Newmont’s Lihir mine in New Ireland province continues to deliver for the major miner, with 160,000 ounces of gold produced in the June quarter.
This represented only a slight drop on the 164,000 ounces delivered in the first quarter, but a 31.4 per cent jump on Lihir’s output in the second quarter of 2024.
Newmont was impacted by rising costs at Lihir during the June quarter, although a higher gold price balanced this out.
All-in sustaining costs at Lihir grew to $US1278 per ounce in the second quarter, up from $US1009 per ounce in the first quarter and $US1101 per ounce in the same period last year.
The company’s average gold price for the quarter grew to $US3320 per ounce, up $US376 per ounce on the previous quarter.
As part of its June quarterly, Newmont said it was weighing its infrastructure investment spending towards the second half of the year. This will focus on optimisation of road access and pit design at Lihir.
The Lihir results contributed to an overall improved result for Newmont. With 1.5 million of total attributable gold ounces produced, the company generated record free cash flow of $US1.7 billion.
Newmont chief executive officer Tom Palmer said the results underscored the strength of the portfolio and “the disciplined execution of the commitments we shared at the beginning of the year”.
“We remain firmly on track to achieve our 2025 guidance as we continue to strengthen our safety culture, stabilise our operations and deliver long term value to shareholders,” he said.
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