Good morning, and welcome to Newmont's 2021 Exploration Update Call. All participants will be in listen only mode. Please note this event is being recorded. I would now like to turn the conference over to Eric Colby, Vice
Thank you, and good morning. Welcome to Newmont's 2021 Reserves an exploration update. Joining us on the call today are Tom Palmer, President and Chief Executive Officer Rob Atkinson, Chief Operating Officer Dean Goering, Chief Technology Officer and Marcelo Godoy, Senior Vice President of Exploration. They will be available to questions at the end of the call along with other members of our leadership team. Please take a moment to review the cautionary statement on Slide 2 And refer to our SEC filings, which can be found on our website.
I'll turn it over
to Tom on Slide 3.
Thanks, Eric, And thank you all for joining us this morning. Today, we are looking forward to highlighting why Newmont, as the world's leading gold company, He's also the clear leader in gold exploration. I'd like to start with a look back at our long history of exploration on Slide 4. Newmont was founded in 1916 and incorporated as a company in 1921, making this year our centenary year and May 2 our 100th birthday. Over the course of the past 100 years, We have played a significant role in the mining industry, initially across multiple commodities and for the last 60 years with a clear focus on gold.
To achieve a century of value creation in the mining industry, exploration has and always will be a core competency and a key investment priority for Newmont. Over the last 6 decades, Newmont has had a successful track record of making significant gold discoveries, that is discoveries of 2,000,000 ounces or more. In the early 1960s, we discovered the Carlin Trend in Nevada, a region which grew to become the largest gold district in North America through the application of Newmont Technology that revolutionized the gold industry. Carlin produced its first gold bar in 1965 And became the 1st operation to apply heat rich technology to extract gold from sub mill grade ore. In the 1970s, Newmont discovered the Tilfer gold deposit in Australia's Great Sandy Desert.
And by the mid-80s, Tilfa was the largest gold mine in Australia. In the late 1980s, Yanacocha was discovered in Peru, Emerging to become the largest gold producing district in South America with an endowment of more than 50,000,000 ounces and production peaking At 3,000,000 ounces per year earlier this century. In the 1990s, our exploration team exploring in the Indonesian archipelago Discovered Baata Zijal, a world class copper gold deposit that we developed into a mine that is still in operation today. Over the last 20 years, Newmont has made 14 discoveries that could give a total 45,000,000 attributable gold ounces. These have included major brownfield discoveries in Suriname, Ghana and at Tanami in Australia.
This slide highlights Newmont's long and proud heritage of discovering gold districts. Each of our greenfield discoveries has led to many brownfield discoveries, which have supported profitable and sustainable mining operations. At Newmont, we have a fundamental belief that successful exploration cannot occur without Robarts' environmental, social and governance Turning to Slide 5. Our purpose is to create value and improve lives And it is the quality of our very initial engagements with local communities and governments, which determines our ability to earn social acceptance, Explore and ultimately operate in these locations. Through our long history of establishing gold mining districts Around the world, we have learned many lessons that inform our policy, standards and the governance we apply to our exploration work.
Newmont has learned that investing time and energy into engagement well before a drill rig ever shows up is the foundation To building the strong and trusting relationships that we require to explore, develop and operate mines today, Our exploration guidebook provides practical direction and knowledge for our explorers, and they work hand in hand with our community relations To ensure our social performance standards guide our behavior and action on the ground, We recognize that our exploration activities must be done in a way that promotes responsible land use practices, respects local community understands cultural resources and norms acknowledges indigenous peoples and their rights, including free, prior and informed consent before we conduct activities
on their
land. Most importantly, we respect their right to say no. We absolutely only want to explore in areas where social acceptance Granted to us and where we have earned the right to stay, both from our approach to environmental stewardship, Utilizing local labor and businesses, respecting local laws and customs and becoming trusted partners. We also acknowledge that our approach to exploration requires time and resources and may not result in an economic discovery or a future mine. But when done right, it will create a favorable experience, deliver value to local communities And contribute to our reputation of building relationships first and mine second.
Turning now to the exploration potential of our industry leading portfolio on Slide 6. At Yervont, we have engineered A robust and diversified portfolio of operations and projects in top tier gold jurisdictions around the globe. A portfolio which is underpinned by 9 world class assets. One of the key aspects Newmont exploration program and the area I am most excited about is the quality of the opportunities That exists around our portfolio of existing operations. As you will hear from Rob and Marcelo shortly, every one of our We have near mine exploration opportunities that can leverage our existing infrastructure and extend life.
It is this exploration effort that will allow us to maintain our industry leading production profile. Turning to Slide 7. The reinvestment we make back into our business through exploration will support our ability to maintain stable, steady production between 6,000,000 to 7,000,000 ounces of gold every year, combined with an additional 1,500,000 gold equivalent ounces from other metals. This is the production profile we expect to maintain well beyond the end of this decade through a disciplined approach to resource discovery, Organic project optimization and operational delivery. As we will discuss today, our leading reserve base And exploration program form the backbone of our long term plan.
Turning to Slide 8. This morning, we reported year end 2020 reserves of 94,000,000 gold ounces And an additional 65,000,000 gold equivalent ounces from copper, silver, lead and zinc. Importantly, over 90% of our reserves are located in top tier jurisdictions, with a reserve life Greater than 10 years supported by our foundation of world class assets. Put another way, This offers shareholders exposure to 117 gold reserve ounces for every 1,000 Newmont shares, An implied value of over $200 per share at today's prices and the most in our industry. We also offer substantial future upside for our resource base of over 101,000,000 ounces of gold.
We continue to use a $1200 per ounce reserve price and a $1400 per ounce resource price. While we are primarily focused on growing and developing gold districts, we are in a very fortunate position of having significant exposure Other metals, including copper, silver, zinc and lead. These other metals are contributing substantial value to our portfolio today, Generating solid cash flows each quarter from Penasquito and Boddington. And through our organic project pipeline, We have significant exposure to very large gold copper deposits through the North El Abieto, Medellinon And Galore Creek projects. If you assume that we bring 1 of these mega projects into our production profile At the back end of this decade, then 15% to 20% of Newmont's total metal production would be copper, providing us a natural exposure to a metal of growing importance for reducing carbon emissions and the ongoing transition to a new energy economy.
2020 was an incredibly challenging year, but I'm very proud of how our exploration team rose to the challenge and deliver the results that we are sharing with you today. With that, I'll hand it over to our Chief Technology Officer, Dean Gearing, to take you through the details.
Thanks, Tom. Good morning, everyone. It's my pleasure to be here with you today about Newmont's process for determining our oil reserves. Now turning to Slide 10. Oil reserves are the lifeblood of mining company And replacing our reserves is critical to sustaining production, and Nimwah leads the gold sector in gold reserves.
As Tom mentioned, We've established a long history of exploration success and technical capability. On average, we target replacing 100% of our reserves With 2 thirds of that replacement achieved through exploration drilling and the remainder by converting resources to reserves through optimized mine plans, Reducing costs and at times pursuing value accretive acquisitions. Reserves replacement is a long term process and needs to be measured as an average over time. In 2020, Newmont replaced over 80% of depletion despite the logistical challenges relating to COVID. As you can see on this slide, Newmont's operating regions delivered an impressive 2020.
