Newcrest, which was spun out of Newmont in the 1990s, rejected the offer last week as too low. But one of Newmont's largest shareholders told Reuters it would not want the company overpaying for its rival. Palmer said that regardless of the outcome of the Newcrest bid, Newmont will develop its 16 billion pounds of copper reserves. Newmont said attributable gold production for the fourth quarter edged up to 1.63 million ounces from 1.62 million ounces in the comparable period a year ago. For 2023, Newmont has given a production guidance between 5.7 million and 6.3 million ounces of gold and guided for an all-in sustaining cost between $1,150 and $1,250 per ounce.

---