Newmont Corporation (NYSE: NEM, ASX: NEM, TSX: NGT, PNGX: NEM)
(Newmont or the Company) today announced third quarter 2024 results
and declared a third quarter dividend of $0.25 per share.
“In the third quarter, Newmont delivered 2.1 million gold
equivalent ounces and generated $760 million in free cash flow from
our world-class portfolio,” said Tom Palmer, Newmont's President
and Chief Executive Officer. “We continue to make meaningful
progress on our non-core divestment program with the two
transactions announced in the quarter, which are expected to
deliver up to $1.5 billion in combined gross proceeds. Our
divestiture progress and strong free cash flow generation have
positioned us to continue reducing debt and repurchasing shares,
creating significant and lasting value for our shareholders.”
Q3 2024 Results1
- Announced an agreement to sell the Akyem mine in Ghana for up
to $1 billion in cash, as well as an agreement to divest the Telfer
mine and 70 percent interest in the Havieron project in Western
Australia for up to $475 million of gross proceeds
- Continue to expect to receive at least $2 billion in gross
divestiture proceeds from high-quality, non-core asset sales, in
addition to the $527 million dollars in cash already received from
other investment sales since the beginning of 2024
- Since the last earnings release, repurchased 9.4 million shares
at an average price of $53.16 for a total cost of $500 million, of
which $198 million was repurchased during the third quarter2; $750
million of share repurchases completed since program announced in
February 2024
- Newmont's Board authorized an additional $2 billion share
repurchase program to be executed at the Company’s discretion,
utilizing open market repurchases to occur from time to time
throughout the next 24 months3
- Delivered $786 million in total returns to shareholders through
share repurchases and dividend payments2; declared a dividend of
$0.25 per share of common stock for the third quarter of 20244
- Since the last earnings release, reduced nominal debt by $233
million for a cash cost of $210 million, of which $150 million was
purchased during the third quarter and $83 million was purchased in
October 2024; $483 million of debt retired year-to-date in
2024
- Produced 1.7 million attributable gold ounces, primarily driven
by production of 1.4 million gold ounces from Newmont's Tier 1
Portfolio5, as well as 430 thousand gold equivalent ounces (GEOs)6
from copper, silver, zinc, and lead, including 37 thousand tonnes
of copper
- Generated $1.6 billion of cash from operating activities, net
of working capital changes of $(209) million; reported $760 million
in Free Cash Flow7
- Reported Net Income of $924 million, Adjusted Net Income (ANI)
of $0.81 per diluted share and Adjusted EBITDA of $2.0
billion7
- Achieved $500 million annual synergy run-rate following the
Newcrest acquisition, reaching Newmont's commitment more than a
year ahead of schedule8
- Positioned to meet Newmont's 2024 production guidance; expect
to deliver attributable production of 1.8 million gold ounces at an
All-In Sustaining Cost (AISC) of $1,475 per ounce in the fourth
quarter9
- Partnered with MKS PAMP to launch a traceable mine-to-market
gold bar; for sale through the largest U.S. wholesaler, providing
consumers direct access to Newmont's gold and demonstrating a
commitment to transparent sourcing
1 Newmont’s actual condensed consolidated financial results
remain subject to completion and final review by management and
external auditors for the quarter ended September 30, 2024. Newmont
intends to file its Q3 2024 Form 10-Q on or about the close of
business on October 24, 2024. See notes at the end of this release
and cautionary statement regarding forward-looking statements. 2
Total returns to shareholders includes $302 million of shares
repurchased in October 2024.
3 The share repurchase program will be
executed at the Company’s discretion, utilizing open market
repurchases to occur from time to time throughout authorization
period, See cautionary statement regarding forward looking
statements at end of this release.
4 Newmont's Board of Directors declared a
dividend of $0.25 per share of common stock for the third quarter
of 2024, payable on December 23, 2024 to holders of record at the
close of business on November 27, 2024.
5 See cautionary statement and notes at
the end of this release for definition of Tier 1 Portfolio.