In Australia, Boddington added nearly 2,000,000 reserve ounces benefiting from improved mine plan efficiencies and supported by the Autonomous Hollis project. The addition of these reserve ounces extend mine life of Boddington into the 2040s, and it's an excellent example of how our full potential drives value in the business, including increasing ore reserves at our existing operation. Moving to Panamite. Over the last several years, reserves have grown by more than 2 50% And resources have also increased by nearly 200%. 2020 was another successful year for this world class asset.
Over 700,000 ounces were added to reserves driven by drilling at Oron and the Federation ore bodies. Additionally, 1,400,000 ounces were added to resources from underground drilling and progress being made at the Obbrough, one of our most prospective deposits. As we mentioned in December, we look forward to providing more information on our progress at the Tanami Expansion II project, and we remain encouraged by the positive results we're seeing in the Tanami District. In South America, Marion continues to progress to world class status by adding additional 800,000 ounces Through drilling at the marinade 2 pit, in addition to reducing operating costs through full potential efforts. In North America, Porcupine converted resources to reserves at the Palmore layback and Eleonore as the team replaced over 90% of depletion as the mine also benefited from full potential strategic resource development program, which we refer to as SRD, and this is Newmont's proprietary program for maximizing value through optimized mine And process designs and sequencing.
The team at Musselwhite will continue to optimize the strategy around the Zoar Body, and I'm very optimistic we'll see these ounces added back in the future. At Triple Creek and Victor, we added approximately 160,000 ounces of gold reserves in 2020, partially offsetting depletion. This team is focused on the way back at the Crescent pit and continues to evaluate the potential to go underground. And finally, in Africa at Ahafo, we offset depletion with 450,000 ounces of reserves sufficient. As you'll hear later from Marcello, the Ojahu District remains one of our most exciting exploration opportunities in our portfolio.
At Achieen, The focus on 2020 was on resource conversion, which of which 250,000 ounces were added with increasing study work around layback options for potential underground. We're very proud of these results. We replaced 80% of gold depletion in a very challenging year and delivered it in a safe and responsible manner. In addition to our industry leading gold reserves, Newmont has a significant exposure to other metals, which I'll now review on the next slide. Turning to Slide 11.
Newmont has 65,000,000 gold equivalent ounces in reserves and 107,000,000 gold equivalent ounces in resources With exposure to copper, silver, lead and zinc. Copper accounts for 3 quarters of the gold equivalent ounces With nearly £15,000,000,000 in reserves and over £26,000,000,000 in resources. Often overlooked, These reserves and resource base of non gold metals provides Newmont with a strong cash flow generator, which is not subject to gold price. For the production of 1,000,000 to 1,500,000 gold equivalent ounces annually, it equates to about 10% to 20% of our annual revenue. Now turning to Slide 12.
I want to talk a little about how we are structured to deliver these consistent and repeatable results. Newmont's technical service organization includes world class subject matter expertise in mining, processing, resource modeling, business improvement and asset management. These professionals, while they're centrally managed, are fully integrated into supporting the site operations in the areas of technical, governance, continuous improvement, Operational delivery and strategy. Our technical and operating support capabilities include our in house Denver based Newmont Metallurgical and Exploration Labs. These labs are staffed by experienced technicians and scientists and play a key role in supporting our exploration and existing processing facilities with mineralogical and metallurgical test work.
However, it's not just what we do to ensure robust reserves and resources, It's how we do it that makes a real difference. Starting in 2014, Newmont fundamentally altered the process to determine reserves. We've separated the groups that do the drilling from the people that do the resource modeling. This reduces bias and helps to ensure a globally consistent and repeatable process. Within technical services, a small team of highly capable geostatisticians and ore body modelers determine our reserves and resources.
This team ensures consistent application of Newmont reserve modeling standards at all of our sites. We go through a very rigorous process of study and evaluation to ensure our reserves and resources meet internal profitability hurdles. We use resource simulation techniques to define drill spacing rather than simply relying on general guidelines or static modeling methods. And these efforts resulted in annual reserve affiliation sits within 2%, and it demonstrates we are not overly conservative or optimistic in our approach. And in a clear separation between church and state, the review, sign off and overall governance of our reserve and resource reporting is managed by a separate team within technical services.
The complexity and consistency required for all reserve determination and reporting is simply True important to be managed with a decentralized operating model. As a result, our reserves and resources are not aspirational, they're real. As I mentioned earlier, reserve conversion is not just about drilling. There are mine planning and operational and cost components as well. In Newmark's technical services organization, all of these elements are integrated, and this allows us to have some of the world's best subject matter experts Developing and directly contributing to the generation of our ore reserves at all of our sites.
Additionally, centralizing this complex work allows the site based team To focus on keeping our people safe and not distracting them from delivering on their operational plans. With that, I'll turn it over to Rob.
Thanks, Dean,
and good morning, everyone. I will introduce Marcelo in a moment, but before I do, I wanted to talk a bit about the way we manage our operations at Newmont. Turning to Slide 14. As Tom mentioned, we have the strongest and most sustainable portfolio in the gold industry. We remain focused on growing margins by applying operating, technical and exploration discipline each and every day.
As we announced in December, our production profile will be enhanced with the development of the half of North and Yanacocha Sulfides, both of which are slated Each of our 9 world class operations have at least 10 years of reserves available. Exploration is fundamental to ensuring the longevity of our portfolio. And as you will see on Slide 15, exploration is fully integrated As CMO, I have accountability for Newmont's Health, Safety and Security Group, our exploration and project alignment of those most responsible for delivering on our commitments. The ability to share knowledge, Expertise and talent across these four teams is something that can't be accomplished efficiently with a decentralized model. The integration of these groups ensures that we are able to rapidly replicate leading practices globally and apply them to each and every one of our assets.
Only an integrated operating model can achieve this and it truly differentiates Newmont. That is also true of exploration. Ensuring our exploration teams work hand in hand with our projects and operation teams from the very start ensures that we are thinking early in the process of a new discovery And considering exactly how and when we are going to develop a mine, process the ore and ultimately how it fits in with our existing operation in communities, including the eventual requirement to close the mine. The other benefit we have with the full integration of exploration projects and operations is that we do not need to reinvent the wheel and duplicate efforts. With the majority of our activities occurring near existing operations.
We have familiarity not only with the geology and terrain, but also the permitting, Regulatory and community issues and relationships surrounding each of our operations. Our ability to leverage our vast whole of Newmont know how certainly applies to how we approach health, safety and security. Now Turning to Slide 16. Exploration is considered one of the highest risk activities we do around the world With our people often working in remote environments, for this reason, our approach to safety at all our exploration sites is no different to what we do across our operations. We apply the same rigorous safety framework and standards, including the fatality risk management program, Our visible, felt and engaged level of supervision and the application of technology.
One example of how we are Technology to keep people safe is through the use of robotic drill rigs in our underground operations. In August of last year, we started using tight line robotic diamond drill rigs at Tanami. The dual isolations All these rigs removes the risk of a person being fatally injured as a result of becoming entangled in rotating equipment. We now have 5 rigs working underground at Tanami and have also deployed them at Musselwhite. In addition to a reduction in risk In soft tissue injuries, we've also seen an increase in our drilling productivities using these rigs.
