Newmont Announces 2023 Mineral Reserves for Integrated Company of 136 Million Gold Ounces with Robust Copper Optionality of 30 Billion Pounds
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Percentage of Gold Reserves by Jurisdiction (Graphic: Business Wire)
"
2023 Reserves & Resources Highlights
- Robust gold reserves of 135.9 million ounces
-
Newcrest acquisition accounted for net addition of 44 million ounces of gold reserves in 2023 (net of revisions) -
Nearly all gold and copper reserves and resources are attributable to the
Newmont Tier 1 Portfolio1 -
Underpinned by a strong base of operating sites with gold reserve life of 10 years or more, including Boddington, Lihir, Cadia, Tanami, Ahafo, Merian,
Pueblo Viejo andNevada Gold Mines (NGM), and further enhanced byNewmont's broader portfolio and organic project pipeline - Measured & Indicated Gold Mineral Resources of 104.8 million ounces and Inferred Resources of 69.1 million ounces
-
Significant exposure to copper with 30.1 billion pounds in reserves, 33.1 billion pounds in Measured & Indicated resources and 24.0 billion pounds in Inferred resources; nearly all copper reserves and resources are attributable to the
Newmont Tier 1 Portfolio1 - Additional exposure to other metals including silver, lead, zinc, and molybdenum
Percentage of Gold Reserves by Jurisdiction2
Newmont’s reserve base is a key differentiator with an average reserve grade of 0.97 grams per tonne and an operating reserve life of more than ten years at six managed sites and two non-managed joint ventures, with significant upside potential from a robust organic project pipeline. In addition,
PROVEN AND PROBABLE GOLD RESERVES1 | |||
In thousands of ounces | |||
2022 Gold Reserves |
96.1 |
|
|
Additions |
2.8 |
|
|
Acquisitions4 |
55.9 |
|
|
Net Revisions |
(11.6 |
) |
|
Depletion |
(7.3 |
) |
|
2023 Gold Reserves |
135.9 |
|
For 2023,
The gold reserve increases were primarily driven by Lihir and Cadia acquired in the
- Lihir added 17.5 million ounces of reserves, with a projected mine life of 16 years
- Cadia added 14.7 million ounces of reserves, with a projected mine life of 34 years
These increases were supported by over 3 million ounces at the Brucejack mine, over 5 million ounces at the Wafi-Golpu project and nearly 4 million ounces the Red Chris project.
Newmont’s legacy sites had additions through drilling of 2.2 million ounces, which were offset by net negative revisions of 1.8 million ounces driven by Peñasquito, Tanami, Musselwhite and Ahafo. Peñasquito site had net negative revisions of 0.6 million ounces, before depletion, primarily due to an updated resource model that will further support future production planning. Sites including Éléonore,
Newmont’s 38.5 percent interest in NGM represented 18.3 million attributable ounces of gold reserves at year end, compared to 18.6 million ounces at the end of 2022.
Gold reserve grade decreased 10 percent to 0.97 grams per tonne compared to 1.09 grams per tonne in the prior year, primarily due to the lower grade of the acquired
GOLD RESOURCES5 |
|||
In thousands of ounces | |||
2022 Gold Resources |
111.5 |
|
|
Additions |
5.8 |
|
|
Acquisitions4 |
74.6 |
|
|
Net Revisions |
(11.9 |
) |
|
Conversions |
(6.1 |
) |
|
2023 Gold Resources |
173.9 |
|
In 2023,
Total Mineral Resources at
Total Mineral Resources at Tanami increased by approximately 1.0 million ounces due to the addition of the Oberon Underground project. Total Mineral Resources at Peñasquito decreased by 2.2 million ounces due to the updated resource model and technical assumptions that resulted in the removal of a resource layback at the Peñasco pit. The layback could come back into Mineral Resources pending additional optimization work, including cost reductions, metallurgical recovery enhancements and metal price increases.
Newmont’s Measured and Indicated Gold Mineral Resource grade decreased to 0.57 grams per tonne compared to 0.67 grams per tonne in the prior year. Inferred Gold Mineral Resource grade of 0.6 grams per tonne decreased compared to 0.7 grams per tonne in the prior year.
OTHER METALS
In 2023, copper reserves and resources increased significantly, primarily due to the addition of the assets acquired in the
Silver reserves were largely stable at 596 million ounces compared to 593 million ounces in the prior year, primarily due to the addition of the assets acquired in the
Lead and zinc reserves and resources were impacted by the updated resource model at Peñasquito. Lead reserves decreased to 2.1 billion pounds from 2.3 billion pounds, Measured and Indicated lead resources decreased to 1.4 billion pounds from 1.6 billion pounds, and Inferred lead resources decreased to 100 million pounds from 440 million pounds in the prior year. Zinc reserves decreased to 4.9 billion pounds from 5.5 billion pounds, Measured and Indicated zinc resources decreased to 3.3 billion pounds from 3.7 billion pounds, and Inferred zinc resources decreased to 0.3 billion pounds from 1.0 billion pounds in the prior year.
Molybdenum reserves of 500 million pounds were declared in the current year due to the addition of the operating site at Cadia. Measured and Indicated molybdenum resources increased to 200 million pounds, with Inferred molybdenum resources of 100 million pounds.
NOTES ON NEWMONT’S DECLARATION
EXPLORATION OUTLOOK
Newmont’s attributable exploration expenditure for managed operations is expected to be approximately
Additionally, Newmont’s share of exploration investment for its non-managed operations is expected to be approximately
Geographically, the Company expects to invest approximately 27 percent in
GOLD RESERVE SENSITIVITY
A
KEY RESERVE AND RESOURCE ASSUMPTIONS6 |
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At |
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2023 |
|
2022 |
Gold Reserves ($/oz) |
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|
Gold Resources ($/oz) |
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|
Copper Reserves ($/lb) |
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|
Copper Resources ($/lb) |
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Silver Reserves ($/oz) |
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Silver Resources ($/oz) |
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Lead Reserves ($/lb) |
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Lead Resources ($/lb) |
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Zinc Reserves ($/lb) |
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Zinc Resources ($/lb) |
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|
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Molybdenum Reserves ($/lb) |
|
|
— |
Molybdenum Resources ($/lb) |
|
|
— |
Tungsten Resources ($/lb) |
|
|
— |
Australian Dollar (A$:US$) |
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Canadian Dollar (C$:US$) |
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|
West Texas Intermediate ($/bbl) |
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For additional details on Newmont’s reported gold, copper, silver, lead, zinc, molybdenum and tungsten Mineral Reserves and Mineral Resources, please refer to the tables at the end of this release.
_________________________ |
1
Newmont’s go-forward portfolio is focused on Tier 1 assets, consisting of (1) six managed Tier 1 assets (Boddington, Tanami, Cadia, Lihir, Peñasquito and Ahafo), (2) assets owned through two non-managed joint ventures at Nevada Gold Mines and |
2
|
3
Gold Equivalent Ounces (GEOs) are calculated using 2023 Mineral Reserve pricing for Gold ( |
4
In 2023, |
5 Includes Measured and Indicated Gold Mineral Resources and Inferred Gold Mineral Resources. |
6
For 2023 and 2022, |
RESERVE AND RESOURCE TABLES
Proven and probable reserves are based on extensive drilling, sampling, mine modeling and metallurgical testing from which
The proven and probable reserve figures presented herein are estimates based on information available at the time of calculation. No assurance can be given that the indicated levels of recovery of gold, copper, silver, lead, zinc and molybdenum will be realized. Ounces of gold or silver or pounds of copper, lead, zinc or molybdenum included in the proven and probable reserves are those contained prior to losses during metallurgical treatment. Reserve estimates may require revision based on actual production. Market fluctuations in the price of gold, copper, silver, lead, zinc and molybdenum, as well as increased production costs or reduced metallurgical recovery rates, could render certain proven and probable reserves containing higher cost reserves uneconomic to exploit and might result in a reduction of reserves.
The measured, indicated, and inferred resource figures presented herein are estimates based on information available at the time of calculation and are exclusive of reserves. A “mineral resource” is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade, or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. The reference point for mineral resources is in situ. Mineral resources are sub-divided, in order of increasing geological confidence, into inferred, indicated and measured categories. Ounces of gold and silver or pounds of copper, zinc, lead, molybdenum and tungsten included in the measured, indicated and inferred resources are those contained prior to losses during metallurgical treatment. The terms "measured resource," "indicated resource," and "inferred resource" mean that part of a mineral resource for which quantity and grade or quality are estimated on the basis of geological evidence and sampling that is considered to be comprehensive, adequate, or limited, respectively. Market fluctuations in the price of gold, silver, copper, zinc, lead, molybdenum and tungsten as well as increased production costs or reduced metallurgical recovery rates, could change future estimates of resources.
Please refer to the reserves and resources cautionary statement at the end of the release.