6 Gold equivalent ounces (GEOs) calculated
using Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.),
Lead ($1.00/lb.), and Zinc ($1.20/lb.) pricing for 2024.
7 Non-GAAP metrics; see reconciliations at the end of this release.
8 Synergies are a management estimate
provided for illustrative purposes and should not be considered a
GAAP or non-GAAP financial measure. Synergies represent
management’s combined estimate of pre-tax synergies, supply chain
efficiencies and Full Potential improvements, as a result of the
integration of Newmont’s and Newcrest’s businesses that have been
monetized for the purposes of the estimation. Such estimates are
necessarily imprecise and are based on numerous judgments and
assumptions. See cautionary statement at the end of this release
regarding forward-looking statements.
9 See discussion of outlook and cautionary statement at the end of
this release regarding forward-looking statements.
Summary of Third Quarter Results
2023
2024
Q1
Q2
Q3
Q4
FY
Q1
Q2
Q3
YTD
Average realized gold price ($/oz)
$
1,906
$
1,965
$
1,920
$
2,004
$
1,954
$
2,090
$
2,347
$
2,518
$
2,316
Attributable gold production (Moz)1
1.27
1.24
1.29
1.74
5.55
1.68
1.61
1.67
4.95
Gold CAS ($/oz)2,3
$
1,025
$
1,054
$
1,019
$
1,086
$
1,050
$
1,057
$
1,152
$
1,207
$
1,138
Gold AISC ($ per ounce)3
$
1,376
$
1,472
$
1,426
$
1,485
$
1,444
$
1,439
$
1,562
$
1,611
$
1,537
Net income (loss) attributable to Newmont
stockholders ($M)
$
351
$
155
$
158
$
(3,158
)
$
(2,494
)
$
170
$
853
$
922
$
1,945
Adjusted net income ($M)4
$
320
$
266
$
286
$
452
$
1,324
$
630
$
834
$
936
$
2,400
Adjusted net income per share ($/diluted
share)4
$
0.40
$
0.33
$
0.36
$
0.46
$
1.57
$
0.55
$
0.72
$
0.81
$
2.08
Adjusted EBITDA ($M)4
$
990
$
910
$
933
$
1,382
$
4,215
$
1,694
$
1,966
$
1,967
$
5,627
Cash from operations before working
capital ($M)5
$
843
$
763
$
874
$
787
$
3,267
$
1,442
$
1,657
$
1,846
$
4,945
Net cash from operating activities of
continuing operations ($M)
$
481
$
656
$
1,001
$
616
$
2,754
$
776
$
1,394
$
1,637
$
3,807
Capital expenditures ($M)6
$
526
$
616
$
604
$
920
$
2,666
$
850
$
800
$
877
$
2,527
Free cash flow ($M)7
$
(45
)
$
40
$
397
$
(304
)
$
88
$
(74
)
$
594
$
760
$
1,280
Third Quarter 2024 Production and Financial Summary
Attributable gold production1 increased 4 percent to
1,668 thousand ounces from the prior quarter primarily due to
higher production at Cerro Negro from a full quarter of resumed
operations following the completion of the investigation into the
tragic fatalities of two members of the Newmont workforce in the
second quarter. Third quarter production also benefited from higher
throughput at Brucejack, higher mill utilization at Ahafo following
the girth gear replacement during the second quarter and improved
production at Yanacocha primarily driven by the benefits of
injection leaching.
Fourth quarter production is expected to be the highest of the
year driven primarily by improved grades at Peñasquito and Tanami,
improved throughput at Lihir after the expected completion of the
planned autoclave maintenance and sequential improvements delivered
from our non-managed joint venture operation at Nevada Gold
Mines.
Average realized gold price was $2,518, an increase of
$171 per ounce over the prior quarter. Average realized gold price
includes $2,488 per ounce of gross price received, a favorable
impact of $34 per ounce mark-to-market on provisionally-priced
sales and reductions of $4 per ounce for treatment and refining
charges.