Safety And productivity really do go hand in hand. This is but one example of the power of our global portfolio An integrated operating model to rapidly replicate and deploy leading practices consistently around the world. Moving to Slide 17 for a look at where we are focused on exploring. It goes without saying that often the best place to Fine gold is where gold already exists. Over 80% of our gold reserves and resources are located within Focusing our efforts in exploring and expanding these districts leverages our operations and allows us to continually extend mine life As we've seen at Tanami, with the stability and depth of our brownfield portfolio, This allows us to also explore in some of the most prospective greenfield districts in the world with patience and thoughtfulness.
80% of our $250,000,000 exploration budget in 2021 will be focused on advancing these near nine opportunities, Primarily at Tanamine with the current expansion at Oberon Cerro Negro to explore our newly expanded land package Penasquito using our proprietary DSG technology, which Marcelo will touch on later and at Ahafo, testing additional opportunities Newmont will invest the remaining $50,000,000 of the exploration budget into the discovery of new districts into the next 100 years. I'd now like to turn it over to Marcelo, our Senior Vice President of Exploration. Before I do that, I'd like to tell you a little bit about Marcelo. Marcelo joined Newmont in 2012 To lead the resource modeling function and instill the discipline and rigor across our business that Dean referenced earlier, Marcelo was appointed Newmont's Senior Vice President Exploration at the end of 2018 and has successfully integrated Goldcorp's And Newmont's exploration functions to create the largest global exploration team in the gold industry. Prior to joining Newmont, Marcella was Mining Sector Leader for Golder Associates in South America.
And Marcella holds a Master's degree in Geostatistics And a PhD in Strategic Planning from the University of Queensland in Australia. Marcelo's deep Geologic expertise coupled with his modeling and strategic planning experience give him a unique perspective to identify opportunities and quickly capitalize on them. Doctor. Godoy, over to you.
Thanks, Rob, And good morning, everyone. Turning to Slide 18. As Tom mentioned at the beginning, exploration is a core competency investment priority for Neuma. It's the foundation for growing our reserves and sustaining our production. This diagram captures the 6 key building blocks of our exploration success.
First, at the base is expertise. At Newmont, we stand on the shoulders of giants, and we are proud of our culture of discoveries, Our geological know how, our systems or processes have been developed and improved over a long period of time and continue to be state of the art. 2nd, partnerships. They are the preferred mechanisms to fill the exploration pipeline. These partnerships can be in the form of investments, alliances joint ventures.
They allow Numu to accelerate discoveries by gaining direct access to drill ready projects. 3rd, land position. It's no secret that land position is a key ingredient to discoveries, and the address makes all the difference to exploration It's not by chance that we have a land position of 59,000 square kilometers in the top prospective gold domains. In the following slides, I will provide an overview of Newmont's exploration portfolio. 4th, safety and ESG.
As Tom mentioned at the beginning, the explorers are the first ones to interact with community members. We have the industry leading ESG performance And obtaining the license to exploit is something we never take for granted. 5th, technology. Over the past 80 years, Inumu has been an innovation leader in the industry and was responsible for a step change development in exploration technologies. Many of these are industry leading practices today.
6, the team. We have a sector leading team with But to obtain extraordinary performance, talent needs to be leveraged with an operating model that supports the business objectives while allowing for leadership and technical development, collaborative teamwork and replication of best practices. If you have all these elements, finding ore bodies is not a matter of chance. We have made 28 major discoveries since 1990, hosting over 190,000,000 ounces of gold. We have added 58,000,000 ounces of reserves by the drill bit in the last decade alone.
Turning to Slide 19. The race to find new deposits is basically a race for geological knowledge. For understanding the broad scale tectonic and magnetic processes that were at play when the deposits were formed. Whoever gets that right not only understand why the deposit is there, but we'll know where to look for orders. This is important because it's no longer enough for us to be prospectors hoping to find out crop mineralization.
We must understand the entire mineral system at regional and district scales and predict where gold is likely to be concentrated in This work is forensic in nature, and recent developments in data sciences are allowing us to tap into Several decades of accumulated geological data as never before. One of the biggest technical challenges we face as explorers It's finding undercover deposits. And make no mistake, most of these significant discoveries going forward will be undercover and deeper. Undercover exploration is not only harder, but it is lower and more expensive. Newmont's approach to undercover exploration is to use targeted detection technologies driven by a mineral systems approach.
The real advantage we have in relation to our competitors is that we have been developing both know how and technologies to tackle undercover exploration for decades. As a result, we have an unmatched ability to see through cover and efficiently target the next generation of gold mines. Turning to Slide 20. Neumann multigenerational leadership in the development of solarization technologies has led us Today's proprietary groundbreaking methodologies. This slide shows the key exploration technology developed by Newmont over time And which contributed to the discovery of several gold and copper deposits.
The first one on the left is ground induced polarization, Known as IP, which was developed during the late '40s early '50s. The image on the left gives you an idea of what The IP hardware looked like when it was first deployed to the field in 1948. During the late 80s, We started developing blag, bulk leach extractable gold to address concerns related to the accuracy of ascending low levels of fine grain gold in regional stream segments. In 2,003, we first deployed new TAM, A time domain helicopter tow EM system, the system was unique in its ability to map resistive solidification Associated with gold mineralization. In 2009, new gas was deployed.
New gas is a 3 d IP distributed acquisition system, It was revolutionary in its ability to map chargeable bodies to greater depth and at much higher resolution. In 2015 and 'sixteen, we had 2 major developments in surface geochemistry: deep sensing geochemistry and terrain map geochem Our methods allows us to detect subtle signatures of mineralized systems, which traditional geochemical surveys would overlook. Our latest big technological advancement has been in combining our expertise in geophysics In data science, to develop sophisticated codes for constrained joining version of geophysical data Turning to Slide 21 for an overview of our On this slide, we have a global view of our brownfields and greenfields programs, which cover 13 countries in 5 continents. As mentioned previously, a key driver of our exploration strategy is to focus on the development of mining districts, Where ore is sourced from multiple deposits into 1 or more processing facilities. These mining complexes are attractive Because they offer synergies of scale as well as significant reserve growth potential.
Furthermore, geologically, We also recognize that gold is best found in areas of existing deposits. There are 2 basic components of any exploration strategy. The first one has to do with the definition of what types of deposits we want to have in our portfolio and the second Deciding where to look for them. At Neomod, we target those types of deposits, which we know to have the highest Changes of developing to long life, low cost mining districts. The next question, where to look for them?
We answered to a global rating rank process of geological and jurisdiction of favorability, which allows us to target the world's top most I would like now to go around the world And give you an idea of why we are excited about Oryx Greenfields portfolio. And then after that, we'll have a deeper dive Turning to Slide 22 and starting in North America. At the very top is the Tintina province, where the coffee project is located. The Tintina gold province runs from Central Yukon into Alaska following a curved belt By the shaded area. In this domain, the deposits of interest are bulk mineable urogenic veins and intrusive related disseminated styles.
The titina province has an endowment of 192,000,000 ounces of gold, including past production and identified resources and reserves. Individual deposits here often exceed 10,000,000 ounces, and the province remains underexplored for additional The Coffey project is a greenfields open pit heap leach opportunity located in a district with significant upside potential. Since Newmont acquired coffee, the project team has worked with the technical services and exploration functions to understand and grow the business case. As a result, we have decided to move the project back to pre visibility and exploration is now targeting additional high value ounces To augment the project resource base, out of an abundance of caution to reduce the chance of bringing Close to the project area, it was decided to suspend drilling operations during the 2020 field season. However, our exploration crew did Turning to the Golden Triangle on Slide 23.
