Newmont (NEM) expects gold production to recover in 2027 after this year's trough, with total portfolio output rising by a low- to mid-single-digit percentage, and remains on track for its 2026 target of about 5.3 million attributable gold ounces. Full-year 2026 all-in sustaining cost (AISC) guidance was lowered to about $1,520 per ounce, but fourth-quarter costs are expected at about $1,900 per ounce. For 2027, unit costs may rise on inflation, a roughly 30% drop in Peñasquito silver output and labor cost escalation above the roughly 3% assumed for 2026. The Red Chris project, with development capital of $4.2 billion to $4.8 billion on a 100% basis, is expected to reach a final investment decision early in 2027, with commercial production targeted for 2033. Development capital is expected to rise by about $500 million in 2027, mostly due to Red Chris, while the company has returned about $1.9 billion to shareholders since its previous earnings call.
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