Newmont has reported stable year-on-year production level at its Lihir gold mine in New Ireland Province over the third quarter of 2025.
The mine produced 129,000 ounces of gold over the three-month window, down 19 per cent from the 160,000 ounces mined in the second quarter but equal to the production recorded in the third quarter of 2024.
Production costs have risen along with the receivable gold price. According to Newmont’s third quarter report, consolidated gold co-product costs attributed to sale for the Lihir operation were $US1468 per ounce. This rose 14 per cent on the previous quarter but was 9.3 per cent lower than in the same period of 2024.
Newmont noted that a planned shutdown at Lihir contributed to the drop-off in production.
Overall, the company reported production of 1.42 million ounces of gold across its total core portfolio. This was down slightly on the 1.46 million ounces produced in the second quarter.
The total core portfolio comprises of 11 global assets, including the Lihir mine in Papua New Guinea, a managed portfolio, and a non-managed portfolio.
Newmont chief executive officer Tom Palmer described the third quarter performance as “robust”, with increased production at some production partially offsetting the effects of the Lihir planned shutdown.
“We are making significant progress on the cost savings initiatives announced at the beginning of the year, enabling us to meaningfully improve our 2025 guidance for several cost metrics, while maintaining our outlook for production and unit costs in a rising gold price environment,” he said.
“As I prepare to retire at year-end, I am confident that Newmont is well positioned to continue delivering strong performance under Natascha Viljoen’s leadership.”
The company announced a leadership transition in September this year, with Palmer to step down after six years on December 31.
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