JPMorgan Forecasts Robust Production Expansion at Newmont Corp. Through 2029

Newmont Corporation (NEM) is poised for sustained production growth through 2029, according to a new analysis by JPMorgan, which forecasts a 5.2% compound annual growth rate in gold output over the next five years. This projection is underpinned by the company’s ongoing development of key assets, including the Tanami and Boddington mines in Australia, and the expansion of its Nevada operations in the United States. The firm expects production volume to rise from 4.3 million ounces in 2024 to approximately 5.5 million ounces by 2029. The forecast reflects improvements in mine life extensions, capital efficiency, and the integration of new technologies across NEM’s global portfolio. JPMorgan also notes that the company’s disciplined cost management—projected to maintain all-in sustaining costs (AISC) below $1,300 per ounce through 2029—positions it favorably against peers in a volatile commodity cycle. These factors contribute to an enhanced long-term earnings outlook, particularly amid expectations of elevated gold prices driven by macroeconomic uncertainty and central bank demand. The positive outlook has ripple effects across the sector, with gold mining equities such as the GDX ETF and gold-linked assets like GLD likely to benefit from increased investor confidence. As Newmont continues to deliver on expansion targets, analysts anticipate stronger cash flow generation and potential dividend growth, reinforcing its status as a core holding in the materials sector. The trajectory also supports a broader re-rating of gold equities following years of underperformance relative to the spot price of gold.