Mining Engineering’s Weekly Rundown: Episode 63

First, Newmont reported stronger-than-expected second quarter earnings after higher gold prices offset lower production across several operations. The world’s largest gold miner posted adjusted earnings of $2.10 per share, beating analysts’ estimates of $1.99. Newmont realized an average gold price of $4,414 per ounce during the quarter, up from $3,320 a year earlier, as bullion prices climbed on safe-haven demand and expectations for U.S. interest rate cuts. Gold production fell to 1.29 million ounces from 1.48 million ounces last year because of lower grades at several mines and seismic activity at the Cadia operation in Australia. The company expects third quarter production to remain in line with second quarter levels after Cadia returned to normal operations in mid-June. Newmont also said it expects higher unit costs in the third quarter because of increased sustaining capital spending and forecast $1.4 billion in development capital investment for 2026. 

Next, NewRange Copper Nickel has submitted a federal Clean Water Act Section 404 wetland permit application for its NorthMet Project and asked Minnesota regulators to begin a supplemental environmental review. The company also released an updated mine design that it says would reduce water discharges by about 75 percent compared with previous plans. Additionally it will improve long-term water management and redevelop previously disturbed mining land using existing infrastructure. NorthMet contains one of the largest undeveloped copper and nickel resources in the United States and could also supply cobalt and platinum group elements used in energy, manufacturing and defense applications. NewRange currently holds 21 of the 24 permits required to begin operations. Minnesota regulators will determine whether a supplemental environmental review is necessary, while the U.S. Army Corps of Engineers will review the federal wetland permit application and decide whether a full Environmental Impact Statement is required.

Finally, Resolution Copper has established a $54 million Tribal Trust to provide annual funding for 11 Tribal Nations in Arizona and New Mexico. Structured as a perpetual endowment, the trust will support priorities determined by each participating Tribal Nation, including cultural preservation, education, youth development, workforce opportunities and language revitalization. Resolution Copper created the trust following years of government-to-government consultation, cultural resource studies and project planning tied to the proposed mine. During the environmental review process, the company incorporated recommendations from Tribal Nations that reduced impacts on cultural resources and included permanent protection for Apache Leap. Pinnacle Bank, a tribally owned financial institution, will administer the trust independently.

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