We also have a position, the prolific Golden Triangle in British Columbia, where the Alor Creek project is located. We estimate the gold endowment in the Golden Triangle to be in excess of 270,000,000 ounces of The Galore Creek project includes a significant land package of 1678 Square Kilometers With the potential for additional porphyry copper gold as well as epithermal high grade gold deposits. The project is a fifty-fifty partnership Newmont Antec Resources and is one of the largest undeveloped copper gold projects in North America. Besides Galore Creek, We also have strategic investments in junior companies exploring in the Golden Triangle. Turning to the Superior Province on Slide 24.
The Superior Province is the largest archaeon craton in the world, which has similar lithological and organic characteristics to the Yilgarn Kraton in Australia, where Boddington is located. In the field of view, total Endowment exceeds 623,000,000 ounces of gold, including over 70,000,000 ounces produced from the Timmins Porcupine Camp alone. We have been interested in the superior province for a long time. And in 2019, the acquisition of Goldcorp provide a unique opportunity to establish a Strong position across the province. With production hubs at Timmins, Master White and Eleonore, our total land position in the province approximately 3,000 square kilometers.
Given that the gold deposits in this province can demonstrate continuous for more than 1 kilometer vertically, there is significant remaining discovery potential in superior products. And we are already applying modern data integration technologies and unlocking the district's potential with recent identification of several new targets. NeuMo is deploying and adapting our exploration toolkit to see through glacial cover. Turning to Meso Central on Slide 25. Meso Central presents another great opportunity to leverage unique deposit knowledge And Newmont's proprietary technologies to explore and recover.
Our landholders in this domain correspond to approximately 1200 Square Kilometers. In SCOVE INCE 1,004, the Penasquito deposit represents a new gold deposit style within a historic silver producing district. The deposit occurs within 2 adjacent pipe shaped Bodies related to a porphyry of Orange at unknown depth. In addition to Disseminated gold, the deposit also has an endowment exceeding 1,300,000,000 ounces of silver. It's worth mentioning that the original This expression of this district was a small hill with showings of copper oxide completely surrounded by alluvial gravels of the Mazapil Valley.
I will discuss this domain in more detail when I speak about Penasquito. Turning to the Andes domain on Slide 26. The Andes domain includes Chile, Peru and Colombia, and is estimated to have an endowment of 830,000,000 ounces of gold. It's centered around the Anacocha district. This domain includes several drill ready exploration programs in the prolific Peru Miocene Magnetic Belt, which is ranked as Newmont's number one address globally for exploration success.
Our total land position in the Andes domain is 5,790 Square Kilometers. Our 35 years presence in Peru allows us to leverage the geological knowledge developed over decades of mining and exploring these gold and Copper Systems, while working in a non jurisdiction supported by mature and experienced local capability and sustainability, external relations, Land and Legal and Safety and Security. Moving now to the Sierra do Marseille on Slide 27. The Seattle Massif in Argentina includes Cerro Negro and extends into Southern Chile, where we are also exploring for epithermal gold deposits. The Deciadu Macif was recognized in the late '80s as prospective for gold mineralization.
Now it has over 7 active gold mines, An endowment estimated at 20,000,000 ounces and is emerging as a world class epithermal gold province. Newmont owns the Cerro Negro gold mine and peripheral tenure of approximately 1100 square kilometers. Non trains of gold, silver vein systems are projected to continue under post mineral volcanic and sedimentary cover. Our specialized exploration methodologies will be addressing such hidden targets. I will return to this domain when we talk about Cerro Negro.
Turning to Guyana Shield on Slide 28. The Guyana Shield includes Suriname, French Guyana, Guyana and Brazil. We estimate again a shoot to have an endowment of approximately 172,000,000 ounces of gold. I would like to point out that these greenstone belts represent extensions of the Paleoproterozoic Greenstone Belt of West Africa, Where Ahafo and Achina are located, they were separated during the tectonic rifting of the Atlantic Ocean. In a way, you could say that we are putting it back together.
We clearly have an emerging mining district in the Guyana Shield. It's anchored by the Marion operation and with Esperance some 50 kilometers Weighing French Guiana poised to be our next mine in the Guiana Shield. Our total land position in the Guiana Shield is nearly 2,000 square Moving across the Atlantic to Africa on Slide 29. We also have a strong presence in the West Africa Kraton, a highly prospective province with an estimated endowment of 487,000,000 ounces. It includes a series of greenstone belts, including the Ashanti and Safeway belts where Achinya and Half are located.
And our land position in the West Africa Craton is approximately 1100 Square Kilometers. In addition to the two operations, We will soon be building Ajo North. Since mining began at Ajo in 2006, Newmont has added significant ounces to its resource and reserve base With the discovery of several deposits, our recent studies of geological evolution, mineral zoning and geophysical characterization of our deposits have The geological map of Ghana on the left. Here, you can see an extensive cover to the northeast that is depicted in page. The greenstone belts you see in the southern part of the map don't really end when the cover starts.
They are buried under it. So when I talk about the superpower we have to detect deposits and recover, that's the type of terrain where we can apply that. Moving to the Nubian Shield on Slide 30. The Nubian Shield includes several district scale mineralized systems With world class deposits and numerous gold and gold copper currencies, the Nubian Shield represents one of the last frontiers of exploration destination Where no modern exploration has been undertaken and there is significant expected remaining endowment. We explore in Ethiopia through the Ezana JV.
The land package of 3,638 square kilometers has been screened with blag and has revealed a highly Active emerging gold copper terrain. We are targeting district scale orogenic gold and gold copper rich VMS style deposits. It's early days, But the results are encouraging with potential for the 1st Newmont discovery in the Nubian Shield. Turning to Japan on Slide 31. Over the last 3 years, Neumann has established a strong position in the most prospective ground throughout Japan through our actively managed investments in Irving Japan and Japan Gold.
Japan is the 1st world democracy with excellent infrastructure and a strong gold mining industry but very little modern exploration. The mining law was revised in 2012 to reactivate the mining industry in Japan. For the first time, foreign companies were allowed to stay ground, explore and mine. Through these investments, We are targeting high grade, low sulphidation epithermal gold deposits, analogues of which include the existing high grade Hishikari mine In Japan, Waihi in New Zealand and our own Cerro Negro operation in Argentina. Results from drilling to date have been very encouraging And confirm the presence of a strong epithermal system and has confirmed that modern exploration approach are very applicable Exciting new exploration opportunity.
Turning to Australia on Slide 32. The Loughlin District in the Australian state of New South Wales is located in the highly ranked Macquarie Arc domain, Where our primary targets are concealed copper gold alkali porphyries like Cadia and epithermal gold deposits like Lake Coal. We have expanded our land exposure to 1500 square kilometers, working through JVs, alliances and holding new Moon land tenure. We have successfully intercepted 3 fertile gold copper porphyry systems so far. The team continues to vector towards economic mineralization with a Very active ongoing target development and drilling program.
