Newmont has announced key upgrades at its Lihir mine in Papua New Guinea, helping to enable the production of over five million ounces of gold.
In its most recent reporting, the company noted Nearshore Barrier upgrades will unlock access to mining additional phases of the Kapit ore body through construction of a water seepage barrier and extend the site’s mine life to beyond 2040.
The cost of upgrades are estimated to sit in the region of $500–$550 million and are expected to be complete in the next two years.
The company hailed the site – one of the world’s largest producing gold operations – as pivotal to its increase in attributable gold production this year, expected be weighted 52 per cent to the second half of 2026.
It’s understood production at the site on Aniolam Island is expected to be largely in line with 2025 figures this year, at around 560,000 ounces of gold.
Reserves at the project have increased by 200,000 ounces to 16 million over the course of the year due to “favourable price impacts”, the company said.
Across Newmont’s portfolio – spanning Africa, Australia, Papua New Guinea, Canada and Latin America – total gold mineral reserves sat at 118.2 million attributable ounces at the end of 2025, compared to 134.1 million the year before.
“2025 was a milestone year for Newmont, as we delivered on our full-year guidance, strengthened our financial position and made meaningful progress on our commitments,” Newmont chief executive officer Natascha Viljoen said.
“As a result of our disciplined operational execution, we delivered a record $7.3 billion in free cash flow, generated $3.6 billion from portfolio optimisation, returned $3.4 billion to shareholders, reduced debt by $3.4 billion and closed the year in a strong net cash position.”
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