Gold Reserves (1) |
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|
|
|
Proven Reserves |
|
Probable Reserves |
|
Proven and Probable Reserves |
|
|
Proven and Probable Reserves |
||||||||
Deposits/Districts |
|
|
|
Tonnage (2)
|
Grade
|
Ounces (3)
|
|
Tonnage (2)
|
Grade
|
Ounces (3)
|
|
Tonnage (2)
|
Grade
|
Ounces (3)
|
|
Metallurgical
|
Tonnage (2)
|
Grade
|
Ounces (3)
|
|
|
100% |
|
38,800 |
0.42 |
500 |
|
7,800 |
0.35 |
100 |
|
46,600 |
0.40 |
600 |
|
58% |
61,400 |
0.37 |
740 |
CC&V Leach Pads (4) |
|
100% |
|
— |
— |
— |
|
28,300 |
0.74 |
700 |
|
28,300 |
0.74 |
700 |
|
56% |
32,600 |
0.78 |
820 |
Total CC&V, |
|
|
|
38,800 |
0.42 |
500 |
|
36,100 |
0.66 |
800 |
|
75,000 |
0.53 |
1,300 |
|
57% |
94,000 |
0.52 |
1,560 |
Musselwhite, |
|
100% |
|
3,200 |
6.78 |
700 |
|
3,800 |
6.30 |
800 |
|
7,000 |
6.52 |
1,500 |
|
96% |
10,400 |
5.76 |
1,920 |
Porcupine Underground (7) |
|
100% |
|
1,400 |
7.06 |
300 |
|
1,600 |
8.34 |
400 |
|
3,000 |
7.75 |
700 |
|
94% |
2,500 |
8.49 |
690 |
|
|
100% |
|
3,200 |
1.43 |
100 |
|
26,600 |
1.54 |
1,300 |
|
29,700 |
1.53 |
1,500 |
|
93% |
34,500 |
1.46 |
1,610 |
Total |
|
|
|
4,500 |
3.14 |
500 |
|
28,200 |
1.93 |
1,700 |
|
32,700 |
2.10 |
2,200 |
|
93% |
37,000 |
1.93 |
2,300 |
Éléonore, |
|
100% |
|
2,100 |
5.08 |
300 |
|
6,800 |
5.47 |
1,200 |
|
8,900 |
5.38 |
1,500 |
|
92% |
9,400 |
5.22 |
1,570 |
|
|
70% |
|
— |
— |
— |
|
30,200 |
0.37 |
300 |
|
30,200 |
0.37 |
300 |
|
53% |
— |
— |
— |
Red Chris Underground |
|
70% |
|
— |
— |
— |
|
171,700 |
0.64 |
3,500 |
|
171,700 |
0.64 |
3,500 |
|
70% |
— |
— |
— |
Total Red Chris, |
|
|
|
— |
— |
— |
|
201,900 |
0.60 |
3,900 |
|
201,900 |
0.60 |
3,900 |
|
68% |
— |
— |
— |
Brucejack, |
|
100% |
|
— |
— |
— |
|
11,500 |
8.44 |
3,100 |
|
11,500 |
8.44 |
3,100 |
|
96% |
— |
— |
— |
Peñasquito, |
|
100% |
|
123,700 |
0.57 |
2,200 |
|
167,300 |
0.44 |
2,400 |
|
291,000 |
0.50 |
4,600 |
|
59% |
316,500 |
0.53 |
5,410 |
Merian, Suriname (13) |
|
75% |
|
29,600 |
1.19 |
1,100 |
|
74,400 |
1.15 |
2,800 |
|
104,000 |
1.16 |
3,900 |
|
93% |
104,800 |
1.16 |
3,900 |
|
|
100% |
|
1,900 |
11.81 |
700 |
|
7,300 |
10.75 |
2,500 |
|
9,200 |
10.97 |
3,200 |
|
94% |
9,400 |
10.02 |
3,030 |
|
|
100% |
|
21,700 |
0.80 |
600 |
|
107,000 |
0.75 |
2,600 |
|
128,600 |
0.76 |
3,200 |
|
56% |
146,500 |
0.72 |
3,380 |
Yanacocha Underground (16) |
|
100% |
|
— |
— |
— |
|
12,300 |
6.06 |
2,400 |
|
12,300 |
6.06 |
2,400 |
|
97% |
12,300 |
6.06 |
2,400 |
Total Yanacocha, |
|
|
|
21,700 |
0.80 |
600 |
|
119,200 |
1.30 |
5,000 |
|
140,900 |
1.22 |
5,500 |
|
73% |
158,800 |
1.13 |
5,780 |
|
|
40% |
|
25,800 |
2.28 |
1,900 |
|
50,800 |
2.08 |
3,400 |
|
76,600 |
2.15 |
5,300 |
|
82% |
78,500 |
2.19 |
5,530 |
Pueblo Viejo Stockpiles (17) |
|
40% |
|
— |
— |
— |
|
39,700 |
2.12 |
2,700 |
|
39,700 |
2.12 |
2,700 |
|
83% |
38,200 |
2.17 |
2,670 |
Total |
|
|
|
25,800 |
2.28 |
1,900 |
|
90,500 |
2.10 |
6,100 |
|
116,300 |
2.14 |
8,000 |
|
82% |
116,600 |
2.19 |
8,200 |
NuevaUnión, |
|
50% |
|
— |
— |
— |
|
341,100 |
0.47 |
5,100 |
|
341,100 |
0.47 |
5,100 |
|
66% |
341,100 |
0.47 |
5,110 |
Norte Abierto, |
|
50% |
|
— |
— |
— |
|
598,800 |
0.60 |
11,600 |
|
598,800 |
0.60 |
11,600 |
|
74% |
598,800 |
0.60 |
11,620 |
|
|
100% |
|
215,300 |
0.67 |
4,600 |
|
192,600 |
0.64 |
3,900 |
|
407,900 |
0.66 |
8,600 |
|
85% |
446,700 |
0.66 |
9,490 |
Boddington Stockpiles (17) |
|
100% |
|
2,000 |
0.72 |
— |
|
70,000 |
0.43 |
1,000 |
|
72,000 |
0.44 |
1,000 |
|
80% |
78,300 |
0.43 |
1,090 |
Total Boddington, |
|
|
|
217,300 |
0.67 |
4,700 |
|
262,600 |
0.58 |
4,900 |
|
479,900 |
0.62 |
9,600 |
|
84% |
524,900 |
0.63 |
10,580 |
Tanami, |
|
100% |
|
9,900 |
5.58 |
1,800 |
|
16,600 |
5.71 |
3,100 |
|
26,600 |
5.66 |
4,800 |
|
98% |
33,000 |
5.34 |
5,660 |
Cadia, |
|
100% |
|
— |
— |
— |
|
1,102,300 |
0.42 |
14,700 |
|
1,102,300 |
0.42 |
14,700 |
|
81% |
— |
— |
— |
Lihir Open Pits |
|
100% |
|
— |
— |
— |
|
159,900 |
2.76 |
14,200 |
|
159,900 |
2.76 |
14,200 |
|
78% |
— |
— |
— |
Lihir Stockpiles (17) |
|
100% |
|
— |
— |
— |
|
57,200 |
1.83 |
3,400 |
|
57,200 |
1.83 |
3,400 |
|
78% |
— |
— |
— |
Total Lihir, |
|
|
|
— |
— |
— |
|
217,100 |
2.51 |
17,500 |
|
217,100 |
2.51 |
17,500 |
|
78% |
— |
— |
— |
Wafi-Golpu, |
|
50% |
|
— |
— |
— |
|
194,500 |
0.82 |
5,100 |
|
194,500 |
0.82 |
5,100 |
|
68% |
— |
— |
— |
|
|
100% |
|
5,200 |
2.76 |
500 |
|
35,500 |
1.68 |
1,900 |
|
40,700 |
1.82 |
2,400 |
|
90% |
47,600 |
1.81 |
2,770 |
Ahafo South Underground (25) |
|
100% |
|
8,300 |
3.13 |
800 |
|
14,300 |
2.35 |
1,100 |
|
22,600 |
2.64 |
1,900 |
|
94% |
22,600 |
3.06 |
2,230 |
Ahafo South Stockpiles (17)(26) |
|
100% |
|
23,400 |
1.01 |
800 |
|
— |
— |
— |
|
23,400 |
1.01 |
800 |
|
91% |
22,100 |
0.91 |
640 |
Total Ahafo South, |
|
|
|
36,900 |
1.73 |
2,100 |
|
49,800 |
1.88 |
3,000 |
|
86,700 |
1.82 |
5,100 |
|
92% |
92,300 |
1.90 |
5,650 |
Ahafo North, |
|
100% |
|
26,000 |
2.38 |
2,000 |
|
27,100 |
2.43 |
2,100 |
|
53,100 |
2.41 |
4,100 |
|
91% |
50,100 |
2.37 |
3,820 |
|
|
100% |
|
13,000 |
1.52 |
600 |
|
5,900 |
1.61 |
300 |
|
19,000 |
1.55 |
900 |
|
90% |
22,300 |
1.66 |
1,190 |
Akyem Stockpiles (17) |
|
100% |
|
6,700 |
0.78 |
200 |
|
— |
— |
— |
|
6,700 |
0.78 |
200 |
|
90% |
11,900 |
0.71 |
270 |
Total Akyem, |
|
|
|
19,700 |
1.27 |
800 |
|
5,900 |
1.61 |
300 |
|
25,600 |
1.35 |
1,100 |
|
90% |
34,200 |
1.33 |
1,460 |
|
|
38.5% |
|
— |
— |
— |
|
154,700 |
1.01 |
5,000 |
|
154,700 |
1.01 |
5,000 |
|
77% |
159,400 |
1.00 |
5,110 |
NGM Stockpiles (17) |
|
38.5% |
|
15,100 |
2.01 |
1,000 |
|
14,000 |
2.44 |
1,100 |
|
29,100 |
2.22 |
2,100 |
|
69% |
25,100 |
2.32 |
1,880 |
NGM Underground |
|
38.5% |
|
5,100 |
11.58 |
1,900 |
|
35,100 |
8.19 |
9,300 |
|
40,200 |
8.62 |
11,100 |
|
87% |
41,300 |
8.75 |
11,610 |
Total NGM, |
|
|
|
20,200 |
4.42 |
2,900 |
|
203,900 |
2.35 |
15,400 |
|
224,100 |
2.54 |
18,300 |
|
82% |
225,800 |
2.56 |
18,590 |
Total Gold |
|
|
|
581,400 |
1.22 |
22,800 |
|
3,766,800 |
0.94 |
113,200 |
|
4,348,100 |
0.97 |
135,900 |
|
80% |
2,757,100 |
1.09 |
96,140 |
(1) |
Gold reserves, at sites in which |
|
(2) |
Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to the nearest 100,000. |
|
(3) |
Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 100,000 in 2023 and nearest 10,000 in 2022. |
|
(4) |
Leach pad material is the material on leach pads at the end of the year from which gold remains to be recovered. In-process reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves. |
|
(5) |
Cut-off grade utilized in 2023 reserves not less than 0.10 gram per tonne. |
|
(6) |
Cut-off grade utilized in 2023 reserves not less than 3.80 gram per tonne. |
|
(7) |
Cut-off grade utilized in 2023 reserves not less than 4.89 gram per tonne. |
|
(8) |
Cut-off grade utilized in 2023 reserves not less than 0.64 gram per tonne. |
|
(9) |
Cut-off grade utilized in 2023 reserves not less than 4.11 gram per tonne. |
|
(10) |
Gold cut-off grade varies with level of copper credits. |
|
(11) |
Gold cut-off grade varies with level of silver credits. |
|
(12) |
Gold cut-off grade varies with level of silver, lead, and zinc credits. |
|
(13) |
Cut-off grade utilized in 2023 reserves not less than 0.29 gram per tonne. |
|
(14) |
Cut-off grade utilized in 2023 reserves not less than 4.30 gram per tonne. |
|
(15) |
Gold cut-off grades utilized in 2023 reserves were as follows: oxide leach material not less than 0.14 gram per tonne and refractory mill material not less than 1.23 gram per tonne. |
|
(16) |
Gold cut-off grades utilized in 2023 were as follows: oxide mill material not less than 3.37 gram per tonne and refractory mill material varies with level of copper and silver credits. |
|
(17) |
Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves. |
