Newmont Corporation (NYSE: NEM) has announced its third quarter 2024 results, highlighting strong production and financial performance while making significant progress on its non-core divestment program.
The company delivered 2.1 million gold equivalent ounces and generated US$760 million in free cash flow during the quarter.
Newmont’s President and CEO, Tom Palmer, highlighted the company’s progress on its non-core divestment program, which is expected to deliver up to US$1.5 billion in combined gross proceeds from recently announced transactions.
Newmont reported a net income of US$924 million and an adjusted net income of US$0.81 per diluted share. The company’s adjusted EBITDA stood at US$2 billion for the quarter.
Cash from operating activities reached $1.6 billion, with free cash flow increasing 28 per cent from the previous quarter to US$760 million.
Attributable gold production increased 4 per cent to 1,668 thousand ounces compared to the previous quarter.
This increase was primarily due to higher production at Cerro Negro and improved performance at several other sites.
The average realised gold price for the quarter was $2,518 per ounce, an increase of $171 per ounce over the prior quarter.
Newmont announced agreements to sell the Akyem mine in Ghana for up to US$1 billion and to divest the Telfer mine and 70 per cent interest in the Havieron project in Western Australia for up to US$475 million.
The company’s Board of Directors authorised an additional US$2 billion share repurchase program, to be executed over the next 24 months.
Newmont delivered US$786 million in total returns to shareholders through share repurchases and dividend payments. The company declared a dividend of US$0.25 per share for the third quarter of 2024.
Since the last earnings release, Newmont has reduced its nominal debt by US$233 million.
The company is positioned to meet its 2024 production guidance, expecting to deliver attributable production of 1.8 million gold ounces at an All-In Sustaining Cost (AISC) of US$1,475 per ounce in the fourth quarter.
Newmont’s strong performance and strategic initiatives demonstrate its commitment to creating value for shareholders while maintaining a robust operational and financial position in the gold mining industry.
