Newmont Mining Corp. (NEM) on Wednesday raised its outlook for gold production next year while lowering its expected costs.
The Denver-based miner said gold costs applicable to sales will fall between $700 and $750 an ounce in 2018. The company had previously expected costs of between $700 and $800 an ounce. Newmont said it expects costs to fall further in 2019, to between $620 and $720 an ounce, and through 2022, Newmont expects costs of between $650 and $750 an ounce.
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Newmont also increased its attributable gold production expectations for 2018 to between 4.9 million and 5.4 million ounces from a previous forecast of 4.7 million to 5.2 million ounces. Newmont also expects attributable gold production of 4.9 million to 5.4 million ounces in 2019, and the same range it expects for 2019, and 4.6 million to 5.1 million ounces annually through 2022.
Chief Executive Gary Goldberg said the company is aiming for a minimum 50% dividend increase in 2018.
Newmont shares were down 2.7% in premarket trading.
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(END) Dow Jones Newswires
December 06, 2017 07:20 ET (12:20 GMT)