Newmont Goldcorp’s Borden Mine Achieves Commercial Production
Tuesday, October 1st, 2019
Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (Newmont Goldcorp or the Company) today announced that the Borden mine near Chapleau, Ontario has achieved commercial production safely, on schedule and within budget. Last week, government and First Nation dignitaries helped inaugurate the mine during a ribbon cutting ceremony.
The mine features state-of-the-art health and safety controls, digital mining technologies and processes, and low-carbon energy vehicles.
“Consistent project delivery and disciplined operational execution remain cornerstones of our business and are central to creating long-term shareholder value,” said Tom Palmer, President and Chief Executive Officer. “Borden joins the next generation of Newmont Goldcorp mines and leverages our leading land position to anchor this new gold district in Ontario.”
At 1,000 square kilometers, Borden’s land package represents additional exploration upside as the deposit remains open at depth in a favorable mining jurisdiction. Ore from Borden is processed at the existing mill at Porcupine in Timmins, profitably extending operations at the gold mining complex.
In recognition of Borden’s contribution to the future of safe and sustainable mining, the Canadian and Ontario governments each granted CAD$5 million towards electrification of the mine.
Over the last six years, Newmont has successfully built 12 new mines, expansions and projects on four continents – on or ahead of schedule and at or below budget. These projects, with rates of return greater than 20 percent, include Akyem and the Phoenix Copper Leach in 2013, the Turf Vent Shaft in 2015, Merian and Long Canyon in 2016, the Tanami Expansion in 2017, and Twin Underground, Northwest Exodus and Subika Underground in 2018, and the Tanami power project and Borden in 2019. The Company also completed a value-accretive acquisition of Cripple Creek and Victor in 2015 and delivered a profitable expansion at the mine in 2016.
Newmont Goldcorp has the strongest and most sustainable portfolio of operations, projects and exploration prospects in the gold sector. This includes the largest Reserves and Resources, with 90 percent of Reserves located in the Americas and Australia.i These assets allow the Company to sequence profitable projects in its unmatched pipeline to sustain six to seven million ounces of steady gold production over a decades-long time horizon.https://www.newmontgoldcorp.com