Newmont Targets 2033 Red Chris Start, Raises 2026 Gold Cost Outlook

Newmont raised its 2026 gold all-in sustaining cost (AISC) forecast to about $1,520 per ounce and set 2033 as the target year for commercial production at its Red Chris Block Cave project.

The project has an estimated capital requirement of $4.2 billion to $4.8 billion. Newmont’s targets over the planned 13-year mine life total roughly 3 million ounces of gold and 850,000 tonnes of copper. Those are cumulative production targets for the mine’s operating period.

For 2027, Newmont expects production to increase in the low-to-mid single digits while unit costs rise. Its outlook includes an expected decline of about 30% in silver production at Peñasquito, along with inflationary pressure on labor and other inputs.

Newmont also listed weather effects at Lihir from El Nino, macroeconomic headwinds and lower co-product credits as risks to near-term and 2027 performance.

In its Oct. 22 third-quarter update, Newmont said its 2026 attributable gold production guidance of 5.3 million ounces remained on track and that its full-year cost outlook had improved. The company’s third-quarter results provide that earlier context.