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Newmont withdraws guidance, warns of shipping "challenges"

Kitco News

Newmont (NYSE:NEM) said today that it is withdrawing only its full-year 2020 guidance as some production could be deferred into 2021.

Production will be crimped as four Newmont operations are being temporarily put into care and maintenance due to efforts to contain the COVID-19 global pandemic. Newmont said mines representing approximately 80 percent of the company’s production outlook for 2020 continue operating in line with production targets.

For the first quarter of 2020, Newmont now expects to produce approximately 1.4 million attributable gold ounces and approximately 325,000 co-product gold equivalent ounces.

The gold miner warned of possible shipping disruptions.

"Newmont continues to work pro-actively with logistics partners and refiners to transport and refine product in a challenging environment. We are not currently experiencing significant delays in the shipping of concentrate or transportation and refining of dore, but they may occur in the coming days and weeks if certain government-required shutdowns and border restrictions occur," said the company in a statement.

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