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Newmont Withdraws 2020 Outlook Amid COVID-19 Pandemic

Newmont Corp.(NEM, NGT.TO) said that it has withdrawn its full-year 2020 guidance as some production could be deferred into 2021, potentially impacting costs in 2020 if some operations are on care and maintenance for an extended period.

The company said it is well positioned to safely and efficiently ramp-up mining operations in a timely manner once the worst of the COVID-19 global pandemic passes.

The company's long-term value proposition remains unchanged, despite these shorter term disruptions, as Newmont continues to have the industry's largest gold Mineral Reserves of 95.7 million ounces.

For the first quarter of 2020, Newmont now expects to produce approximately 1.4 million attributable gold ounces and approximately 325,000 co-product gold equivalent ounces.

Year to date through February 29, 2020, the Company produced approximately 981,000 attributable gold ounces and about 227,000 co-product gold equivalent ounces.
The company noted that it is not currently experiencing significant delays in the shipping of concentrate or transportation and refining of dore, but they may occur in the coming days and weeks if certain government-required shutdowns and border restrictions occur.

In order to protect nearby communities and align with travel restrictions or health considerations in Argentina, Canada and Peru, four Newmont operations are being temporarily put into care and maintenance, the company said.

The company said it currently has no confirmed COVID-19 cases among our workforce and are taking significant, proactive measures including social distancing at all its sites; removing substantial numbers of non-critical workers from its operations; closing offices with employees working remotely.

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