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Newmont Goldcorp's Ahafo Mill Expansion Attains Production
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Newmont Goldcorp Corporation (NEM - Free Report) has announced that the Ahafo Mill Expansion in Ghana attained commercial production per schedule and within budget of around $175 million.
Considering the completion of the Subika Underground project last year, the company expects this mill expansion to boost Ahafo’s average annual gold production to 550,000-650,000 ounces through 2024 and lower life-of-mine processing costs.
Notably, Ahafo Mill Expansion is Newmont Goldcorp’s third profitable project that was completed per schedule and within budget in 2019. The other two projects are the Borden mine in Canada and the Tanami Power project in Australia.
The company expects the expansion to generate an IRR of more than 20% at a gold price of $1,200 per ounce and also extend profitable production at Ahafo through at least 2029.
The mill capacity at Ahafo is likely to increase by more than 50% to nearly 10 million tons per year. It will add annual gold production of 75,000-100,000 ounces for the first five years starting 2020. It will accelerate efficient processing of ore from stockpiles and support profitable development of Ahafo’s highly-prospective underground resources.
Newmont Goldcorp expects Ahafo to deliver record production in 2019 at improved costs. This will be driven by full year of mining from the Subika Underground, higher grades from the Subika open pit and the completion of mill expansion. Ahafo, which started commercial production in 2006, sold 436,000 ounces of gold in 2018 at all-in sustaining costs of $864 per ounce.
Newmont Goldcorp’s shares have gained 17.4% in the past year compared with 48.7% surge of the industry.
Zacks Rank & Other Key Picks
Newmont Goldcorp currently carries a Zacks Rank #2 (Buy).
Kinross has an expected earnings growth rate of 170% for 2019. The company’s shares have surged 57.7% in the past year.
Franco-Nevada has a projected earnings growth rate of 34.9% for 2019. The company’s shares have rallied 39.6% in a year’s time.
Agnico Eagle has an estimated earnings growth rate of 158.6% for the current year. Its shares have moved up 40.9% in the past year.
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Today you are invited to download our just-released Special Report that reveals 5 stocks with the most potential to gain +100% or more in 2020. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. Now a pending acquisition could super-charge the company’s drive past competitors in the development of true Artificial Intelligence. The earlier you get in to this stock, the greater your potential gain.
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Newmont Goldcorp's Ahafo Mill Expansion Attains Production
Newmont Goldcorp Corporation (NEM - Free Report) has announced that the Ahafo Mill Expansion in Ghana attained commercial production per schedule and within budget of around $175 million.
Considering the completion of the Subika Underground project last year, the company expects this mill expansion to boost Ahafo’s average annual gold production to 550,000-650,000 ounces through 2024 and lower life-of-mine processing costs.
Notably, Ahafo Mill Expansion is Newmont Goldcorp’s third profitable project that was completed per schedule and within budget in 2019. The other two projects are the Borden mine in Canada and the Tanami Power project in Australia.
The company expects the expansion to generate an IRR of more than 20% at a gold price of $1,200 per ounce and also extend profitable production at Ahafo through at least 2029.
The mill capacity at Ahafo is likely to increase by more than 50% to nearly 10 million tons per year. It will add annual gold production of 75,000-100,000 ounces for the first five years starting 2020. It will accelerate efficient processing of ore from stockpiles and support profitable development of Ahafo’s highly-prospective underground resources.
Newmont Goldcorp expects Ahafo to deliver record production in 2019 at improved costs. This will be driven by full year of mining from the Subika Underground, higher grades from the Subika open pit and the completion of mill expansion. Ahafo, which started commercial production in 2006, sold 436,000 ounces of gold in 2018 at all-in sustaining costs of $864 per ounce.
Newmont Goldcorp’s shares have gained 17.4% in the past year compared with 48.7% surge of the industry.
Zacks Rank & Other Key Picks
Newmont Goldcorp currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the basic materials space are Kinross Gold Corporation (KGC - Free Report) , Franco-Nevada Corporation (FNV - Free Report) and Agnico Eagle Mines Limited (AEM - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Kinross has an expected earnings growth rate of 170% for 2019. The company’s shares have surged 57.7% in the past year.
Franco-Nevada has a projected earnings growth rate of 34.9% for 2019. The company’s shares have rallied 39.6% in a year’s time.
Agnico Eagle has an estimated earnings growth rate of 158.6% for the current year. Its shares have moved up 40.9% in the past year.
Free: Zacks’ Single Best Stock Set to Double
Today you are invited to download our just-released Special Report that reveals 5 stocks with the most potential to gain +100% or more in 2020. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. Now a pending acquisition could super-charge the company’s drive past competitors in the development of true Artificial Intelligence. The earlier you get in to this stock, the greater your potential gain.
Download Free Report Now >>