This completes our greenfields tour. Turning to Slide 33 for our near mine opportunities, starting with Tanami. The Tanami orogenic gold deposits are hosted within pterozoic A Sedimentary rocks. Gold occurs as visible coarse grain within sheeted quartz veins focused by folding and coincident in district scale Northeast fault corridors. The Tanami district is highly prospective and under explored due to its remoteness and extensive shallow cover.
The Talamay underground mine is one of our world class operations that continues to deliver quality, high margin ounces. It has a strong reserve and resource base and produces consistently 500,000 ounces per year. Our knowledge of our existing deposits and ability to leverage off existing infrastructure will pave the way for future discoveries in the district. The figure on the left shows a plan view projection of the Panama underground deposits, highlighting reserve, resource, Exploration target and mined out areas. The exploration upside extensions are outlined by the dashed line.
New repeat positions like the Avalon corridor already have ore grade intercepts from the very limited drilling to The figure in the middle is a view of the seismic cube that maps out the ore host units outlined in yellow. The large 3 d cube allows us to define our key mineralized host stratigraphy beyond the mine footprint and efficiently target mineralized It's close to existing infrastructure more efficiently and confirms that the host units extend to greater depth in the currently defined exploration targets. The figure on the right is a planned view showing our large 7,000 square kilometers Ground position in the Tanami and new opportunities, including deposits such as Oberon, the historic granites area and several prospects in the The Oberon deposit is located only 28 kilometers to the north of the current underground mine, and the pre feasibility Study is ongoing. Borrington, located 90 kilometers southeast of Perth in Western Australia, is a gold corporate deposit Hosted in the southwestern terrain of the Ullghur and Craton, primary gold and copper mineralization consists of a network of thin Fractures and bangs controlled by shear zones and hosted by greenships metamorphosed volcanics. This world class asset With a very large remaining gold and copper resources and reserves, it's poised to become the world's 1st autonomous haulage gold mine producing around 850 1,000 ounces per year with the current life of mine out beyond 2,040.
Exploration target mineralization surrounds existing pits and could extend the life of mine out to 2,050. The figure on the left shows a north south long session through the boarding from deposit, highlighting current reserves, resources and exploration target areas. This massive deposit is mineralized Between the existing north and south pits and remains open at depth. The dash line Shows a pit outline optimized for a $1500 gold price. The optimization is constrained by drilling, especially in the area between the current pits where drilling is planned in 2021.
Holes in pink Highlight recently encouraging both results. The figure on the right illustrates the large ground position in gray we have around Barrington. Our strong ground position covers the majority of the prospective and underexplored Saddleback Greenstone Belt. A renewed exploration effort, including the acquisition of new regional geophysical data, has led to improved deposit understanding and opportunities to find Turning to Penasquito on Slide 35. Penasquito has reserves and resources, which underpin a business plan extending out beyond 10 years.
The successful conversion of existing resources into reserves can potentially extend mine life to 2,040. Penasquito is a bulk mineable open pit gold, silver, zinc, lead deposit, centered on 2 diatreme breccia complex In placed in carbonate rocks. The long section on the left show the Penasco and Chile, Colorado pits. The current resource and reserves models are shown in dark blue and gold, respectively. The light blue dots are the proposed 2021 exploration drill holes.
The The Penasco and Chile Colorado breccia bodies host the bulk of the gold and polymetallic mineralization at Penasquito. We have identified and drilled mineralization within our existing pit shells, requiring drilling to convert the reserves. Additional opportunity exists to drill along strike of structures, which act as conduits for mineralization. The map on the right shows Newmont's land position in the district. The light blue polygon represents 100% Newmont and the dark blue Polygon represents the Festiva JV.
The image shows a series of drill targets in Mattapio and Jackie Valleys. Newmont's land package is approximately 6.50 square kilometers with less than 20% currently Thanks. However, our geologic model for Penasquito style mineralization predicts it will occur in recessive rocks Beneath the Vale Fill Cover, which means blind to surface. Our key focus for this year with the exploration budget of $10,000,000 is to apply new moon technology such as black, DSG and geophysical modeling to explore undercover for Penasco Starium ore bodies. Turning to Ahafo on Slide 36.
As I mentioned before, the Ahafo mine is located in the prolific West Africa Kraton. It Sploits a series of green sheet hosted orogenic deposits. We started commercial production at the half in 2,006, The total production to the end of 2020 was over 7,000,000 ounces of gold. The figure on the left Shows a long session covering from left to right the Apenso, Aguansu and Amoma pits. The light blue shade indicates the current areas Targeted for resource conversion.
We see extensive opportunities to extend mine life by building extensions of the known deposits open up that in between existing open pits. AHAAP is a great example of a developing mining district. We started mining Atapenso and Subika pits, built the Subika underground mine under the Subika pit, expanded the half a mill, And now we're about to start building Ahafo North with a standalone processing facility. Ahafo North will add 200 1,000 ounces to Ajafo's annual production. Ajafo North also shows upside potential to add ounces on both lateral And that extends.
The Araujo district is highly prospective with a land holding of over 9 50 square kilometers. The figure on the right depicts numerous tenements outlined as well as the deposits and prospects along the Kenyase Trust. The exploration budget for a half in 2021 is the highest of any of our near mine programs at 22,000,000 And we'll focus on resource and reserve conversion and brownfields targets. Turning to Yanacocha on Slide 37. Yanacocha has been a key gold producer over the past 3 decades And has the largest gold endowment of this class of mineral deposits, epithermal high sulphidation disseminated gold.
Yanacocha has produced over 40,000,000 ounces of gold and 30,000,000 ounces of silver and is on the brink of starting a new chapter With the onset of Yanacocha sulfides, this will unlock the potential to develop several more underexplored targets in the district. The long session on the left displays the current resource and reserves for Yanacocha. The dashed black line marks the oxide to sulfide contact, Highlighting the exploration potential that remains within the sulfides, the red arrows show the preferred Structural trends that are believed to be prospective for growth. Internal mineral probability assessment of Yanacocha landholders suggest that NIMO has mined about Half of the district's potential. Historic exploration was only focused on oxide mineralization.
The current reserves at Yanacocha response to a mine life until 2041. Our strategy is to explore deeper and outward to realize the full potential of this world class district And extend mine life past 2,050. This figure on the right shows a map of Yanacocha's property boundary with existing deposit projects and prospective targets. A district wide assessment has been conducted in identifying 48 targets within the Yanacocha property limits. We are leveraging Newmont's exploration tools to uncover potential deposits at depth as well as outboard from the main mineralized trend.
Antonio is a great example of a hidden potential, having already defined 1,000,000 ounce of resources to date And remains open amongst strike. Turning to Cerro Negro on Slide 38. Cerro Negro is a low sulphidation epithermal gold deposit located in the highly prospective and under explored region of the Desiadema safe in Southern Argentina. Our exploration teams ranked Cerro Negro as one of the most prospective land package in our global portfolio. The photo in the middle So it's how resistive the quartz veins are to erosion in the harsh Patagonian climate.
Here, the Urika vein in the West District Outcrops like a man made wall. The Baronegrove vein long section on the left display recent results, Which are generally better than model predictions. The interceptor depth is a key upside and suggests a secondary mineralized horizon And have the potential to completely open the Eastern District. The map on the right illustrates our land holdings in the Cerro Negro area. The area depicted by the light blue outline is our original concession, while the dark blue outline shows the land we acquired since the Goldcorp acquisition.
