07 May 2019
Posted in Energy
Newmont Goldcorp expected to account for 7.1% of global gold production in 2019
Newmont Mining Corporation merged with Canada’s Goldcorp to form Newmont Goldcorp Corporation, the largest gold producer. With an estimated gold production at 8.4 million ounces in 2019, equivalent to 7.1% of global production, versus 5.6 million ounces for Barrick Gold, and 2.8 million ounces for Kinross Gold, says GlobalData, a leading data and analytics company.
Vinneth Bajaj, Mining Analyst at GlobalData, comments: “While $1-1.5bn of assets are expected to be sold over the next two years, initially the new entity will possess 83 gold projects, including 29 operating and 15 currently under development. The majority of the operations will be in the Americas, with Canada and the US, collectively accounting for 67.5% of the total assets, followed by Australia (6%), Peru (6%), and Argentina (3.6%). With this, Newmont has also entered into new geographical markets for extraction of gold, including Argentina, Chile, Mexico, and Dominican Republic.”
In comparison, Barrick Gold has 84 gold projects, of which 21 are in operation and Kinross has 25, with 13 in operation.