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Miner Newmont expects higher costs, lowers 2020 capex on COVID-19 impact

May 19 (Reuters) - Newmont Corp said on Tuesday it expects costs to rise in 2020 as some of its operations are in care-and-maintenance mode, and the miner also cut its spending budget for the year due to reduction in non-essential activities.

The company now expects 2020 consolidated gold all-in sustaining costs to be $1,015 per ounce compared with its earlier expectations of $975 per ounce.

Newmont expects total 2020 capital expenditure at about $1.3 billion.

Reporting by Arundhati Sarkar in Bengaluru; Editing by Vinay Dwivedi

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