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(18) |
The |
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(19) |
Project is currently undeveloped. Reserve estimates provided by the NuevaUnión joint venture. |
|
(20) |
Project is currently undeveloped. Reserve estimates provided by the Norte Abierto joint venture. |
|
(21) |
Cut-off grade utilized in 2023 reserves not less than 2.40 gram per tonne. |
|
(22) |
Gold cut-off grade varies with level of copper, silver, and molybdenum credits. |
|
(23) |
Cut-off grade utilized in 2023 reserves not less than 1.20 gram per tonne. |
|
(24) |
Cut-off grade utilized in 2023 reserves not less than 0.63 gram per tonne. |
|
(25) |
Cut-off grade utilized in 2023 reserves not less than 2.20 gram per tonne. |
|
(26) |
Cut-off grade utilized in 2023 reserves not less than 0.56 gram per tonne. |
|
(27) |
Cut-off grade utilized in 2023 reserves not less than 0.58 gram per tonne. |
|
(28) |
Cut-off grade utilized in 2023 reserves not less than 0.52 gram per tonne. |
|
(29) |
Reserve estimates provided by Barrick, the operator of the NGM joint venture. |
|
(30) |
Currently included in Corporate and Other which includes the Company's business activities relating to its corporate and regional offices and all equity method investments. |
|
(31) |
Amounts presented herein have been rounded to the nearest 100,000 in 2023 and nearest 10,000 in 2022 for ounces and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties. |
|
(32) |
In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. |
|
(33) |
Sites acquired through the |
Gold Resources (1)(2) - |
||||||||||||||||||||
|
|
|
|
Measured Resource |
|
Indicated Resource |
|
Measured and Indicated Resource |
|
Inferred Resource |
|
|
||||||||
Deposits/Districts |
|
|
|
Tonnage
|
Grade
|
Ounces(3)
|
|
Tonnage
|
Grade
|
Ounces(3)
|
|
Tonnage
|
Grade
|
Ounces(3)
|
|
Tonnage
|
Grade
|
Ounces(3)
|
|
Metallurgical
|
CC&V, |
|
100% |
|
77,400 |
0.43 |
1,100 |
|
43,700 |
0.36 |
500 |
|
121,100 |
0.40 |
1,600 |
|
22,400 |
0.43 |
300 |
|
56% |
Musselwhite, |
|
100% |
|
900 |
4.36 |
100 |
|
1,300 |
4.17 |
200 |
|
2,200 |
4.25 |
300 |
|
1,200 |
4.96 |
200 |
|
96% |
Porcupine Underground |
|
100% |
|
200 |
4.55 |
— |
|
1,100 |
6.89 |
200 |
|
1,300 |
6.49 |
300 |
|
2,400 |
8.04 |
600 |
|
94% |
|
|
100% |
|
100 |
0.60 |
— |
|
66,300 |
1.65 |
3,500 |
|
66,300 |
1.65 |
3,500 |
|
59,800 |
1.46 |
2,800 |
|
92% |
Total |
|
|
|
300 |
3.67 |
— |
|
67,400 |
1.73 |
3,800 |
|
67,700 |
1.74 |
3,800 |
|
62,200 |
1.71 |
3,400 |
|
92% |
Éléonore, |
|
100% |
|
700 |
4.59 |
100 |
|
2,100 |
4.70 |
300 |
|
2,800 |
4.68 |
400 |
|
1,800 |
5.70 |
300 |
|
92% |
Red Chris, |
|
70% |
|
— |
— |
— |
|
334,700 |
0.34 |
3,600 |
|
334,700 |
0.34 |
3,600 |
|
62,100 |
0.35 |
700 |
|
55% |
Brucejack, |
|
100% |
|
— |
— |
— |
|
1,800 |
7.64 |
500 |
|
1,800 |
7.64 |
500 |
|
12,100 |
10.35 |
4,000 |
|
96% |
Coffee, |
|
100% |
|
900 |
2.14 |
100 |
|
49,300 |
1.27 |
2,000 |
|
50,200 |
1.28 |
2,100 |
|
6,700 |
1.04 |
200 |
|
81% |
|
|
50% |
|
212,800 |
0.29 |
2,000 |
|
385,600 |
0.22 |
2,700 |
|
598,400 |
0.25 |
4,700 |
|
118,900 |
0.19 |
700 |
|
75% |
Peñasquito, |
|
100% |
|
37,400 |
0.26 |
300 |
|
157,300 |
0.22 |
1,100 |
|
194,700 |
0.23 |
1,400 |
|
22,800 |
0.19 |
100 |
|
57% |
|
|
50% |
|
— |
— |
— |
|
19,900 |
0.37 |
200 |
|
19,900 |
0.37 |
200 |
|
1,600 |
0.21 |
— |
|
50% |
Merian, Suriname |
|
75% |
|
6,000 |
1.01 |
200 |
|
38,000 |
1.10 |
1,300 |
|
44,000 |
1.09 |
1,500 |
|
30,800 |
1.00 |
1,000 |
|
88% |
|
|
100% |
|
1,300 |
3.71 |
200 |
|
2,100 |
6.17 |
400 |
|
3,400 |
5.22 |
600 |
|
6,200 |
4.73 |
900 |
|
94% |
Conga, |
|
100% |
|
— |
— |
— |
|
693,800 |
0.65 |
14,600 |
|
693,800 |
0.65 |
14,600 |
|
230,500 |
0.39 |
2,900 |
|
75% |
|
|
100% |
|
16,800 |
0.41 |
200 |
|
111,300 |
0.43 |
1,500 |
|
128,000 |
0.42 |
1,700 |
|
186,500 |
0.80 |
4,800 |
|
67% |
Yanacocha Underground |
|
100% |
|
500 |
4.07 |
100 |
|
6,200 |
4.70 |
900 |
|
6,700 |
4.65 |
1,000 |
|
3,400 |
4.99 |
500 |
|
97% |
Total Yanacocha, |
|
|
|
17,300 |
0.52 |
300 |
|
117,500 |
0.65 |
2,500 |
|
134,800 |
0.64 |
2,800 |
|
189,900 |
0.88 |
5,400 |
|
73% |
|
|
40% |
|
7,300 |
1.47 |
300 |
|
37,300 |
1.49 |
1,800 |
|
44,600 |
1.49 |
2,100 |
|
3,200 |
1.58 |
200 |
|
82% |
NuevaUnión, |
|
50% |
|
4,800 |
0.47 |
100 |
|
118,300 |
0.59 |
2,300 |
|
123,100 |
0.59 |
2,300 |
|
239,800 |
0.40 |
3,100 |
|
68% |
Norte Abierto, |
|
50% |
|
77,200 |
0.61 |
1,500 |
|
596,900 |
0.49 |
9,300 |
|
674,200 |
0.50 |
10,800 |
|
369,600 |
0.37 |
4,400 |
|
76% |
Boddington, |
|
100% |
|
98,200 |
0.55 |
1,700 |
|
169,700 |
0.54 |
2,900 |
|
267,900 |
0.54 |
4,700 |
|
2,400 |
0.51 |
— |
|
83% |
|
|
100% |
|
9,400 |
1.67 |
500 |
|
23,800 |
1.47 |
1,100 |
|
33,200 |
1.53 |
1,600 |
|
4,200 |
1.13 |
200 |
|
90% |
Tanami Underground |
|
100% |
|
2,500 |
3.82 |
300 |
|
5,600 |
4.43 |
800 |
|
8,000 |
4.24 |
1,100 |
|
15,900 |
4.48 |
2,300 |
|
96% |
Total Tanami, |
|
|
|
11,900 |
2.12 |
800 |
|
29,400 |
2.03 |
1,900 |
|
41,200 |
2.06 |
2,700 |
|
20,100 |
3.78 |
2,400 |
|
94% |
Cadia Underground |
|
100% |
|
— |
— |
— |
|
1,596,600 |
0.32 |
16,200 |
|
1,596,600 |
0.32 |
16,200 |
|
497,000 |
0.24 |
3,800 |
|
80% |
Cadia Stockpiles and |
|
100% |
|
30,900 |
0.30 |
300 |
|
— |
— |
— |
|
30,900 |
0.30 |
300 |
|
11,000 |
0.71 |
200 |
|
65% |
Total Cadia, |
|
|
|
30,900 |
0.30 |
300 |
|
1,596,600 |
0.32 |
16,200 |
|
1,627,500 |
0.32 |
16,500 |
|
508,000 |
0.25 |
4,100 |
|
80% |
|
|
100% |
|
— |
— |
— |
|
25,900 |
0.56 |
500 |
|
25,900 |
0.56 |
500 |
|
— |
— |
— |
|
78% |
Telfer Underground |
|
100% |
|
— |
— |
— |
|
1,700 |
2.31 |
100 |
|
1,700 |
2.31 |
100 |
|
— |
— |
— |
|
90% |
Total Telfer, |
|
|
|
— |
— |
— |
|
27,600 |
0.67 |
600 |
|
27,600 |
0.67 |
600 |
|
— |
— |
— |
|
81% |
Havieron, |
|
70% |
|
— |
— |
— |
|
33,200 |
2.65 |
2,800 |
|
33,200 |
2.65 |
2,800 |
|
11,400 |
1.71 |
600 |
|
87% |
Namosi, |
|
73% |
|
— |
— |
— |
|
105,500 |
0.22 |
700 |
|
105,500 |
0.22 |
700 |
|
1,346,900 |
0.10 |
4,300 |
|
72% |
|
|
100% |
|
— |
— |
— |
|
25,000 |
2.03 |
1,600 |
|
25,000 |
2.03 |
1,600 |
|
227,400 |
2.40 |
17,500 |
|
80% |
Lihir Stockpiles |
|
100% |
|
— |
— |
— |
|
22,200 |
1.47 |
1,000 |
|
22,200 |
1.47 |
1,000 |
|
— |
— |
— |
|
78% |
Lihir, |
|
|
|
— |
— |
— |
|
47,100 |
1.77 |
2,700 |
|
47,100 |
1.77 |
2,700 |
|
227,400 |
2.40 |
17,500 |
|
79% |
|
|
50% |
|
— |
— |
— |
|
53,600 |
1.66 |
2,900 |
|
53,600 |
1.66 |
2,900 |
|
15,500 |
1.30 |
600 |
|
65% |
Wafi-Golpu Underground |
|
50% |
|
— |
— |
— |
|
140,800 |
0.45 |
2,000 |
|
140,800 |
0.45 |
2,000 |
|
91,900 |
0.65 |
1,900 |
|
68% |
Total Wafi-Golpu, |
|
|
|
— |
— |
— |
|
194,500 |
0.78 |
4,900 |
|
194,500 |
0.78 |
4,900 |
|
107,300 |
0.74 |
2,600 |
|
67% |
|
|
100% |
|
3,200 |
1.21 |
100 |
|
5,600 |
0.92 |
200 |
|
8,800 |
1.03 |
300 |
|
6,100 |
1.40 |
300 |
|
88% |
Ahafo South Underground |
|
100% |
|
— |
— |
— |
|
27,200 |
3.71 |
3,200 |
|
27,200 |
3.71 |
3,200 |
|
13,800 |
3.00 |
1,300 |
|
91% |
Total Ahafo South, |
|
|
|
3,200 |
1.21 |
100 |
|
32,800 |
3.24 |
3,400 |
|
36,000 |
3.05 |
3,500 |
|
19,900 |
2.51 |
1,600 |
|
91% |
Ahafo North, |
|
100% |
|
5,000 |
1.46 |
200 |
|
12,700 |
1.88 |
800 |
|
17,700 |
1.76 |
1,000 |
|
6,600 |
1.57 |
300 |
|
91% |
Akyem, |
|
100% |
|
900 |
0.72 |
— |
|
9,800 |
3.83 |
1,200 |
|
10,600 |
3.57 |
1,200 |
|
5,600 |
2.95 |
500 |
|
92% |
|
|
38.5% |
|
4,000 |
0.99 |
100 |
|
175,200 |
0.99 |
5,500 |
|
179,200 |
0.99 |
5,700 |
|
101,000 |
0.76 |
2,500 |
|
75% |
NGM Underground |
|
38.5% |
|
1,400 |
7.51 |
300 |
|
20,900 |
5.95 |
4,000 |
|
22,200 |
6.04 |
4,300 |
|
23,100 |
6.52 |
4,800 |
|
84% |
Total NGM, |
|
|
|
5,300 |
2.66 |
500 |
|
196,000 |
1.52 |
9,600 |
|
201,400 |
1.55 |
10,000 |
|
124,100 |
1.83 |
7,300 |
|
80% |
Total Gold |
|
|
|
599,700 |
0.52 |
