Reports related to this article:
Project(s): View 7 related projects in PECWeb
Plant(s): View 5 related plants in PECWeb
Released August 25, 2020 | SUGAR LAND
en
Researched by Industrial Info Resources (Sugar Land, Texas) -- "This is gold, Mr. Bond. All my life I've been in love with its color... its brilliance, its divine heaviness." -- Auric Goldfinger
In the 1964 movie Goldfinger, James Bond foils a plot to rob the U.S. Gold Bullion Depository in Kentucky, aka Fort Knox. Of course, there are legal ways to obtain the precious metal, such as extracting it from the ground.
Despite the problems posed by COVID-19, many global gold-mining firms have done well this year amid rising demand. Gold prices have hit a record high, settling above $2,000 per ounce this year as investors seek safe havens amid global market volatility.
Industrial Info is tracking $161.78 billion worth of active gold-ore mining projects across the globe.
Click on the image at right for a graph showing global gold mining project activity by world region.
Newmont Corporation (NYSE:NEM) (Denver, Colorado), reported second-quarter 2020 net income of $412 million, an increase of $411 million from the prior-year quarter, primarily due to higher gold prices, along with an increase in fair value of investments, lower operating costs and other factors. The results came despite a 21% drop in gold production to 1.25 million ounces from the prior-year quarter. The company still expects to produce 6 million ounces of gold this year and 1 million ounces of gold-equivalent ounces from coproducts.
During the quarter, "We safely and efficiently executed restart plans at our mines previously in care and maintenance (due to COVID-19) and Newmont's world-class portfolio is well positioned to deliver an even stronger second half of 2020," said Chief Executive Officer Tom Palmer in a July 30 press release.
The company reported $195 million in care and maintenance costs during the second quarter, and $33 million of incremental COVID-19-specific costs for activities such as additional health and safety procedures, increased transportation and community fund contributions.
Industrial Info is tracking more than $10 billion in capital project activity by Newmont. Click here for a list.
Among its North American investments, Newmont reported that its Musselwhite Materials Handling project at an underground gold mine in Pickle Lake, Ontario, was 95% complete, and the conveyor system was on track to be fully commissioned by year's end. Construction on an addition to Musselwhite's system kicked off in late 2016. The project will increase ore production capacity at the 4,500-ton-per-day mine by 20% and has the potential to increase the mine life. For more information, see Industrial Info's project report.
Progress also was reported for Newmont's Tanami Expansion 2 project in Northern Australia, which is aimed at sustaining and extending the mine's life beyond 2040 with the construction of a new underground mine at the complex. The expansion is expected to increase average annual gold production by approximately 150,000 to 200,000 ounces per year for the first five years beginning in 2023, and is expected to reduce operating costs by 10%. WorleyParsons Limited (North Sydney, Australia) is providing engineering, procurement and construction (EPC) for the project. For more information, see Industrial Info's project report.
Barrick Gold Corporation (NYSE:GOLD) (Toronto, Ontario), meanwhile, reported net earnings of $357 million during the second quarter, compared with $194 million in second-quarter 2019. The company produced nearly 1.15 million ounces of gold in the just-ended quarter, compared with 1.35 million ounces in 2019. The company said it remains on track to meet its 2020 production guidance of 4.6 million to 5 million ounces.
Industrial Info is tracking more than $4.1 billion in capital project activity by Barrick Gold, including $917 million belonging to its Nevada Gold Mines joint venture with Newmont. Click here for a list.
"Our flattened and decentralized management structure was a major factor in contending with Covid-19, while at the same time continuing to meet short-term targets and making significant progress towards our strategic objectives," Chief Executive Officer Mark Bristow said in an August 10 earnings press release. He added that Barrick's major projects, including Pueblo Viejo in the Dominican Republic and the Goldrush development and Turquoise Ridge shaft, both in Nevada, remained on track. For more information, see Industrial Info's project reports for the Pueblo Viejo Gold-Silver Mine Expansion, the Crescent Valley Grassroot Goldrush-Fourmile Underground Gold Mine and the Golconda Turquoise Ridge Underground Gold Mine North Zone Production #3 Shaft Conversion.