Gold CAS2 totaled $1.9 billion for the quarter. Gold
CAS per ounce3 increased 5 percent to $1,207 per ounce compared
to the prior quarter primarily due to higher direct costs at Lihir,
as a result of planned autoclave maintenance, as well as higher
direct operating costs primarily due to increased contract services
across the portfolio.
Gold AISC per ounce3 increased 3 percent to $1,611 per
ounce compared to the prior quarter primarily due to higher
CAS.
Attributable gold equivalent ounce (GEO) production from
other metals decreased 10 percent to 430 thousand ounces from
the prior quarter due to lower production at Peñasquito as a result
of lower co-product grades.
CAS from other metals2 totaled $418 million for the
quarter. CAS per GEO3 increased 21 percent from the prior
quarter to $1,015 per ounce due to higher costs allocated to
co-products at Peñasquito, Cadia, and Red Chris, as well as the
impact of the shutdown at Telfer due to the tailings remediation
work.
AISC per GEO3 increased 11 percent to $1,338 per ounce
compared to the prior quarter primarily due to higher CAS from
other metals, partially offset by lower treatment and refining
costs.
Net income attributable to Newmont stockholders was $922
million or $0.80 per diluted share, an increase of $69 million from
the prior quarter primarily due to higher average realized gold
prices and higher sales volumes, partially offset by higher unit
costs of production, as well as a loss on assets held for sale of
$115 million recognized in the third quarter compared to $246
million recognized in the second quarter of 2024.
Adjusted net income4 was $936 million or $0.81 per
diluted share, compared to $834 million or $0.72 per diluted share
in the prior quarter. Primary adjustments to third quarter net
income include a loss on assets held for sale of $115 million
primarily related to Telfer and Havieron, reclamation and
remediation charges of $33 million, a gain on asset and investment
sales of $28 million, Newcrest transaction and integration costs of
$17 million, a loss on the fair value of investments of $17 million
and a gain of $15 million on the partial redemption of certain
Senior Notes.
Adjusted EBITDA4 remained in line with the prior quarter
at $2.0 billion.
Consolidated cash from operations before working capital5
increased 11 percent from the prior quarter to $1.8 billion
primarily due to higher realized gold prices in the third
quarter.
Consolidated net cash from operating activities increased
17 percent from the prior quarter to $1.6 billion primarily due to
the improvement in cash from operations. Net cash from operating
activities in the third quarter was impacted by a $209 million
reduction in operating cash flow due to changes in working capital,
including a build in inventory of $202 million mainly due to Lihir
and Telfer, and reclamation spend of $107 million, primarily
related to the construction of the Yanacocha water treatment
facilities. These unfavorable working capital changes were
partially offset by favorable timing of accrued liability
payments.
Free Cash Flow7 increased 28 percent from the prior
quarter to $760 million primarily due to improvements in
consolidated net cash from operating activities including reduced
working capital impacts, partially offset by higher capital
expenditures.
Capital expenditures (net of capital accruals)6 increased
10 percent from the prior quarter to $877 million. Sustaining
capital spend increased from the second quarter due to the timing
of project spend at Ahafo, Tanami, Boddington, and Lihir.
Development capital expenditures in 2024 primarily relate to Tanami
Expansion 2, Ahafo North, Cadia Panel Caves, and Cerro Negro
expansion projects.
Balance sheet and liquidity remained strong in the third
quarter, ending with $3.0 billion of consolidated cash and cash of
$86 million included in Assets held for sale, with approximately
$7.1 billion of total liquidity; reported net debt to adjusted
EBITDA of 0.9x8.
Non-Managed Joint Venture and Equity Method
Investments9
Nevada Gold Mines (NGM) attributable gold production
decreased 4 percent to 242 thousand ounces, with a 7 percent
increase in CAS to $1,311 per ounce3. AISC was largely in line with
the prior quarter at $1,675 per ounce3.
Pueblo Viejo (PV) attributable gold production increased
25 percent to 66 thousand ounces compared to the prior quarter.