9,900 |
|
5,121,900 |
0.58 |
94,900 |
|
5,721,600 |
0.57 |
104,800 |
|
3,761,500 |
0.57 |
69,100 |
|
78% |
Gold Resources (1)(2) - |
||||||||||||||||||||
|
|
|
|
Measured Resource |
|
Indicated Resource |
|
Measured and Indicated Resource |
|
Inferred Resource |
|
|
||||||||
Deposits/Districts |
|
|
|
Tonnage
|
Grade
|
Ounces(3)
|
|
Tonnage
|
Grade
|
Ounces(3)
|
|
Tonnage
|
Grade
|
Ounces(3)
|
|
Tonnage
|
Grade
|
Ounces(3)
|
|
Metallurgical
|
CC&V, |
|
100% |
|
79,700 |
0.38 |
980 |
|
42,300 |
0.32 |
440 |
|
122,000 |
0.36 |
1,420 |
|
32,200 |
0.34 |
350 |
|
59% |
Musselwhite, |
|
100% |
|
1,300 |
3.92 |
170 |
|
2,600 |
3.93 |
330 |
|
3,900 |
3.93 |
490 |
|
3,000 |
4.15 |
410 |
|
95% |
Porcupine Underground |
|
100% |
|
300 |
6.69 |
70 |
|
1,000 |
8.64 |
270 |
|
1,300 |
8.15 |
340 |
|
1,800 |
8.08 |
480 |
|
92% |
|
|
100% |
|
200 |
0.51 |
— |
|
73,000 |
1.53 |
3,600 |
|
73,200 |
1.53 |
3,600 |
|
66,000 |
1.36 |
2,890 |
|
91% |
Total |
|
|
|
500 |
4.36 |
70 |
|
73,900 |
1.63 |
3,860 |
|
74,500 |
1.64 |
3,940 |
|
67,900 |
1.54 |
3,370 |
|
91% |
Éléonore, |
|
100% |
|
400 |
5.05 |
70 |
|
2,100 |
5.10 |
350 |
|
2,500 |
5.09 |
420 |
|
2,600 |
5.45 |
460 |
|
92% |
Coffee, |
|
100% |
|
— |
— |
— |
|
53,900 |
1.23 |
2,140 |
|
53,900 |
1.23 |
2,140 |
|
7,200 |
1.01 |
230 |
|
80% |
|
|
50% |
|
212,800 |
0.29 |
2,010 |
|
385,600 |
0.22 |
2,710 |
|
598,400 |
0.25 |
4,720 |
|
118,900 |
0.19 |
720 |
|
75% |
Peñasquito, |
|
100% |
|
47,400 |
0.25 |
390 |
|
263,500 |
0.26 |
2,190 |
|
311,000 |
0.26 |
2,570 |
|
84,700 |
0.41 |
1,110 |
|
69% |
|
|
50% |
|
— |
— |
— |
|
19,900 |
0.37 |
240 |
|
19,900 |
0.37 |
240 |
|
1,600 |
0.21 |
10 |
|
50% |
Merian, Suriname |
|
75% |
|
5,600 |
0.99 |
180 |
|
35,300 |
1.26 |
1,430 |
|
40,900 |
1.22 |
1,610 |
|
37,000 |
0.86 |
1,020 |
|
89% |
Cerro Negro Underground |
|
100% |
|
200 |
6.11 |
30 |
|
1,500 |
7.33 |
360 |
|
1,700 |
7.22 |
390 |
|
5,700 |
6.19 |
1,140 |
|
95% |
|
|
100% |
|
1,200 |
3.28 |
130 |
|
1,200 |
3.15 |
120 |
|
2,400 |
3.22 |
250 |
|
300 |
2.46 |
20 |
|
90% |
Total |
|
100% |
|
1,400 |
3.60 |
160 |
|
2,700 |
5.49 |
480 |
|
4,100 |
4.86 |
630 |
|
6,000 |
6.00 |
1,160 |
|
94% |
Conga, |
|
100% |
|
— |
— |
— |
|
693,800 |
0.65 |
14,590 |
|
693,800 |
0.65 |
14,590 |
|
230,500 |
0.39 |
2,880 |
|
75% |
|
|
100% |
|
13,500 |
0.38 |
170 |
|
114,900 |
0.42 |
1,570 |
|
128,400 |
0.42 |
1,730 |
|
189,700 |
0.79 |
4,830 |
|
66% |
Yanacocha Underground |
|
100% |
|
500 |
4.07 |
70 |
|
6,200 |
4.70 |
940 |
|
6,700 |
4.65 |
1,010 |
|
3,400 |
4.99 |
550 |
|
97% |
Total Yanacocha, |
|
|
|
14,100 |
0.52 |
240 |
|
121,100 |
0.64 |
2,510 |
|
135,100 |
0.63 |
2,740 |
|
193,100 |
0.87 |
5,380 |
|
72% |
|
|
40% |
|
7,300 |
1.43 |
340 |
|
33,200 |
1.51 |
1,610 |
|
40,600 |
1.49 |
1,950 |
|
3,000 |
1.77 |
170 |
|
88% |
NuevaUnión, |
|
50% |
|
4,800 |
0.47 |
70 |
|
118,300 |
0.59 |
2,260 |
|
123,100 |
0.59 |
2,330 |
|
239,800 |
0.40 |
3,050 |
|
68% |
Norte Abierto, |
|
50% |
|
77,200 |
0.61 |
1,510 |
|
596,900 |
0.49 |
9,320 |
|
674,200 |
0.50 |
10,820 |
|
369,600 |
0.37 |
4,360 |
|
76% |
Boddington, |
|
100% |
|
92,800 |
0.55 |
1,630 |
|
167,400 |
0.54 |
2,900 |
|
260,200 |
0.54 |
4,530 |
|
2,800 |
0.51 |
50 |
|
83% |
|
|
100% |
|
9,400 |
1.67 |
500 |
|
23,800 |
1.47 |
1,120 |
|
33,200 |
1.53 |
1,630 |
|
4,200 |
1.13 |
150 |
|
90% |
Tanami Underground |
|
100% |
|
1,700 |
3.26 |
180 |
|
5,400 |
4.29 |
750 |
|
7,100 |
4.04 |
920 |
|
8,800 |
5.19 |
1,460 |
|
97% |
Total Tanami, |
|
100% |
|
11,000 |
1.91 |
680 |
|
29,200 |
1.99 |
1,870 |
|
40,200 |
1.97 |
2,550 |
|
13,000 |
3.88 |
1,620 |
|
94% |
|
|
100% |
|
200 |
0.56 |
— |
|
20,000 |
1.09 |
700 |
|
20,200 |
1.09 |
710 |
|
10,200 |
1.29 |
420 |
|
86% |
Ahafo South Underground |
|
100% |
|
— |
— |
— |
|
24,700 |
3.53 |
2,810 |
|
24,700 |
3.53 |
2,810 |
|
11,000 |
3.44 |
1,220 |
|
92% |
Total Ahafo South, |
|
|
|
200 |
0.56 |
— |
|
44,700 |
2.44 |
3,510 |
|
44,900 |
2.43 |
3,510 |
|
21,200 |
2.41 |
1,640 |
|
91% |
Ahafo North, |
|
100% |
|
2,900 |
1.28 |
120 |
|
12,700 |
1.94 |
790 |
|
15,700 |
1.81 |
910 |
|
10,000 |
1.50 |
490 |
|
92% |
Akyem, |
|
100% |
|
1,000 |
0.70 |
20 |
|
9,000 |
3.68 |
1,060 |
|
10,000 |
3.38 |
1,090 |
|
7,100 |
2.74 |
620 |
|
92% |
|
|
38.5% |
|
23,200 |
1.89 |
1,410 |
|
175,200 |
0.99 |
5,600 |
|
198,400 |
1.10 |
7,000 |
|
129,900 |
0.69 |
2,880 |
|
73% |
NGM Underground |
|
38.5% |
|
9,800 |
6.48 |
2,040 |
|
16,600 |
5.84 |
3,110 |
|
26,400 |
6.08 |
5,150 |
|
19,500 |
6.63 |
4,150 |
|
86% |
Total NGM, |
|
|
|
33,000 |
3.25 |
3,450 |
|
191,700 |
1.41 |
8,700 |
|
224,800 |
1.68 |
12,160 |
|
149,300 |
1.47 |
7,040 |
|
79% |
Total Gold |
|
|
|
593,600 |
0.63 |
12,080 |
|
2,900,000 |
0.68 |
63,250 |
|
3,493,600 |
0.67 |
75,330 |
|
1,600,700 |
0.70 |
36,130 |
|
79% |
(1) |
Resources are reported exclusive of reserves. Amounts presented may not recalculate in total due to rounding. |
|
(2) |
Resources, at sites in which |
|
(3) |
Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 100,000 in 2023 and nearest 10,000 in 2022. |
|
(4) |
Project is currently undeveloped. Resource estimates provided by Teck Resources, the |
|
(5) |
Resource estimates provided by Barrick, the operator of |
|
(6) |
Project is currently undeveloped. Resource estimates provided by the NuevaUnión joint venture. |
|
(7) |
Project is currently undeveloped. Resource estimates provided by the Norte Abierto joint venture. |
|
(8) |
Resource estimates provided by Barrick, the operator of the NGM joint venture. |
|
(9) |
Amounts presented herein have been rounded to the nearest 100,000 in 2023 and nearest 10,000 in 2022 for ounces and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties. |
|
(10) |
In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. |
|
(11) |
Sites acquired through the |
Copper Reserves (1) |
||||||||||||||||||||
|
|
|
||||||||||||||||||
|
|
|
|
Proven Reserves |
|
Probable Reserves |
|
Proven and Probable Reserves |
|
|
|
Proven and Probable Reserves |
||||||||
Deposits/Districts |
|
|
|
Tonnage (2)
|
Grade
|
Pounds (3)
|
|
Tonnage (2)
|
Grade
|
Pounds (3)
|
|
Tonnage (2)
|
Grade
|
Pounds (3)
|
|
Metallurgical
|
|
Tonnage (2)
|
Grade
|
Pounds (3)
|
|
|
70% |
|
— |
—% |
— |
|
30,200 |
0.43% |
300 |
|
30,200 |
0.43% |
300 |
|
80% |
|
— |
—% |
— |
Red Chris Underground |
|
70% |
|
— |
—% |
— |
|
171,700 |
0.52% |
2,000 |
|
171,700 |
0.52% |
2,000 |
|
84% |
|
— |
—% |
— |
Total Red Chris, |
|
|
|
— |
—% |
— |
|
201,900 |
0.51% |
2,300 |
|
201,900 |
0.51% |
2,300 |
|
84% |
|
— |
—% |
— |
Yanacocha, |
|
100% |
|
— |
—% |
— |
|
111,100 |
0.63% |
1,500 |
|
111,100 |
0.63% |
1,500 |
|
83% |
|
111,100 |
0.63% |
1,530 |
NuevaUnión, |
|
50% |
|
— |
—% |
— |
|
1,118,000 |
0.40% |
9,800 |
|
1,118,000 |
0.40% |
9,800 |
|
88% |
|
1,118,000 |
0.40% |
9,800 |
Norte Abierto, |
|
50% |
|
— |
—% |
— |
|
598,800 |
0.22% |
2,900 |
|
598,800 |
0.22% |
2,900 |
|
87% |
|
598,800 |
0.22% |
2,890 |
|
|
100% |
|
215,300 |
0.09% |
400 |
|
192,600 |
0.11% |
400 |
|
407,900 |
0.10% |
900 |
|
82% |
|
446,700 |
0.10% |
1,010 |
Boddington Stockpiles (8) |
|
100% |
|
2,000 |
0.15% |
— |
|
70,000 |
0.09% |
100 |
|
72,000 |
0.09% |
100 |
|
73% |
|
78,300 |
0.09% |
150 |
Total Boddington, |
|
|
|
217,300 |
0.09% |
400 |
|
262,600 |
0.10% |
600 |
|
479,900 |
0.10% |
1,000 |
|
80% |
|
524,900 |
0.10% |
1,160 |
Cadia, |
|
100% |
|
— |
—% |
— |
|
1,102,300 |
0.29% |
7,100 |
|
1,102,300 |
0.29% |
7,100 |
|
86% |
|
— |
—% |
— |
Wafi-Golpu, |
|
50% |
|
— |
—% |
— |
|
194,500 |
1.20% |
5,100 |
|
194,500 |
1.20% |
5,100 |
|
95% |
|
— |
—% |
— |
NGM, |
|
38.5% |
|
3,700 |
0.16% |
— |
|
82,400 |
0.17% |
300 |
|
86,100 |
0.17% |
300 |
|
65% |
|
88,700 |
0.16% |
320 |
Total Copper |
|
|
|
221,000 |
0.09% |
500 |
|
3,671,500 |
0.37% |
29,700 |
|
3,892,500 |
0.35% |
30,100 |
