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Newmont forecasts higher gold output in 2022 -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A toy figurine and a gold imitation can be seen at the Newmont logo, in this illustration from November 19, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) – Newmont Corp has forecast that gold production will reach 6.2 million ounces by 2022. This is an increase from 6 million ounces this year.

The company stated that total gold production, when combined with other metals, is estimated to reach 7.5 million ounces by 2022.

Recent gains in gold prices are due to investors looking for safer assets amid volatility on the market caused by Omicron coronavirus.

Newmont stated that it anticipates an all-in sustain cost (AISC), of $1,050 for an ounce by 2022. This will increase to $920 to $1,020 over the longer term. AISC, a key industry indicator used by miners of gold to determine the total cost of production gold, is an important industry measure.

Denver, Colorado-based Company expects that its annual gold production will increase to between 6.2 and 6.8 millions ounces.

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