Home > News > Newmont Porcupine has a...

Newmont Porcupine has a strong productive 2020

Jan 21, 2021

Brian Neeley Newmont Porcupine manager of sustainability and external relations presents a check to Timmins Youth Wellness Hub Chairman Brian Marks. The $50,000 donation was one of dozens that Newmont made throughout 2020 to support community groups and businesses from Chapleau to Timmins.

The year that everyone has finally put in their rear-view mirror was an encouraging mixed bag of news for Newmont, the world’s #1 gold miner.

The company’s latest filings (available at press time) for the 9 months ending September 30, 2020 indicate that Newmont’s Canadian operations contributed well to the company’s overall bottom line.

In the Porcupine Division, the company’s Borden, Hoyle Pond and Hollinger Open Pit operations combined for 244,000 ounces, up significantly over 2019 where the three mines produced 130,000 ounces.

“Capitalizing on the strength of our portfolio and higher gold prices, we delivered a record third quarter adjusted EBITDA of $1.7 billion and free cash flow of $1.3 billion.

This was the best quarterly financial performance in Newmont’s history,” said Tom Palmer, President and Chief Executive Officer. “We also remain focused above all else on protecting the health, safety and wellbeing of our workforce and neighboring communities as the pandemic continues,” “As demonstrated by our second dividend increase this year, with a 79 percent increase in January and a further 60 percent increase in October, I am confident that our world-class portfolio is best positioned to generate industry-leading value and returns for our shareholders.”

At Musselwhite, the company was able to produce 63,000 ounces through the first nine months, a welcome outcome, given the Musselwhite was shut down for a portion of 2019 due to the loss of the company’s underground conveyor system. Due to the impact of the conveyor fire in March 2019, Musselwhite had no gold production or sales in the third quarter of 2019.

Gold production increased 4% in the Porcupine Division, primarily driven by higher ore grade mined from Borden, which achieved commercial production in the fourth quarter of 2019, a higher draw down of in-circuit inventory as compared to the prior year and higher mill recovery from the lead nitrate circuit.

The Porcupine Division was acquired during the second quarter of 2019 as part of the Newmont Goldcorp transaction. Gold production increased 88% primarily driven by nine months of operations in 2020 as compared to six months in 2019, in addition to Borden achieving commercial production in the fourth quarter of 2019.

In April, Newmont made a massive US$20 million commitment to help host communities, governments and employees combat the COVID-19 pandemic. The Newmont Global Community Support Fund was over and above other local contributions and efforts the company implemented prior to the pandemic.

Newmont partnered with local governments, medical institutions, charities and non-governmental organizations to target funds towards addressing the greatest needs with a view to serving as a catalyst for long-term resiliency and future community development.

“Around the globe, we have implemented controls at our operations and offices to put the health, safety, and overall wellbeing of our people and communities above all else,” said Chief Executive Officer Tom Palmer.

“Our employees, local contractors and their families live in the communities that host our operations and the health of our business is inextricably linked to the health of those communities.

We not only want to protect our people and host communities from this pandemic, we want to build lasting resiliency so that our host communities thrive after the worst of this pandemic passes. As a global business with operations in eight countries, we are committed to doing our part to combat this disease and protect people and their livelihoods.”

Read this article and more from Mining Life & Exploration News by clicking on the link below:





Tags: Northern Ontario / All Articles