|
88% |
|
2,441,500 |
0.29% |
15,710 |
(1) |
Copper reserves, at sites in which |
|
(2) |
Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000. |
|
(3) |
Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million for 2023 and nearest 10 million for 2022. |
|
(4) |
Copper cut-off grade varies with level of gold credits. |
|
(5) |
Reserve estimates relate to the undeveloped Yanacocha Sulfides project. Copper cut-off grade varies with level of gold and silver credits. |
|
(6) |
Project is currently undeveloped. Reserve estimates provided by the NuevaUnión joint venture. |
|
(7) |
Project is currently undeveloped. Reserve estimates provided by the Norte Abierto joint venture. |
|
(8) |
Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpiles are reported separately where pounds exceed 100 million and are greater than 5% of the total site reported reserves. |
|
(9) |
Copper cut-off grade varies with level of gold, silver, and molybdenum credits. |
|
(10) |
Reserve estimates provided by Barrick, the operator of the NGM joint venture. |
|
(11) |
Currently included in Corporate and Other which includes the Company's business activities relating to its corporate and regional offices and all equity method investments. |
|
(12) |
Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties. |
|
(13) |
In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. |
|
(14) |
Sites acquired through the |
Copper Resources (1)(2) - |
|||||||||||||||||
|
|
|
|
Measured Resource |
Indicated Resource |
Measured and Indicated Resource |
Inferred Resource |
|
|
||||||||
Deposits/Districts |
|
|
|
Tonnage
|
Grade
|
Pounds (3)
|
Tonnage
|
Grade
|
Pounds (3)
|
Tonnage
|
Grade
|
Pounds (3)
|
Tonnage
|
Grade
|
Pounds (3)
|
|
Metallurgical
|
Red Chris, |
|
70% |
|
— |
—% |
— |
334,700 |
0.34% |
2,500 |
334,700 |
0.34% |
2,500 |
62,100 |
0.36% |
500 |
|
81% |
|
|
50% |
|
212,800 |
0.44% |
2,100 |
385,600 |
0.47% |
4,000 |
598,400 |
0.46% |
6,100 |
118,900 |
0.26% |
700 |
|
93% |
Conga, |
|
100% |
|
— |
—% |
— |
693,800 |
0.26% |
4,000 |
693,800 |
0.26% |
4,000 |
230,500 |
0.19% |
900 |
|
84% |
Yanacocha, |
|
100% |
|
1,500 |
1.02% |
— |
99,800 |
0.36% |
800 |
101,300 |
0.37% |
800 |
39,700 |
0.37% |
300 |
|
81% |
NuevaUnión, |
|
50% |
|
164,300 |
0.19% |
700 |
349,900 |
0.34% |
2,700 |
514,100 |
0.30% |
3,400 |
602,200 |
0.39% |
5,200 |
|
89% |
Norte Abierto, |
|
50% |
|
57,600 |
0.24% |
300 |
551,300 |
0.19% |
2,300 |
608,900 |
0.20% |
2,600 |
361,800 |
0.18% |
1,400 |
|
90% |
Boddington, |
|
100% |
|
98,200 |
0.11% |
200 |
169,700 |
0.11% |
400 |
267,900 |
0.11% |
700 |
2,400 |
0.07% |
— |
|
82% |
Cadia Underground |
|
100% |
|
— |
—% |
— |
1,596,600 |
0.23% |
8,200 |
1,596,600 |
0.23% |
8,200 |
497,000 |
0.17% |
1,900 |
|
85% |
|
|
100% |
|
30,900 |
0.13% |
100 |
— |
—% |
— |
30,900 |
0.13% |
100 |
11,000 |
0.52% |
100 |
|
80% |
Total Cadia, |
|
|
|
30,900 |
0.13% |
100 |
1,596,600 |
0.23% |
8,200 |
1,627,500 |
0.23% |
8,300 |
508,000 |
0.18% |
2,000 |
|
85% |
|
|
100% |
|
— |
—% |
— |
20,300 |
0.06% |
— |
20,300 |
0.06% |
— |
— |
—% |
— |
|
49% |
Telfer Stockpiles |
|
100% |
|
— |
—% |
— |
5,600 |
0.07% |
— |
5,600 |
0.07% |
— |
— |
—% |
— |
|
46% |
Telfer Underground |
|
100% |
|
— |
—% |
— |
1,700 |
0.56% |
— |
1,700 |
0.56% |
— |
— |
—% |
— |
|
94% |
Total Telfer, |
|
|
|
— |
—% |
— |
27,600 |
0.09% |
100 |
27,600 |
0.09% |
100 |
— |
—% |
— |
|
65% |
Havieron, |
|
70% |
|
— |
—% |
— |
33,200 |
0.34% |
300 |
33,200 |
0.34% |
300 |
11,400 |
0.16% |
— |
|
86% |
Telfer Projects, |
|
100% |
|
— |
—% |
— |
51,700 |
0.29% |
300 |
51,700 |
0.29% |
300 |
1,900 |
0.28% |
— |
|
78% |
|
|
73% |
|
— |
—% |
— |
105,500 |
0.61% |
1,400 |
105,500 |
0.61% |
1,400 |
1,346,900 |
0.32% |
9,500 |
|
84% |
Namosi Underground |
|
73% |
|
— |
—% |
— |
— |
—% |
— |
— |
—% |
— |
209,900 |
0.43% |
2,000 |
|
92% |
Total Namosi, |
|
|
|
— |
—% |
— |
105,500 |
0.61% |
1,400 |
105,500 |
0.61% |
1,400 |
1,556,800 |
0.33% |
11,500 |
|
85% |
Wafi-Golpu, |
|
50% |
|
— |
—% |
— |
140,800 |
0.73% |
2,300 |
140,800 |
0.73% |
2,300 |
91,900 |
0.68% |
1,400 |
|
95% |
NGM, |
|
38.5% |
|
— |
—% |
— |
136,000 |
0.15% |
500 |
136,000 |
0.15% |
500 |
19,300 |
0.16% |
100 |
|
65% |
Total Copper |
|
|
|
565,300 |
0.28% |
3,400 |
4,676,100 |
0.29% |
29,700 |
5,241,400 |
0.29% |
33,100 |
3,606,800 |
0.30% |
24,000 |
|
88% |
Copper Resources at |
|||||||||||||||||||
|
|
|
Measured Resources |
|
Indicated Resources |
|
Measured and Indicated Resources |
|
Inferred Resources |
|
|
||||||||
Deposits/Districts |
|
|
Tonnage
|
Grade
|
Pounds (3)
|
|
Tonnage
|
Grade
|
Pounds (3)
|
|
Tonnage
|
Grade
|
Pounds (3)
|
|
Tonnage
|
Grade
|
Pounds (3)
|
|
Metallurgical
|
|
50% |
|
212,800 |
0.44% |
2,060 |
|
385,600 |
0.47% |
4,020 |
|
598,400 |
0.46% |
6,080 |
|
118,900 |
0.26% |
690 |
|
93% |
Conga, |
100% |
|
— |
—% |
— |
|
693,800 |
0.26% |
3,970 |
|
693,800 |
0.26% |
3,970 |
|
230,500 |
0.19% |
950 |
|
84% |
Yanacocha, |
100% |
|
500 |
0.18% |
— |
|
100,800 |
0.37% |
830 |
|
101,300 |
0.37% |
830 |
|
39,700 |
0.37% |
320 |
|
81% |
NuevaUnión, |
50% |
|
164,300 |
0.19% |
700 |
|
349,900 |
0.34% |
2,650 |
|
514,100 |
0.30% |
3,360 |
|
602,200 |
0.39% |
5,170 |
|
89% |
Norte Abierto, |
50% |
|
57,600 |
0.24% |
310 |
|
551,300 |
0.19% |
2,340 |
|
608,900 |
0.20% |
2,640 |
|
361,800 |
0.18% |
1,450 |
|
90% |
Boddington, |
100% |
|
92,800 |
0.11% |
230 |
|
167,400 |
0.11% |
420 |
|
260,200 |
0.11% |
650 |
|
2,800 |
0.08% |
10 |
|
82% |
NGM, |
38.5% |
|
2,600 |
0.14% |
10 |
|
116,900 |
0.14% |
350 |
|
119,500 |
0.14% |
360 |
|
19,900 |
0.13% |
60 |
|
65% |
Total Copper |
|
|
530,600 |
0.28% |
3,310 |
|
2,365,500 |
0.28% |
14,580 |
|
2,896,100 |
0.28% |
17,890 |
|
1,375,800 |
0.28% |
8,640 |
|
88% |
(1) |
Resources are reported exclusive of reserves. Amounts presented may not recalculate in total due to rounding. |
|
(2) |
Resources, at sites in which |
|
(3) |
Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 and nearest 10 million in 2022. |
|
(4) |
Project is currently undeveloped. Resource estimates provided by Teck Resources. |
|
(5) |
Project is currently undeveloped. Resource estimates provided by the NuevaUnión joint venture. |
|
(6) |
Project is currently undeveloped. Resource estimates provided by the Norte Abierto joint venture. |
|
(7) |
Resource estimates provided by Barrick, the operator of the NGM joint venture. |
|
(8) |
Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties. |
|
(9) |
In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. |
|
(10) |
Sites acquired through the |
Silver Reserves (1) |
||||||||||||||||||||
|
|
|
||||||||||||||||||
|
|
|
|
Proven Reserves |
|
Probable Reserves |
|
Proven and Probable Reserves |
|
|
|
Proven and Probable Reserves |
||||||||
Deposits/Districts |
|
|
|
Tonnage (2)
|
Grade
|
Ounces (3)
|
|
Tonnage (2)
|
Grade
|
Ounces (3)
|
|
Tonnage (2)
|
Grade
|
Ounces (3)
|
|
Metallurgical
|
|
Tonnage (2)
|
Grade
|
Ounces (3)
|
Brucejack, |
|
100% |
|
— |
— |
— |
|
11,500 |
34.71 |
12,800 |
|
11,500 |
34.71 |
12,800 |
|
85% |
|
— |
— |
— |
Peñasquito Open Pits |
|
100% |
|
121,700 |
37.98 |
148,600 |
|
142,800 |
30.31 |
139,200 |
|
264,500 |
33.84 |
287,800 |
|
80% |
|
288,500 |
34.82 |
323,000 |
Peñasquito Stockpiles (5) |
|
100% |
|
2,000 |
33.97 |
2,200 |
|
24,500 |
28.79 |
22,700 |
|
26,500 |
29.18 |
24,900 |
|
80% |
|
28,000 |
25.57 |
23,050 |
Total Peñasquito, |
|
|
|
123,700 |
37.91 |
150,800 |
|
167,300 |
30.09 |
161,800 |
|
291,000 |
33.42 |
312,600 |
|
80% |
|
316,500 |
34.00 |
346,050 |
|
|
100% |
|
1,900 |
85.48 |
5,200 |
|
7,300 |
69.23 |
16,300 |
|
9,200 |
72.58 |
21,500 |
|
75% |
|
9,400 |
64.47 |
19,490 |
Yanacocha Open Pits and Underground (7) |
|
100% |
|
— |
— |
— |
|
93,400 |
19.89 |
59,800 |
|
93,400 |
19.89 |
