US-headquartered miner Newmont CEO Tom Palmer has reaffirmed the company’s position as a leader in the gold and copper sectors, touting its “unmatched stability and growth potential” in the release of the company’s latest annual report.

Palmer points out that Newmont has strategically built a world-class portfolio over the last five years, comprising 11 long-life operations and three major projects currently in execution. 

This portfolio, he notes, is expected to produce an average of six-million ounces a year of gold and 150 000 t/y of copper over the next decade.

“This strategic portfolio serves as the foundation of a resilient and sustainable business – designed to adapt to shifting global demands,” states Palmer.

“Many of our operations have mine lives exceeding 15 years, supporting profitable gold and copper production into the 2050s and beyond.”

With the gold industry’s largest reserve base, boasting 134.1-million attributable gold ounces and a significant copper reserve of 13.5-million tonnes, Newmont’s foundation is robust. Palmer highlights that these reserves provide the company with not only stability, but also growth opportunities.

The strategic acquisition of Newcrest Mining has strengthened the company’s portfolio, providing Newmont with increased copper exposure and unlocking substantial synergies.

Palmer points to the ongoing integration efforts, which he describes as focused on streamlining operations and driving efficiency, with an expectation of maximising asset value over the next two years.

The fourth quarter of 2024 marked a significant milestone for Newmont, with production soaring by about 230 000 oz of gold over the previous quarter, alongside a near 10% reduction in unit costs. Palmer attributes the performance to the strength of Newmont’s Tier 1 portfolio and emphasises the company’s ongoing commitment to asset optimisation.

In line with these efforts, Newmont has restructured its operations into three business units – Africa and Canada (AFCAN), Latin America and the Caribbean (LATAC), and Asia Pacific (APAC). Palmer explains that this move will enable the company to better drive strategic growth while maintaining operational excellence across its portfolio.

For 2025, Newmont’s performance will be driven by its six managed Tier 1 operations: Tanami, Boddington, Cadia and Lihir, in Australia, Peñasquito in Mexico and Ahafo in Ghana. These flagship operations will be the focal point of the group’s strategy, which includes optimising mine plans, investing in life-extension projects, and strengthening operational efficiencies to maximise long-term value.

Among the key projects Palmer highlighted are Ahafo North, which is set to be commissioned this year. Significant infrastructure construction has been completed, setting the stage for the expansion of the Ahafo complex, which will increase production to about 750 000 oz/y of gold.

The Tanami expansion is targeted for completion in the second half of 2027. The  project is poised to reduce operating costs by 2028, while also increasing gold production by 35%.

At the Cadia development, Newmont has achieved key milestones in the underground development at PC2-3 and PC1-2, which will unlock decades of additional gold and copper reserves at the Cadia site.

Beyond these projects, Palmer stresses that Newmont has an “unparalleled” organic growth pipeline, with ongoing evaluations of strategic expansion opportunities designed to ensure capital efficiency and long-term value creation for its shareholders.