Since then, Newmont has doubled its land holding in the region to establish a dominant foothold of approximately 1,000 square As shown on the map, our concessions are dominantly underlain by prospective geologists seen in the beige Underlay. We have recognized 2 main Northeast trending corridors hosting most of the mineralization discovered in the East and West district. We also completed a district wide assessment identifying over 70 new prospective occurrences. The 2021 exploration budget for Cerro Negro is $14,000,000 and we undertake deep sensing geochemistry surveys To rapidly screen and identify additional prospective structures within the land package, we also plan to undertake a remote sensing survey to map Ceronegri style alteration. Turning to Porcupine on Slide 39.
At Porcupine Gold Mines, most of the exploration and new reserve additions have come from Royal Pond, which is a relatively recent This call will be compared to other deposits in Timmins. Royal Palm has produced in excess of 4,000,000 ounces. The deposit has been tested to depths of 2,000 meters. It still demonstrates high grade continuity and is open at depth. This figure on the left shows a perspective view looking north of the Lojollo Pond Mine trend.
The figure shows current reserve resource and exploration target and historical drilling in Brad. The figure on the bottom Shows a planned view of the Timmins Mining Camp, demonstrating Newmont's land position relative to active mines and deposits. Newmont controls much of the prospective geological corridor, the porcupine Dastard fault zone, marketing read. The entire belt proximal to Royal Pond is under explored and improved data integration is unlocking additional targets both East and west of the current footprint. Several bolt on opportunities are being evaluated, which leverage off the existing infrastructure And that could extend the life of oil pond.
The dome mill is expected to run at capacity for the next several years. Additional ore sources, which could offset lower grade ore are being considered as part of a larger rate and rank exercise in conjunction with full potential. This project will result in the generation of exciting targets in a world class camp with the goal of Sustaining and growing the Porcupine District well into the future. Turning to Bordon on Slide 40. Borden is classified as an orogenic gold deposit hosted by highly metamorphosed and shear drugs.
At Borden, we have recently been successful in tracing the non deposit eastward an additional 2 kilometers along its host structure, the Genesis deformation zone. The land package as it is now was fully consolidated in 2015, 5 years after the discovery of Bordeaux. So even on the scale of the Borgin project, the land package is new and unexplored by us, resulting in the large upside potential. The figure on the left is a long section showing the boarding deposit. It shows the current reserves and resources and recent results On the step out drilling demonstrating the down plunge extension of the ore body.
This step out target provides the foundation for future conversion to reserves to extend the life of Continue the infill and delineating the extent of the mineralization will be a focus in 2021. The Bordon deposit remains open down plunge. The image on the right side of this slide shows the Bordon deposit with respect to the large land package Of more than 1,000 square kilometers. The dash line shows the board and belt, Which is the interpreted continuation of the lithological package that hosts the Borodin deposit and which For within Newmont's land package, board and exploration will be leveraged Newmont's Exploration tools and expertise, DSG, for example, to help focus on advanced exploration targets both near mine and regional. Prior to board discovery 10 years ago, little exploration work was done in the area.
Turning to Eleonore on Slide 41. The immediate focus at Eleonore is on reserve and resource conversion To extend mine life, the exploration upside within the mine corresponds to down plunge extent of the non realization. Recently, new targets have been identified outside the mine that have had limited or no previous exploration work. The figure on the left It's a long section displaying current resource reserve and exploration target areas. The pink dots are 2020 drill intercepts, Which return encouraging results, both laterally and at depth.
The blue light dots show the position of planned 2021 exploration holes. The 2021 exploration budget for Eleonore is $7,000,000 The figure on the right is a satellite image showing Eleonore's land tenure. The red star indicates the position of the Eleonore mine. The new brownfields targets are We have recently gained significant advancements in understanding the district scale geology, Which has resulted in new exploration targets to be tested in 2021. The new geological interpretation is based on integrating And interpreting all available internal and publicly available data.
This work has identified new and tested target areas Outside the mine, in order to accelerate exploration, DSG surveys are being prioritized over new defined Targets to screen prospective areas undercover. And now turning to Musselwhite on Slide 42. Musselwhite is an orogenic greenstone hosted gold deposit located in Ontario, Canada. The Musselwhite mine has been in operation for over 25 years, The deposit remains open at depth with non significant mineralization. The figure on the left shows a long section displaying the current resource reserve and exploration target areas at Musso White.
The e mine exploration target areas are depicted by the light blue shade. As you can see, the deposit remains open at depth up to 2.5 Kilometers down plunge from the end of the current reserves. Also, there are several upper mine exploration targets to be drilled in 2020 The figure on the right shows a map indicating our landholders in the North Caribou Greenstone Belt. The area shaded gray indicates prospective rocks Located throughout the belt, which have had limited modern exploration, providing an opportunity to apply new on exploration A number of prospects throughout our land holdings are depicted by yellow stars. The ongoing ore deposit footprint study will help us Understand the Musselwhite geochemistry, so we can apply our learnings to regional scale exploration.
The exploration budget for Musselwhite 2021 is $8,000,000 and include drilling the PQD and Lynx North extensions from underground, test upper mine targets to increase mining And with that, I will turn it back over to Tom.
Thanks, Marcelo. Wrapping up on Slide 44. As you've seen today, Newmont has engineered a portfolio of operations, projects and an exploration pipeline in top tier jurisdictions that clearly leads the gold industry. It is the quality of this portfolio, along with the capability of our people, that gives us the confidence to be continuing to create value
The first question comes from Jackie Przybylowski of BMO Capital Markets. Please go ahead.
Yes, thanks very much. It's a really great presentation, and I really appreciate all the detail. I have a question, I guess, about the Slide that you showed on the Greenfield section, when Marcellus said that Andes is still your number one address. Can we interpret that to mean that if you are looking to move forward with future projects or sanction future projects that something like Norte Avierto, Nueva Union or Agua Rica would be a high priority. And I recognize those are joint ventures, so there may be Other factors at play, but would that be a higher priority for you than maybe some of your other greenfield projects?
Thanks, Jackie. It's Tom here, and I hope that I've spoken to you this year, so Happy New Year to you. And we're already February. Certainly, it's the number one, Chris, in terms of our next big project, Yanacocha Sulfides. And that's going to occupy us a good portion of this decade building and commissioning that.
And the 2 of the 3 mega projects, And we'd only ever do one of those at any one time, not at the near term, maybe near term. So we're still doing the work for which of those 2 and Galore Creek would come forward 1st at the very end of this decade. Marcelo, I'd like you just to talk to Your perspective would you talk about that number one post Ligris from an exploration perspective?
Thanks, Tom. Look, that Miocene magnetic belt is extremely prospective, and we are very excited about the opportunity in
The real major focus of our greenfield exploration in that domain is gold. So we are
really looking for gold deposits. And as you know, North Alberta and North Vietnam have a big component of copper. So it fits very well in our strategy going forward to focus on the gold projects we have over the next 10 years in the Andes domain And let those copper large copper projects play along as we go. Thank you.
That's great. Thank you. If I could ask one other question. You went through a brief detailed overview on All of the assets, but on specifically on coffee, do you see coffee being big enough to be a stand alone Newmont Size 9 at some point in the future? Or is there more consolidation in that area that would be necessary before that be developed, do you think?