59,800 |
|
54% |
|
93,400 |
19.90 |
59,760 |
Yanacocha Stockpiles and Leach Pads (5)(8) |
|
100% |
|
— |
— |
— |
|
86,000 |
9.07 |
25,100 |
|
86,000 |
9.07 |
25,100 |
|
13% |
|
96,400 |
8.71 |
27,010 |
Total Yanacocha, |
|
|
|
— |
— |
— |
|
179,500 |
14.70 |
84,800 |
|
179,500 |
14.70 |
84,800 |
|
42% |
|
189,800 |
14.22 |
86,770 |
Pueblo Viejo Open Pits |
|
40% |
|
25,800 |
13.15 |
10,900 |
|
50,800 |
12.31 |
20,100 |
|
76,600 |
12.59 |
31,000 |
|
74% |
|
78,500 |
12.87 |
32,460 |
Pueblo Viejo Stockpiles (5) |
|
40% |
|
— |
— |
— |
|
39,700 |
14.48 |
18,500 |
|
39,700 |
14.48 |
18,500 |
|
70% |
|
38,200 |
15.10 |
18,520 |
Total Republic (9)(15) |
|
|
|
25,800 |
13.15 |
10,900 |
|
90,500 |
13.26 |
38,600 |
|
116,300 |
13.24 |
49,500 |
|
73% |
|
116,600 |
13.60 |
50,980 |
NuevaUnión, |
|
50% |
|
— |
— |
— |
|
1,118,000 |
1.31 |
47,200 |
|
1,118,000 |
1.31 |
47,200 |
|
66% |
|
1,118,000 |
1.31 |
47,170 |
Norte Abierto, |
|
50% |
|
— |
— |
— |
|
598,800 |
1.52 |
29,300 |
|
598,800 |
1.52 |
29,300 |
|
74% |
|
598,800 |
1.52 |
29,340 |
Cadia, |
|
100% |
|
— |
— |
— |
|
1,102,300 |
0.68 |
24,000 |
|
1,102,300 |
0.68 |
24,000 |
|
67% |
|
— |
— |
— |
NGM, |
|
38.5% |
|
2,400 |
7.97 |
600 |
|
60,800 |
6.93 |
13,600 |
|
63,200 |
6.97 |
14,200 |
|
38% |
|
65,500 |
6.34 |
13,340 |
Total Silver |
|
|
|
153,900 |
33.87 |
167,600 |
|
3,335,900 |
4.00 |
428,400 |
|
3,489,800 |
5.31 |
596,000 |
|
70% |
|
2,414,600 |
7.64 |
593,140 |
(1) |
Silver reserves, at sites in which |
|
(2) |
Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000. |
|
(3) |
Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 100,000 for 2023 and nearest 10,000 for 2022. |
|
(4) |
Silver cut-off grade varies with gold credits. |
|
(5) |
Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves. |
|
(6) |
Silver cut-off grade varies with gold, lead, and zinc credits. |
|
(7) |
Silver cut-off grade varies with gold and copper credits. |
|
(8) |
Leach pad material is the material on leach pads at the end of the year from which silver remains to be recovered. In-process reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves. |
|
(9) |
The |
|
(10) |
Project is currently undeveloped. Reserve estimates provided by the NuevaUnión joint venture. |
|
(11) |
Project is currently undeveloped. Reserve estimates provided by the Norte Abierto joint venture. |
|
(12) |
Silver cut-off grade varies with gold, copper, and molybdenum credits. |
|
(13) |
Reserve estimates provided by Barrick, the operator of the NGM joint venture. |
|
(14) |
Currently included in Corporate and Other which includes the Company's business activities relating to its corporate and regional offices and all equity method investments. |
|
(15) |
Amounts presented herein have been rounded to the nearest 100,000 in 2023 and nearest 10,000 in 2022 for ounces and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties. |
|
(16) |
In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. |
|
(17) |
Sites acquired through the |
Silver Resources (1)(2) - |
||||||||||||||||||||
|
|
|
|
Measured Resource |
|
Indicated Resource |
|
Measured and Indicated Resource |
|
Inferred Resource |
|
|
||||||||
Deposits/Districts |
|
|
|
Tonnage
|
Grade
|
Ounces (3)
|
|
Tonnage
|
Grade
|
Ounces (3)
|
|
Tonnage
|
Grade
|
Ounces (3)
|
|
Tonnage
|
Grade
|
Ounces (3)
|
|
Metallurgical
|
Brucejack, |
|
100% |
|
— |
— |
— |
|
1,800 |
8.09 |
500 |
|
1,800 |
8.09 |
500 |
|
12,100 |
10.02 |
3,900 |
|
85% |
|
|
50% |
|
212,800 |
4.08 |
27,900 |
|
385,600 |
4.77 |
59,100 |
|
598,400 |
4.52 |
87,000 |
|
118,900 |
2.60 |
9,900 |
|
73% |
Peñasquito, |
|
100% |
|
37,400 |
24.48 |
29,400 |
|
157,300 |
25.12 |
127,100 |
|
194,700 |
25.00 |
156,500 |
|
22,800 |
25.41 |
18,700 |
|
79% |
|
|
50% |
|
— |
— |
— |
|
19,900 |
13.99 |
9,000 |
|
19,900 |
13.99 |
9,000 |
|
1,600 |
10.98 |
500 |
|
25% |
Cerro Negro Underground |
|
100% |
|
100 |
61.50 |
200 |
|
900 |
60.12 |
1,800 |
|
1,000 |
60.28 |
2,000 |
|
5,900 |
27.47 |
5,200 |
|
75% |
|
|
100% |
|
1,200 |
6.77 |
300 |
|
1,200 |
6.63 |
300 |
|
2,400 |
6.70 |
500 |
|
300 |
6.68 |
100 |
|
71% |
Total |
|
|
|
1,300 |
11.71 |
500 |
|
2,100 |
30.02 |
2,000 |
|
3,400 |
22.95 |
2,500 |
|
6,200 |
26.45 |
5,300 |
|
75% |
Conga, |
|
100% |
|
— |
— |
— |
|
693,800 |
2.06 |
45,900 |
|
693,800 |
2.06 |
45,900 |
|
175,000 |
1.13 |
6,300 |
|
70% |
|
|
100% |
|
16,100 |
6.76 |
3,500 |
|
105,200 |
10.43 |
35,300 |
|
121,300 |
9.94 |
38,800 |
|
26,400 |
13.51 |
11,500 |
|
44% |
Yanacocha Underground |
|
100% |
|
500 |
0.37 |
— |
|
6,200 |
37.02 |
7,300 |
|
6,700 |
34.23 |
7,400 |
|
3,400 |
40.45 |
4,400 |
|
83% |
Total Yanacocha, |
|
|
|
16,600 |
6.57 |
3,500 |
|
111,300 |
11.91 |
42,600 |
|
128,000 |
11.21 |
46,100 |
|
29,800 |
16.56 |
15,900 |
|
51% |
|
|
40% |
|
7,300 |
7.96 |
1,900 |
|
37,300 |
8.04 |
9,600 |
|
44,600 |
8.02 |
11,500 |
|
3,200 |
8.14 |
800 |
|
74% |
NuevaUnión, |
|
50% |
|
164,300 |
0.96 |
5,100 |
|
349,900 |
1.19 |
13,400 |
|
514,100 |
1.12 |
18,400 |
|
602,200 |
1.16 |
22,500 |
|
66% |
Norte Abierto, |
|
50% |
|
77,200 |
1.20 |
3,000 |
|
596,900 |
1.07 |
20,600 |
|
674,200 |
1.09 |
23,500 |
|
369,600 |
0.95 |
11,300 |
|
78% |
Cadia, |
|
100% |
|
— |
— |
— |
|
1,596,600 |
0.61 |
31,300 |
|
1,596,600 |
0.61 |
31,300 |
|
497,000 |
0.47 |
7,500 |
|
65% |
Wafi-Golpu, |
|
50% |
|
— |
— |
— |
|
53,600 |
4.42 |
7,600 |
|
53,600 |
4.42 |
7,600 |
|
15,500 |
4.46 |
2,200 |
|
45% |
|
|
38.5% |
|
— |
— |
— |
|
93,000 |
5.59 |
16,700 |
|
93,000 |
5.59 |
16,700 |
|
16,700 |
5.38 |
2,900 |
|
38% |
NGM Stockpiles |
|
38.5% |
|
— |
— |
— |
|
— |
— |
— |
|
— |
— |
— |
|
1,800 |
5.63 |
300 |
|
38% |
NGM, |
|
|
|
— |
— |
— |
|
93,000 |
5.59 |
16,700 |
|
93,000 |
5.59 |
16,700 |
|
18,400 |
5.41 |
3,200 |
|
38% |
Total Silver |
|
|
|
516,900 |
4.29 |
71,300 |
|
4,099,200 |
2.92 |
385,400 |
|
4,616,200 |
3.08 |
456,700 |
|
1,872,300 |
1.80 |
108,100 |
|
68% |
Silver Resources (1)(2) - |
||||||||||||||||||||
|
|
|
|
Measured Resource |
|
Indicated Resource |
|
Measured and Indicated Resource |
|
Inferred Resource |
|
|
||||||||
Deposits/Districts |
|
|
|
Tonnage
|
Grade
|
Ounces (3)
|
|
Tonnage
|
Grade
|
Ounces (3)
|
|
Tonnage
|
Grade
|
Ounces (3)
|
|
Tonnage
|
Grade
|
Ounces (3)
|
|
Metallurgical
|
|
|
50% |
|
212,800 |
4.08 |
27,950 |
|
385,600 |
4.77 |
59,100 |
|
598,400 |
4.52 |
87,040 |
|
118,900 |
2.60 |
9,940 |
|
73% |
Peñasquito, |
|
100% |
|
47,400 |
23.94 |
36,510 |
|
263,500 |
23.99 |
203,240 |
|
311,000 |
23.98 |
239,740 |
|
84,700 |
27.24 |
74,220 |
|
86% |
|
|
50% |
|
— |
— |
— |
|
19,900 |
13.99 |
8,970 |
|
19,900 |
13.99 |
8,970 |
|
1,600 |
10.98 |
550 |
|
25% |
Cerro Negro Underground |
|
100% |
|
200 |
42.43 |
210 |
|
1,500 |
51.31 |
2,490 |
|
1,700 |
50.51 |
2,690 |
|
5,700 |
35.10 |
6,450 |
|
76% |
|
|
100% |
|
1,200 |
6.77 |
260 |
|
1,200 |
6.63 |
250 |
|
2,400 |
6.70 |
520 |
|
300 |
6.68 |
70 |
|
60% |
Total |
|
|
|
1,400 |
10.72 |
470 |
|
2,700 |
31.64 |
2,740 |
|
4,100 |
24.64 |
3,210 |
|
6,000 |
33.66 |
6,520 |
|
75% |
Conga, |
|
100% |
|
— |
— |
— |
|
693,800 |
2.06 |
45,910 |
|
693,800 |
2.06 |
45,910 |
|
175,000 |
1.13 |
6,330 |
|
70% |
|
|
100% |
|
12,500 |
3.30 |
1,330 |
|
108,100 |
11.11 |
38,610 |
|
120,600 |
10.30 |
39,930 |
|
29,600 |
12.52 |
11,920 |
|
41% |
Yanacocha Underground |
|
100% |
|
500 |
0.37 |
10 |
|
6,200 |
37.02 |
7,350 |
|
6,700 |
34.23 |
7,350 |
|
3,400 |
40.45 |
4,390 |
|
83% |
Total Yanacocha, |
|
|
|
13,000 |
3.19 |
1,330 |
|
114,200 |
12.51 |
45,950 |
|
127,200 |
11.56 |
47,290 |
|
33,000 |
15.38 |
16,310 |
|
49% |
|
|
40% |
|
7,300 |
7.68 |
1,810 |
|
33,200 |
8.28 |
8,840 |
|
40,600 |
8.17 |
10,650 |
|
3,000 |
10.49 |
1,030 |
|
74% |
NuevaUnión, |
|
50% |
|
164,300 |
0.96 |
5,080 |
|
349,900 |
1.19 |
13,370 |
|
514,100 |
1.12 |
18,440 |
