WORLD’S TOP GOLD PRODUCER CUTS PRODUCTION – Look North to See Who’s Picking Up the Slack!
You won’t believe this breaking news: in a time when central banks, institutional investors, and retail traders are demanding gold by the mega-ton, Newmont Mining Corp., the world’s biggest gold mining company, has been forced by circumstances to slash its production schedule.
You could call it the worst timing ever, or at least a major strain on an already out-of-balance commodity market that heavily favors the mineral producers and anyone who owns gold and silver now.
Supply and demand are what control the prices of everything, including commodities. The demand for precious metals in the 2020s vastly outpaces the supply. In other words, gold and silver are poised for significantly higher prices, and mining companies are being called upon to ramp up their production.
Even so, Newmont can’t respond to that call like it wants to due to a confluence of circumstances: the company’s Boddington mine in Australia was hit by severe weather and operational delays while production at its Nevada gold mines was expected to be at the lower end of its annual forecast ranges.
Moreover, Newmont had to raise its forecast for all-in sustaining costs (AISC) to $1,050 per ounce of gold. That’s certainly lower than the current spot price of around $1,800, but some gold miners can do better than this.
I’ll give you an example right now: Gold Mountain Mining Corp. (TSX.V: GMTN, OTCQB: GMTNF) is an up-and-coming junior miner based in British Columbia, Canada. This company owns the Elk Gold project, a mineral resource with more than 3.3 million tonnes (metric tons) of high-grade measured and indicated mineralization.
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While Newmont is struggling to produce precious metals, Gold Mountain is stepping up to the plate and is ready to fill the gap. The demand for gold and silver isn’t going to subside anytime soon, so Gold Mountain is ramping up its exploration schedule, not scaling it back.
I’m not suggesting that Gold Mountain will be the size of a giant like Newmont this year or next year, but Gold Mountain’s small size is actually its strength since you’re not likely to see Newmont double or triple in size – but this could easily happen with a junior mining company.
Besides, Gold Mountain compares favorably in key measures. For example, the preliminary economic assessment (PEA) results indicate an AISC of USD$554 (CAD$692) per ounce of gold, easily beating Newmont’s estimated AISC of $1,050.
Furthermore, Gold Mountain has a super-tight share structure with only 69,399,701 shares outstanding. If you’re looking for a big move to the upside, chances are that you’ll get a lot more juice out of Gold Mountain stock than Newmont.
By the way, don’t assume that a junior miner isn’t sitting on vast resources. Sure, Gold Mountain is a smaller company than Newmont, but it has a 21,187-hectare land package comprising a fully permitted mine as of October 2021.
Plus, the Elk Gold project is known to be a past producer with a 97 g/t average grade – a higher grade and a reason to drill aggressively on the property. That’s what Gold Mountain is doing, as the company already completed its 8,739-meter 2021 Phase 1 drill program and has a 13,000-meter 2021 Phase 2 drill program underway.
There’s no need to worry about Newmont’s problems. There are smaller miners ready and willing to meet the demand for precious metals – and chances are they’ll grow bigger in the process.
The Portfolio Wealth Global Team
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