"With the metal moving higher, despite the headwinds from other markets, it is difficult to see what at this stage can halt or pause the rally."

Newmont cemented its position as the world's largest gold producer following its takeover of Goldcorp.

Company expects capital spend of $500 million this year compared to $245 million previously.

Sokimo can’t sell or transfer its shares in the mine without the approval of both Barrick and its JV partner AngloGold.