|
602,200 |
1.16 |
22,530 |
|
66% |
Norte Abierto, |
|
50% |
|
77,200 |
1.20 |
2,990 |
|
596,900 |
1.07 |
20,550 |
|
674,200 |
1.09 |
23,540 |
|
369,600 |
0.95 |
11,340 |
|
78% |
NGM, |
|
38.5% |
|
2,400 |
5.33 |
410 |
|
81,700 |
5.46 |
14,340 |
|
84,100 |
5.46 |
14,760 |
|
18,700 |
5.57 |
3,350 |
|
38% |
Total Silver |
|
|
|
525,900 |
4.53 |
76,550 |
|
2,541,500 |
5.18 |
423,010 |
|
3,067,400 |
5.07 |
499,560 |
|
1,412,800 |
3.35 |
152,120 |
|
75% |
(1) |
Resources are reported exclusive of reserves. Amounts presented may not recalculate in total due to rounding. |
|
(2) |
Resources, at sites in which |
|
(3) |
Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 100,000 in 2023 and nearest 10,000 in 2022. |
|
(4) |
Project is currently undeveloped. Resource estimates provided by Teck Resources. |
|
(5) |
Resource estimates provided by Barrick, the operator of the |
|
(6) |
Project is currently undeveloped. Resource estimates provided by the NuevaUnión joint venture. |
|
(7) |
Project is currently undeveloped. Resource estimates provided by the Norte Abierto joint venture. |
|
(8) |
Resource estimates provided by Barrick, the operator of the NGM joint venture. |
|
(9) |
Amounts presented herein have been rounded to the nearest 100,000 in 2023 and nearest 10,000 in 2022 for ounces and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties. |
|
(10) |
In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. |
|
(11) |
Sites acquired through the |
Lead Reserves (1) |
||||||||||||||||||||
|
|
|
||||||||||||||||||
|
|
|
|
Proven Reserves |
|
Probable Reserves |
|
Proven and Probable Reserves |
|
|
|
Proven and Probable Reserves |
||||||||
Deposits/Districts |
|
|
|
Tonnage (2)
|
Grade
|
Pounds (3)
|
|
Tonnage (2)
|
Grade
|
Pounds (3)
|
|
Tonnage (2)
|
Grade
|
Pounds (3)
|
|
Metallurgical
|
|
Tonnage (2)
|
Grade
|
Pounds (3)
|
Peñasquito Open Pits, |
|
100% |
|
121,700 |
0.37% |
1,000 |
|
142,800 |
0.28% |
900 |
|
264,500 |
0.32% |
1,900 |
|
73% |
|
288,500 |
0.33% |
2,090 |
Peñasquito Stockpiles, |
|
100% |
|
2,000 |
0.32% |
— |
|
24,500 |
0.38% |
200 |
|
26,500 |
0.37% |
200 |
|
73% |
|
28,000 |
0.33% |
200 |
Total Lead |
|
|
|
123,700 |
0.37% |
1,000 |
|
167,300 |
0.30% |
1,100 |
|
291,000 |
0.33% |
2,100 |
|
73% |
|
316,500 |
0.33% |
2,300 |
(1) |
Lead reserves for 2023 and 2022 were estimated at a lead price of |
|
(2) |
Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000. |
|
(3) |
Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 and nearest 10 million in 2022. |
|
(4) |
Lead cut-off grade varies with level of gold, silver, and zinc credits. |
|
(5) |
Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where pounds exceed 100 million and are greater than 5% of the total site-reported reserves. |
|
(6) |
Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96. |
Lead Resources (1)(2) - |
|||||||||||||||||||
|
|
|
|
Measured Resource |
|
Indicated Resource |
|
Measured and Indicated Resource |
Inferred Resource |
|
|
||||||||
Deposits/Districts |
|
|
|
Tonnage
|
Grade
|
Pounds (3)
|
|
Tonnage
|
Grade
|
Pounds (3)
|
|
Tonnage
|
Grade
|
Pounds (3)
|
Tonnage
|
Grade
|
Pounds (3)
|
|
Metallurgical
|
Peñasquito, |
|
100% |
|
37,400 |
0.28% |
200 |
|
157,300 |
0.24% |
800 |
|
194,700 |
0.24% |
1,000 |
22,800 |
0.23% |
100 |
|
72% |
Telfer Projects, |
|
100% |
|
— |
—% |
— |
|
51,700 |
0.30% |
300 |
|
51,700 |
0.30% |
300 |
1,900 |
0.24% |
— |
|
89% |
Total Lead |
|
|
|
37,400 |
0.28% |
200 |
|
209,100 |
0.25% |
1,200 |
|
246,500 |
0.26% |
1,400 |
24,700 |
0.23% |
100 |
|
76% |
Lead Resources (1)(2) - |
|||||||||||||||||||
|
|
|
|
Measured Resource |
|
Indicated Resource |
|
Measured and Indicated Resource |
Inferred Resource |
|
|
||||||||
Deposits/Districts |
|
|
|
Tonnage
|
Grade
|
Pounds (3)
|
|
Tonnage
|
Grade
|
Pounds (3)
|
|
Tonnage
|
Grade
|
Pounds (3)
|
Tonnage
|
Grade
|
Pounds (3)
|
|
Metallurgical
|
Peñasquito, |
|
100% |
|
47,400 |
0.26% |
270 |
|
263,500 |
0.23% |
1,360 |
|
311,000 |
0.24% |
1,630 |
84,700 |
0.23% |
440 |
|
72% |
Total Lead |
|
|
|
47,400 |
0.26% |
270 |
|
263,500 |
0.23% |
1,360 |
|
311,000 |
0.24% |
1,630 |
84,700 |
0.23% |
440 |
|
72% |
(1) |
Resources are reported exclusive of reserves. |
|
(2) |
Resources are estimated at a lead price of |
|
(3) |
Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 and nearest 10 million in 2022. |
|
(4) |
Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties. |
|
(5) |
Site acquired through the |
Zinc Reserves (1) |
||||||||||||||||||||
|
|
|
||||||||||||||||||
|
|
|
|
Proven Reserves |
|
Probable Reserves |
|
Proven and Probable Reserves |
|
|
|
Proven and Probable Reserves |
||||||||
Deposits/Districts |
|
|
|
Tonnage (2)
|
Grade
|
Pounds (3)
|
|
Tonnage (2)
|
Grade
|
Pounds (3)
|
|
Tonnage (2)
|
Grade
|
Pounds (3)
|
|
Metallurgical
|
|
Tonnage (2)
|
Grade
|
Pounds (3)
|
Peñasquito Open Pits, |
|
100% |
|
121,700 |
0.95% |
2,500 |
|
142,800 |
0.66% |
2,100 |
|
264,500 |
0.79% |
4,600 |
|
82% |
|
288,500 |
0.82% |
5,240 |
Peñasquito Stockpiles, |
|
100% |
|
2,000 |
0.66% |
— |
|
24,500 |
0.52% |
300 |
|
26,500 |
0.53% |
300 |
|
82% |
|
28,000 |
0.47% |
290 |
Total Zinc |
|
|
|
123,700 |
0.94% |
2,600 |
|
167,300 |
0.63% |
2,300 |
|
291,000 |
0.77% |
4,900 |
|
82% |
|
316,500 |
0.79% |
5,540 |
(1) |
Zinc reserves for 2023 and 2022 were estimated at a zinc price of |
|
(2) |
Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000. |
|
(3) |
Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 and nearest 10 million in 2022. |
|
(4) |
Zinc cut-off grade varies with level of gold, silver, and lead credits. |
|
(5) |
Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where pounds exceed 100 million and are greater than 5% of the total site-reported reserves. |
|
(6) |
Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96. |
Zinc Resources (1)(2) - |
||||||||||||||||||
|
|
|
|
Measured Resource |
|
Indicated Resource |
Measured and Indicated Resource |
Inferred Resource |
|
|
||||||||
Deposits/Districts |
|
|
|
Tonnage
|
Grade
|
Pounds (3)
|
|
Tonnage
|
Grade
|
Pounds (3)
|
Tonnage
|
Grade
|
Pounds (3)
|
Tonnage
|
Grade
|
Pounds (3)
|
|
Metallurgical
|
Peñasquito, |
|
100% |
|
37,400 |
0.69% |
600 |
|
157,300 |
0.59% |
2,000 |
194,700 |
0.61% |
2,600 |
22,800 |
0.57% |
300 |
|
81% |
Telfer Projects, |
|
100% |
|
— |
—% |
— |
|
51,700 |
0.63% |
700 |
51,700 |
0.63% |
700 |
1,900 |
0.47% |
— |
|
78% |
Total Zinc |
|
|
|
37,400 |
0.69% |
600 |
|
209,100 |
0.60% |
2,800 |
246,500 |
0.61% |
3,300 |
24,700 |
0.56% |
300 |
|
80% |
Zinc Resources (1)(2) - |
||||||||||||||||||
|
|
|
|
Measured Resource |
|
Indicated Resource |
Measured and Indicated Resource |
Inferred Resource |
|
|
||||||||
Deposits/Districts |
|
|
|
Tonnage
|
Grade
|
Pounds (3)
|
|
Tonnage
|
Grade
|
Pounds (3)
|
Tonnage
|
Grade
|
Pounds (3)
|
Tonnage
|
Grade
|
Pounds (3)
|
|
Metallurgical
|
Peñasquito, |
|
100% |
|
47,400 |
0.62% |
650 |
|
263,500 |
0.53% |
3,080 |
311,000 |
0.54% |
3,740 |
84,700 |
0.53% |
1,000 |
|
81% |
Total Zinc |
|
|
|
47,400 |
0.62% |
650 |
|
263,500 |
0.53% |
3,080 |
311,000 |
0.54% |
3,740 |
84,700 |
0.53% |
1,000 |
|
81% |
(1) |
Resources are reported exclusive of reserves. |
|
(2) |
Resources are estimated at a zinc price of |
|
(3) |
Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 and nearest 10 million in 2022. |
|
(4) |
Amounts presented herein have been rounded to the nearest 10 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties. |
|
(5) |
Site acquired through the |
Molybdenum Reserves (1) |
||||||||||||||||||||
|
|
|
||||||||||||||||||
|
|
|
|
Proven Reserves |
|
Probable Reserves |
|
Proven and Probable Reserves |
|
|
|
Proven and Probable Reserves |
||||||||
Deposits/Districts |
|
|
|
Tonnage (2)
|
Grade
