Newmont prices Red Chris expansion at up to $4.8B

AI desk brief

Newmont priced its Red Chris underground expansion at C$4.2 billion to C$4.8 billion ($4.8 billion top end), with commercial production targeted for 2033 and annual output of 275,000–325,000 oz gold plus 65,000–85,000 tonnes copper from 2035-2040. The project is still only 60% engineered and would require a federal contribution of C$500 million, while Newmont’s stock fell 2% after the update.

For the desk, the more immediate takeaway is that Newmont still expects gold production to grow by a low-to-mid single-digit percentage next year, even as development spending rises about $500 million to fund Red Chris and Lihir. It also cut 2025 gold AISC to $1,520/oz from $1,680 on stronger by-product credits, but flagged higher 2026 unit costs from inflation, diesel, FX and lower credits.