Thanks, Jackie. We certainly saw the opportunity for it to be A mine of a major size within the Newmont portfolio. So the potential for it to be a standalone mine, like a half o'clock Or a billion, that sort of scale. It's one of the reasons that it's been acquired that project. It was So pushing forward too quickly to be developed that we put it back into pre visibility.
And that's the work. And again, I'll get So now just to talk to how we think about the exploration potential of that copper deposit and the work that we want to do back at pre sensibility To do more drilling to prove up what we think might be there, they commence, call it, a mine of that sort of stuff. I'm going to pass to you, Massaron.
Thanks, Tom. Look, the growth strategy for Coffey is to expand the resource and reserves to double the Base case oxide mining opportunity we have there. So we have an aspirational target of 4,000,000 ounces at current grades. Of course, we'll take any The grade that you can find that 2019 2020 exploration target generation has delineated about 40 Kilometers of untested structural corridors in the property with near surface satellite oxide
Targets
with potential for future testing. So very excited about the opportunity there.
Fantastic. Thanks, Marcel. Thanks, Tom. I'll let somebody else take a question. Thank you very much.
Thanks, Jackie.
The next question comes from Tanya Jakusconek of Scotiabank. Please go ahead.
Great. Good morning, gentlemen. Thanks for the call. I wanted to focus on optionality in your portfolio. I'm very intrigued that you run your reserves at $1200 gold price and thank you for providing the sensitivity at higher gold prices.
So I don't know who wants to take this question, but if you look at your portfolio and you think you look at your mine plans and where to look at some at maybe $1400 or $1500 gold price. Is there anything around your open pits that you Could incorporate into your mine plan today at very little capital and still make money?
Thanks, Tanya. What I'll do is I'll ask Dean Gearing, who is accountable for our long term planning team, To give you an overview of how we think about that work and then where there are potential opportunities that we what we do dynamically on a Our business to be running at the bottom of the cost cycle. So, Dina, you pick that one up and feel free to introduce Nat Catastrophe, your key guy in that area As well to Tanya in the prequal time.
Sure. Thanks, Tom. And Tanya, thanks for the question. It is a good one, In particular, in the price environment that we're seeing today. And there's 2 components that I think is important to consider into your question.
One is, There's actually a short term optimization opportunity. We do revenue based ore control. So we look at our day to day, week to week, month to month optimization opportunities based on what the prices are in that current And so we'll actually make ore selection and processing decisions Based on that, so we're actually doing, you could say, real time optimization. Now more to your question specifically, and I'll also turn it over to Mark Garrett in a minute and I'll introduce him as well. We do look at each mine separately to understand what the sensitivities are.
As you pointed out, you saw the sensitivity in the chart and that's obviously global. I mean, as an example, we've looked at our CC and V operations Here in Colorado, and we recognize an opportunity to look at shorter term, Higher price environment that allowed us to expand that open pit mine, which will help bridge us to what we believe will be a potential underground opportunity. And so we continue to look at site by site. But what I'll do is I'll turn it over to Mark Casper. He's our VP of Resource Evaluation and Mine Planning.
And Mark, maybe you can just talk a little bit about what that process looks like and how we look at each site on an individual basis.
Thanks, Dean. As Dean mentioned, it was a pretty good description. We do tend to go through a fairly rigorous evaluation. And whilst $1200 is our base fundamental pricing, we're continually looking at optimization behind the scenes and trying to Expand and look for opportunities and they're pretty complex trade offs and they cover mine process capacities, grind throughput recovery, cutoff grades, Stockpiles and the like. At the same time, we're also looking for smaller incremental debottlenecking opportunities Can pay themselves back relatively quickly as well.
And all of that's normally framed in a ranging analysis. So we can look at the pricing and time matrix And really see where we've got some real opportunities. And the whole process is designed to create a discussion about understanding those trade offs and how we want to utilize them. Thanks, Gene.
So just coming back to it. So if you were to look at your mines today, The big open pit, is there anything that you can see that with very little capital and mining today That you could make money at these prices?
Yes, I think so. I mean, there's It's also dependent on your view of value. We can make decisions in the short term by lowering cutoff that allows us to Increase our overall life of asset reserves and the amount of metal that we extract or we can look at cut off grade increases that could increase Head grades in the shorter term as long as you got the capacity to do so. We have those opportunities around most if not all of our open The question will come down to how do we want to assess those trade offs and where do we present preference, I suppose, within that trade off metrics. And we are currently looking at that for all of our open pits, as well as the underground as well.
The next question comes from Mike Jelanin of Bank of America. Please go ahead.
Hi, Tom and everyone.
Hi, this is Barry.
I had 3 questions. Just first on coffee, it's going back The earlier question, as you know, 2,140,000 ounces of M and I resources, grading 1.2 grams. From what I heard, Newmont's plan for 'twenty one is to delineate higher grade mineralization. Correct me if I heard that wrong. Perception of my basement here is not very good.
And but how much higher does the grade need to go to move it back into reserves or is that just part of the issue? And I ask The producing Eagle Mine in Victoria has a grade of 0.65, and as I mentioned, it's in production. That's my first question. I'll pass it to you at the end. Thanks, Mark.
Again, I'll ask Marcelo to talk. So if you could just talk, Mark, through our 2021 exploration program, what We're planning to do in that area on the ground and how we're thinking about grade versus volume.
Thanks, Tom. Look, as I mentioned before, we have huge uncasted structural corridors at the property. And really, the focus for this year is to unravel the opportunities we have there. So we will be we have been with all the Geophysics and solidochemistry work we did last year, we are currently working out that information and generating new targets. And yes, the problem is we would like to have more grade in the project.
If you have more grade in that project right now, the project will be across the line. That's why we moved the project back to exploration to go and capture more value, both increasing value and increasing grade. Back over to you, Tom.
Thanks, Max. And I'll back to you, Max. Okay. Thanks, Max. And just from Russell White, it's kind of a question that's been asked for years.
From my memory, as you know, TORM exploration just keeps pushing that zone to the peak to the north and Deposits getting deeper nearly 2 kilometers. Lisa asked this question of Placer Dome Goldcorp, when does Now, Newmont, when do you think it starts to make sense to start thinking a shock to the north? Because those most recent drills look pretty spectacular. Thanks, Michael. I'll get Dane to pick this question up.
But it goes to the work we've done at Mesa White Over this last year, we did mention a bit in the presentation about strategic resource development. So I think I'll get you to pick up how we've looked at that ore body and its development path with that program And we're nonmetro depth is starting to shake up.
Yes. Thanks, Tom. And Mike, that is a question that has come up Often, as you point out, it has been on the radar for a while. And almost as a result, it starts to lead people I believe that is the optimum and maybe ultimate solution. As I mentioned in the slide presentation, I talked about our proprietary Asper, who leads that group of strategic resource development and let him talk about some of the insights that we've learned about Musselwhite after the last round of work that we've done there.
Thanks, Dean. And just talking a little bit about SRD, I mean, Musselwhite was one of the first kind of full deployments we did in this new process. And the journey was fantastic. I mean, we experienced learnings throughout that that I think gave us the insights where we can see Where Musselwhite can go and what its kind of potential is. And I think one of the probably the more important parts is it challenged some of the traditional thinking norms that we about Musselwhite, but it was all about major infrastructure on the North Shore.
