource growth initiatives in 2025 and beyond.