|
Pounds (3)
|
|
Tonnage (2)
|
Grade
|
Pounds (3)
|
|
Tonnage (2)
|
Grade
|
Pounds (3)
|
|
Metallurgical
|
|
Tonnage (2)
|
Grade
|
Pounds (3)
|
NuevaUnión, |
|
50% |
|
— |
—% |
— |
|
776,900 |
0.02% |
300 |
|
776,900 |
0.02% |
300 |
|
48% |
|
776,900 |
0.02% |
270 |
Total Cadia, |
|
100% |
|
— |
—% |
— |
|
1,085,100 |
0.01% |
200 |
|
1,085,100 |
0.01% |
200 |
|
72% |
|
— |
—% |
— |
Total Molybdenum |
|
|
|
— |
—% |
— |
|
1,862,000 |
0.01% |
500 |
|
1,862,000 |
0.01% |
500 |
|
55% |
|
776,900 |
0.02% |
270 |
(1) |
Molybdenum reserves, at sites in which |
|
(2) |
Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000. |
|
(3) |
Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 and nearest 10 million in 2022. |
|
(4) |
Project is currently undeveloped. Reserve estimates provided by the NuevaUnión joint venture. |
|
(5) |
Currently included in Corporate and Other which includes the Company's business activities relating to its corporate and regional offices and all equity method investments. |
|
(6) |
Molybdenum cut-off grade varies with level of gold, silver, and copper credits. |
|
(7) |
Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties. |
|
(8) |
Site acquired through the |
Molybdenum Resources (1)(2) - |
||||||||||||||||||
|
|
|
|
Measured Resource |
|
Indicated Resource |
Measured and Indicated Resource |
Inferred Resource |
|
|
||||||||
Deposits/Districts |
|
|
|
Tonnage
|
Grade
|
Pounds (3)
|
|
Tonnage
|
Grade
|
Pounds (3)
|
Tonnage
|
Grade
|
Pounds (3)
|
Tonnage
|
Grade
|
Pounds (3)
|
|
Metallurgical
|
NuevaUnión, |
|
50% |
|
159,500 |
0.01% |
— |
|
231,500 |
0.01% |
— |
391,000 |
0.01% |
100 |
362,300 |
0.01% |
100 |
|
52% |
Cadia, |
|
100% |
|
— |
—% |
— |
|
1,515,400 |
0.01% |
200 |
1,515,400 |
0.01% |
200 |
497,000 |
—% |
— |
|
72% |
Total Molybdenum |
|
|
|
159,500 |
0.01% |
— |
|
1,746,900 |
0.01% |
200 |
1,906,400 |
0.01% |
200 |
859,400 |
0.01% |
100 |
|
60% |
Molybdenum Resources (1)(2) - |
||||||||||||||||||
|
|
|
|
Measured Resource |
|
Indicated Resource |
Measured and Indicated Resource |
Inferred Resource |
|
|
||||||||
Deposits/Districts |
|
|
|
Tonnage
|
Grade
|
Pounds (3)
|
|
Tonnage
|
Grade
|
Pounds (3)
|
Tonnage
|
Grade
|
Pounds (3)
|
Tonnage
|
Grade
|
Pounds (3)
|
|
Metallurgical
|
NuevaUnión, |
|
50% |
|
159,500 |
0.01% |
20 |
|
231,500 |
0.01% |
40 |
391,000 |
0.01% |
70 |
362,300 |
0.01% |
100 |
|
52% |
Total Molybdenum |
|
|
|
159,500 |
0.01% |
20 |
|
231,500 |
0.01% |
40 |
391,000 |
0.01% |
70 |
362,300 |
0.01% |
100 |
|
52% |
(1) |
Resources are reported exclusive of reserves. |
|
(2) |
Resources, at sites in which |
|
(3) |
Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 nearest 10 million in 2022. |
|
(4) |
Project is currently undeveloped. Resource estimates provided by NuevaUnión joint venture. |
|
(5) |
Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties. |
|
(6) |
Site acquired through the |
Tungsten Resources (1)(2) - |
||||||||||||||||||
|
|
|
|
Measured Resource |
|
Indicated Resource |
Measured and Indicated Resource |
Inferred Resource |
|
|
||||||||
Deposits/Districts |
|
|
|
Tonnage
|
Grade
|
Pounds (3)
|
|
Tonnage (000 tonnes) |
Grade
|
Pounds (3)
|
Tonnage
|
Grade
|
Pounds (3)
|
Tonnage
|
Grade
|
Pounds (3)
|
|
Metallurgical
|
Telfer Projects, |
|
100% |
|
— |
—% |
— |
|
51,700 |
0.35% |
400 |
51,700 |
0.35% |
400 |
1,900 |
0.4% |
— |
|
74% |
Total Tungsten |
|
|
|
— |
—% |
— |
|
51,700 |
0.35% |
400 |
51,700 |
0.35% |
400 |
1,900 |
0.4% |
— |
|
74% |
(1) |
Resources are reported exclusive of reserves. |
|
(2) |
Resources are estimated at a tungsten price of |
|
(3) |
Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million. |
|
(4) |
Site acquired through the |
Cautionary Statement Regarding Reserve and Resource Estimates:
The reserves stated herein were prepared in compliance with Subpart 1300 of Regulation S-K adopted by the
Estimates of Proven and Probable reserves are subject to considerable uncertainty. Such estimates are, or will be, to a large extent, based on the prices of gold, silver, copper, zinc, lead, molybdenum and tungsten and interpretations of geologic data obtained from drill holes and other exploration techniques, which data may not necessarily be indicative of future results. If our reserve estimations are required to be revised using significantly lower gold, silver, zinc, copper, lead, molybdenum and tungsten prices as a result of a decrease in commodity prices, increases in operating costs, reductions in metallurgical recovery or other modifying factors, this could result in material write-downs of our investment in mining properties, goodwill and increased amortization, reclamation and closure charges. Producers use pre-feasibility and feasibility studies for undeveloped ore bodies to derive estimates of capital and operating costs based upon anticipated tonnage and grades of ore to be mined and processed, the predicted configuration of the ore body, expected recovery rates of metals from the ore, the costs of comparable facilities, the costs of operating and processing equipment and other factors. Actual operating and capital cost and economic returns on projects may differ significantly from original estimates. Further, it may take many years from the initial phases of exploration until commencement of production, during which time, the economic feasibility of production may change. Estimates of resources are subject to further exploration and development, are subject to additional risks, and no assurance can be given that they will eventually convert to future reserves. Inferred resources, in particular, have a great amount of uncertainty as to their existence and their economic and legal feasibility. Investors are cautioned not to assume that any part of all of the Inferred resource exists or is economically or legally mineable. The Company cannot be certain that any part or parts of the resource will ever be converted into reserves. In addition, if the price of gold, silver, copper, zinc, lead, molybdenum or tungsten declines from recent levels, if production costs increase, grades decline, recovery rates decrease or if applicable laws and regulations are adversely changed, the indicated level of recovery may not be realized or mineral reserves or resources might not be mined or processed profitably. If we determine that certain of our mineral reserves or resources have become uneconomic, this may ultimately lead to a reduction in our aggregate reported mineral reserves and resources. Consequently, if our actual mineral reserves and resources are less than current estimates, our business, prospects, results of operations and financial position may be materially impaired. For additional information see the “Proven and Probable Reserve" and "Measured and Indicated and Inferred Resource" tables herein.
Cautionary Statement Regarding Forward Looking Statements:
This release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Such forward-looking statements may include, without limitation, estimates and expectations of future production, reserve estimates, exploration outlook and expected expenditure, and operational and financial performance. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties, assumptions and other factors, which could cause actual results to differ materially from future results expressed or implied by the “forward-looking statements”. Such assumptions, include, but are not limited to the key assumptions set forth on page 4 hereof. Investors are also encouraged to refer to the Company’s Form 10-K for its fiscal year 2022, filed with the
Investors are also encouraged to review our Form 10-K expected to be filed on, or about,
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