Newmont’s Palmer offers a glimpse into 2023 expectations gikd copper mining inflation macroeconomy costs
has lifted the lid on his expectations for 2023, telling investors that the company is incorporating elevated costs and a lower gold price into its forecast for next year.
Combined, the gold industry has seen margins of nearly $800/oz compress by 40% to about $500/oz, stated Palmer.“The macro-economic environment remains very volatile, and we will be closely monitoring it through to our guidance release in February,” he said. Newmont is aiming for six-million ounces of gold and 1.3-million tonnes of copper in 2022, at a cost of sales of $900/oz and an AISC of $1 150/oz.
Palmer said that Newmont had made deliberate efforts over the last few years to build the industry’s strongest balance sheet, growing its cash balances to $3.7-billion with total liquidity of $6.7-billion and no debt due until 2029.
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