Analyst Note| Kristoffer Inton |
Newmont’s fourth quarter led it to miss full-year guidance, but by just slightly. For 2020, the company produced 5.9 million attributable gold ounces at all-in sustaining costs of $1,045 per ounce for the year, compared with guidance for 6 million ounces at AISC of $1,015 per ounce. 2021 should see better results, as projects should drive production to 6.5 million attributable ounces at AISC of $970 per ounce. In December, Newmont also provided longer-term guidance. Production should remain around 6.2 to 6.7 million ounces through 2023 as AISC falls to $825 to $925 per ounce. In 2024 and 2025, it expects production to rise to 6.5 to 7 million ounces at even lower AISC of $800 to $900 per ounce.