Sunday, December 16, 2018
Gary Goldberg

Gary Goldberg

Newmont Mining

NEWMONT Mining unveiled an expansion at its Tanami mine in Australia and another at Twin Creek in the United States (as well as a $109m investment in Continental Gold in Colombia), but its two largest outlays were at Yanacocha in Peru and the Ahafo underground expansion – Subika – in Ghana. In order to keep feeding its massive gold output numbers – guided to up to 5.4m oz in 2017 – Newmont’s Goldberg sits atop a global gold empire; so it’s heartening to see such faith in Africa (not all feel this way). Ultimately, the asset dictates. Subika will absorb development capital of between $300m and $380m – funded from cash flow and cash balances – and produce 1.8m oz over an 11-year life. The plant will also be expanded by 50% with the addition of a crusher, grinding mill and leach tank to the circuit. Production from Subika in its first five years from 2020 will add incremental gold output of between 200,000 to 300,000 oz and take Ahafo’s annual output from 550,000 to 650,000 oz. The expansion was largely expected, but Newmont has been assessing it in detail: what’s impressive is the reduction in all-in sustaining costs of the mine by up to $350/oz. It’s not often underground expansions do that. Production from Africa, including Akyem, also in Ghana, comprises 15.5% of Newmont’s total – making the Americans an important and influential participant in the continent’s industry.


Gary Goldberg was appointed CEO and president of Newmont Mining in 2013 after serving as the North American firm’s COO. Prior to that, he was CEO of Rio Tinto Minerals and served on the board of Rio Tinto Zimbabwe. He has a BSc in mining engineering from the University of Wisconsin-Platteville.