Newmont Puts Four Gold Mines On Care and Maintenance

SEATTLE (Scrap Monster): Newmont Corporation announced that four of its mines in Argentina, Canada and Peru has been put into care and maintenance. Consequently, the company has revised downwards its guidance for full-year 2020.

According to company press release, it has decided to limit personnel on site at its Musselwhite, Eleonore and Cerro Negro mines. Also, mining operations in the Yanacocha mines are in the process of ramping down. Meantime, the miner company disclosed that it is not currently facing any sort of shipping or transportation delays.

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For the first quarter of 2020, Newmont expects to produce approximately 21.4 million attributable gold ounces and approximately 325,000 co-product gold equivalent ounces. At the same time, it has withdrawn its full-year 2020 guidance, based on the assumption that some production could be deferred to 2021. The company had earlier forecast attributable gold production of 6.4 million ounces in 2020 and between 6.2 million and 6.7 million ounces longer-term through 2024.

Tom Palmer, President and Chief Executive Officer hoped that the short-term disruptions do not impact long term business value. Newmont currently have no confirmed COVID-19 cases among its workforce, he added.