Another big gold producer, AngloGold Ashanti Limited (NYSE:AU) (Johannesburg, South Africa), reported $421 million in profits attributable to shareholders for the first half of 2020, compared with $114 million for the same period in 2019. The company produced nearly 1.47 million ounces of gold in the first half of 2020, compared with 1.55 million in the first half of 2019. Industrial Info is tracking AngloGold Ashanti capital project activity worth $2.6 billion. Click here for a list of projects.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
In the 1964 movie Goldfinger, James Bond foils a plot to rob the U.S. Gold Bullion Depository in Kentucky, aka Fort Knox. Of course, there are legal ways to obtain the precious metal, such as extracting it from the ground.
Despite the problems posed by COVID-19, many global gold-mining firms have done well this year amid rising demand. Gold prices have hit a record high, settling above $2,000 per ounce this year as investors seek safe havens amid global market volatility.
Industrial Info is tracking $161.78 billion worth of active gold-ore mining projects across the globe.
Newmont Corporation (NYSE:NEM) (Denver, Colorado), reported second-quarter 2020 net income of $412 million, an increase of $411 million from the prior-year quarter, primarily due to higher gold prices, along with an increase in fair value of investments, lower operating costs and other factors. The results came despite a 21% drop in gold production to 1.25 million ounces from the prior-year quarter. The company still expects to produce 6 million ounces of gold this year and 1 million ounces of gold-equivalent ounces from coproducts.
During the quarter, "We safely and efficiently executed restart plans at our mines previously in care and maintenance (due to COVID-19) and Newmont's world-class portfolio is well positioned to deliver an even stronger second half of 2020," said Chief Executive Officer Tom Palmer in a July 30 press release.
The company reported $195 million in care and maintenance costs during the second quarter, and $33 million of incremental COVID-19-specific costs for activities such as additional health and safety procedures, increased transportation and community fund contributions.
Industrial Info is tracking more than $10 billion in capital project activity by Newmont. Click here for a list.
Among its North American investments, Newmont reported that its Musselwhite Materials Handling project at an underground gold mine in Pickle Lake, Ontario, was 95% complete, and the conveyor system was on track to be fully commissioned by year's end. Construction on an addition to Musselwhite's system kicked off in late 2016. The project will increase ore production capacity at the 4,500-ton-per-day mine by 20% and has the potential to increase the mine life. For more information, see Industrial Info's project report.
Progress also was reported for Newmont's Tanami Expansion 2 project in Northern Australia, which is aimed at sustaining and extending the mine's life beyond 2040 with the construction of a new underground mine at the complex. The expansion is expected to increase average annual gold production by approximately 150,000 to 200,000 ounces per year for the first five years beginning in 2023, and is expected to reduce operating costs by 10%. WorleyParsons Limited (North Sydney, Australia) is providing engineering, procurement and construction (EPC) for the project. For more information, see Industrial Info's project report.
Barrick Gold Corporation (NYSE:GOLD) (Toronto, Ontario), meanwhile, reported net earnings of $357 million during the second quarter, compared with $194 million in second-quarter 2019. The company produced nearly 1.15 million ounces of gold in the just-ended quarter, compared with 1.35 million ounces in 2019. The company said it remains on track to meet its 2020 production guidance of 4.6 million to 5 million ounces.
Industrial Info is tracking more than $4.1 billion in capital project activity by Barrick Gold, including $917 million belonging to its Nevada Gold Mines joint venture with Newmont. Click here for a list.
"Our flattened and decentralized management structure was a major factor in contending with Covid-19, while at the same time continuing to meet short-term targets and making significant progress towards our strategic objectives," Chief Executive Officer Mark Bristow said in an August 10 earnings press release. He added that Barrick's major projects, including Pueblo Viejo in the Dominican Republic and the Goldrush development and Turquoise Ridge shaft, both in Nevada, remained on track. For more information, see Industrial Info's project reports for the Pueblo Viejo Gold-Silver Mine Expansion, the Crescent Valley Grassroot Goldrush-Fourmile Underground Gold Mine and the Golconda Turquoise Ridge Underground Gold Mine North Zone Production #3 Shaft Conversion.
Another big gold producer, AngloGold Ashanti Limited (NYSE:AU) (Johannesburg, South Africa), reported $421 million in profits attributable to shareholders for the first half of 2020, compared with $114 million for the same period in 2019. The company produced nearly 1.47 million ounces of gold in the first half of 2020, compared with 1.55 million in the first half of 2019. Industrial Info is tracking AngloGold Ashanti capital project activity worth $2.6 billion. Click here for a list of projects.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