Through some fairly diligent work and optimization modeling, the team Collectively, he has been able to come up with some solutions that show incremental opportunities around ventilation, which was our primary constraint And developments on the main heading that allows us to get pretty much about 80% of the expected benefits That
we would have got from putting
a major infrastructure deployment over on the North Shore. So I think there's several other learnings about how the different the ore body between 2Q Deeps and Well and Red Wings all kind of work together in that kind of balance of production as it relates to the physical constraints. So We've been really, really happy with what we've been able to do there so far. We're still on that journey, but I think my assertion of muscle
Okay. Well, thanks. And My last question goes to Porcupine Underground. Maybe comments in the press release, I'm glad I think there's so much material and thanks for all the material echo Jackie's comment, great slides and Great presentation by everyone. You guys should do this annually.
But how much of The 1,100,000 ounce porcupine underground reserve, is that how much is that broken down by oil pond and board? Is there a breakdown or I couldn't quite figure that out from the slides. Sure, Mark, what I'll do is, again, Dean, I might get you to introduce Dom Go. I think Dom's probably best placed to give you
Thanks, Tom. I agree. Mike, just continuing on with Tom's comments, Don Do is with us also today, And he is our Group Executive of Resource and Reserves. As I mentioned earlier, he's part of that separation of church and state. So, he and Mark both report to me, but they while they work together, they have very different accountabilities as it relates to the development and governance of our or reserve.
So Don, I'll turn it over to you.
Yes. Thanks, Dean. I'm looking to pull the numbers right now and actually my system is a little slow. So if I could just get back To this question offline and I can answer in more detail.
Okay. We're just looking for a breakdown. And Otherwise, okay. That's all my questions, Tom and everyone. Thank you.
Yes, certainly. I can get that to
you. Thanks, Bob.
The next question comes from Anita Soni of CIBC. Please go ahead.
Hi, good morning, gentlemen. Could I get some idea about the layback at Boddington? What can you give us an idea of The capital would be involved there and similarly for Marion, what kind of capital would be
Thanks, Meta. You all, this might be a good one Yes. You've got those numbers handy. Otherwise, we can circle back with you and enter. But the buyback of the northern period I apologize.
I think you're talking about the nature and then the myriad lie back. Robert, do you have those numbers at your fingertips?
So, thanks. And hi Anita. Unfortunately, I don't have those at my fingertips today. So, if we can circle back
with you, that would be great.
Sure. And then I guess I would round it out with all the other 2 additions before Tanami That's a specific addition as well. That would be great. Thank you.
No worries, David. We can certainly get Eric to pick up with you and take you through those details.
The next question comes from John Tumazos of John Tumazos Very Independent Research. Please go ahead.
There were a large number of ounces of Goldcorp that you took out of reserves Pending your own scrutiny now, almost 2 years in your possession, I don't I haven't looked up the exact number. Do you think that all of those and more will be back on the books a year from now? It sounds like you're optimistic about every project. I'm just trying to gauge how quickly it comes back How much better it was even than what Goldcorp reported?
Thanks, John. Again, Marcel, I'll tee you up So this question is John. And certainly, one of our investment is in around those properties and doing the These are all considered conversions, but I'll get Basel to give you his considered view. Thanks, Vincent.
Thanks, Tom. John, we are getting back on track on both sides, John. We have been working really hard over the next Couple of years last couple of years to get into the rhythm of converting the exploration target into resource, into reserves. So This year, this is
the region where we are putting more funds for exploration. And those sites, As you can see in the results, those reserve days are the lowest ones in the portfolio. But we believe that this year is the year where we are going Newmont, legacy assets. So I'm pretty confident that from next year on, we're going to see from this year on, we're going See a significant improvement in the reserve and resources on the Canadian sites mostly. And we see Penasquito the same And Cerro Negro, it's our engine of reserves going forward.
So we are also going to see a lot of reserves coming out of that side.
If I could ask one more. Simplified, 1.21 of the 1 point 49000000 ounce depletion was Nevada Gold Mine's equity stake. But There's big lumps as Goldrush would come into reserves with more documentation and permits, Fourmile and more of the Getchell underground. What year do you think Those big lumps are going to come into reserve, that will make Nevada gold mines look like it has Epic year. We realize these lumps aren't smooth and we don't want to think things are bad just because there was depletion this year because we know
Yes. Thanks, John. I think that's a question probably best asked of Barrick is the operator rather than us getting in front of them and certainly 4 miles of Barrick acid. So that's going to work. It's still its process.
But I think that's in terms of particularly The Goldrush question, I think that's a question for the Barrick team as they work through the reserve and resource statements and the like.
Thank you. I have to try.
I think there's another question, Kelly, but whilst I've stood up the microphones, with Mike still on the line, Of the Porcupine underground, 700,000 ounces is boarded and 400,000 ounces is hauled.
The next question is a follow-up from Anita Soni of CIBC. Please go ahead.
Hang on a second. I was on mute. So just a question on Eleonore. And I was just wondering the infill drilling that you have there, What I mean, are you seeing lower grades? The grades dropped year over year?
We don't have the full picture on depletion yet because we don't have Q4 grades. But Just from my assumptions, I'm seeing that kind of like a 3.6 gram per tonne addition, replacement. So I'm just trying to understand Where are you guys drilling there and what if there are other opportunities in the future on
Thanks, Dada. And Marcelo, again, I'll get you to pick up on this question just as you're tracking up the Good morning. The data that we're pleased with this year just on board for the first year in 5, which is essentially the impact of the margin in close I see a very close to the aspiration of it and the work that's been done to get getting all into good shape. But, Massimo, I'll continue to pick up on another specific question.
Thanks, Tom. Look, the results were very encouraging these years for Eleonore, both at that and
up in the Close to the surface where we
are very excited to find really high grade around that place. And as Tom mentioned, we are very happy with the results for Eleonore We almost replaced full depletion at Eleonore, and we have an increased in reserve at Eleonore, which is the first I mean, it's a history that you are seeing that, the big change around at Eleonore. And so we are We are seeing more high grade further adapt and close to surface. So we do expect to See ounces coming to reserves next year with the program we have designed right now. And we are also very excited about The land package and the targets we have developed this year for El Nors, so we are going to be moving rigs there as soon as the ice That's exactly
right. Can you remind I mean, this reminds me of the whole Eleonore Crown Pillar thing. Is that going to be a future target for you or you're happy
We are not exploring that still right now, but There's a possibility that will be open to in the future.
All right. Thanks very much.
All right. Thanks, Finnegan.
This concludes the question and answer session. I would like to turn the conference back over to Tom Palmer for closing remarks.
Thank you, operator, and thank you, everyone, for taking the time, making investment in time to go through The information we provided, I know we've put a lot of information out there today and over the last hour and a half or so. So please, if you've got any follow-up questions as you process That information, please get in touch with Eric and the team, and we're more than happy to sit down with you and go through your questions. And we thank you all very much for making the To go through what I think is a very exciting story for the Viewmont organization, it's going to put us in good stead for a very, very long period of time. Thank you everyone and please have a good day.
The conference has now concluded. Thank you for attending today's