Newmont (NYSE: NEM, TSX: NGT), the world’s largest gold miner, withdrew on Monday its full-year 2020 guidance after placing four of its operations into temporary care and maintenance mode as part of global efforts to contain the COVID-19 pandemic.
The company now expects to churn out about 1.4 million
attributable gold ounces and roughly 325,000 co-product gold equivalent ounces
in the first three months of the year. This, despite mines representing 80% of
its production outlook for 2020 are currently operating in line with the output
targets for the year, Newmont said.
“We currently have no confirmed COVID-19 cases among
our workforce and are taking … measures including social distancing at all
our sites,” the miner said.
Newmont added it was not facing any delays in shipping or
transportation.
More to come…