TORONTO (Reuters) – Newmont Mining Corp (NEM.N) laid out plans on Thursday for new projects to grow gold production and cut costs, while reporting market-beating profits and output forecasts that position it to take the title of world’s largest bullion producer in 2018.
Newmont, whose 2017 production slightly lagged industry leader Barrick Gold (ABX.TO), boosted its 2018 capital budget by $300 million, to $1.2-$1.3 billion, after approving a power project at an Australian mine and expansion of a joint venture mine in Nevada.
Chief Executive Gary Goldberg said Newmont’s efforts to attract a broader investor base, by sweetening its dividend and focusing on shareholder returns, is drawing increased interest from generalist investors.
“We need to make ourselves more attractive, which I think we’ve done by upping our dividend yield,” he said in an interview with Reuters.
And as the gold industry studies blockchain technology as a way to confirm ethical and sustainable production, Newmont is interested in trialing it this year, he said.
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