Cash distributions received for the Company's equity method
investment in Pueblo Viejo totaled $37 million in the third
quarter. Capital contributions of $12 million were made during the
quarter related to the expansion project at Pueblo Viejo.
Fruta del Norte attributable gold production is reported
on a quarter lag. Production reported in the third quarter of 2024
increased 23 percent to 43 thousand ounces compared to the prior
quarter. Cash distributions received from the Company's equity
method investment in Fruta del Norte were $15 million for the third
quarter.
1 Attributable gold production includes
ounces from the Company's equity method investment in Pueblo Viejo
(40%) and in Lundin Gold (31.9%).
2 Consolidated Costs applicable to sales
(CAS) excludes Depreciation and amortization and Reclamation and
remediation.
3 Non-GAAP measure. See end of this
release for reconciliation to Costs applicable to sales.
4 Non-GAAP measure. See end of this
release for reconciliation to Net income (loss) attributable to
Newmont stockholders.
5 Cash from operations before working
capital is a non-GAAP metric with the most directly comparable GAAP
financial metric being to Net cash provided by (used in) operating
activities, as shown reconciled in the Condensed Consolidated
Statements of Cash Flows.
6 Capital expenditures refers to Additions
to property plant and mine development from the Consolidated
Statements of Cash Flows.
7 Non-GAAP measure. See end of this
release for reconciliation to Net cash provided by operating
activities.
8 Non-GAAP measure. See end of this
release for reconciliation.
9 Newmont has a 38.5% interest in Nevada
Gold Mines, which is accounted for using the proportionate
consolidation method. In addition, Newmont has a 40% interest in
Pueblo Viejo, which is accounted for as an equity method
investment, as well as a 31.9% interest in Lundin Gold, who wholly
owns and operates the Fruta del Norte mine, which is accounted for
as an equity method investment on a quarter lag.
Projects Update: Cadia Panel Caves
Cadia Panel Caves (Australia) includes two panel caves expected
to extract approximately 5.9 million ounces of gold reserves as
well as 1.3 million tonnes of copper reserves1.
- Panel Cave 2-3 (PC2-3) is expected
to produce 1.0 million ounces of gold and more than 400 thousand
tonnes of copper over its ten-year cave life (2024 - 2034). During
peak production (2027 - 2032), PC2-3 is expected to ramp up to
deliver between 100 and 150 thousand ounces of gold per year, and
between 40 and 60 thousand tonnes of copper per year. First ore was
delivered during the fourth quarter of 2023 and cave establishment
was achieved during the third quarter of 2024. Total capital cost
for PC2-3 is estimated to be between $1.0 and $1.2 billion, which
includes more than $900 million spent by Newcrest prior to the
acquisition by Newmont in November 2023. Development capital spend
by Newmont is estimated to be between $150 to $250 million and
continue until the last drawbell is fired expected to be in the
second half of 2026. Development capital invested (excluding
capitalized interest) since acquisition is $49 million, of which
$38 million related to 2024.
- Panel Cave 1-2 (PC1-2) is expected
to produce 4.0 million ounces of gold and more than 700 thousand
tonnes of copper over its fifteen year cave life (2027 - 2042).
During peak production (2030 - 2040), PC1-2 is expected to ramp up
to deliver between 275 and 325 thousand ounces of gold per year,
and between 35 and 55 thousand tonnes of copper per year. The PC1-2
project is currently under review and a more fulsome update on the
project's opportunities and metrics is expected to be provided in
2025. Development capital invested (excluding capitalized interest)
since acquisition is $148 million, of which $123 million related to
2024.
- In line with the development of the Cadia Panel Caves,
Newmont's current focus is on maximizing existing tailings
capacity, repairing the south wall of the Northern Tailings
Facility and delivering the Southern Tailings lift. Newmont is
undertaking long-term planning and design of its facilities to
ensure that the tailings storage facilities are able to support the
long mine life of Cadia. This work is intended to create capacity
for the development of PC2-3, PC1-2, and future caves, setting up
the next several decades of ore feed at Cadia.
Committed to Concurrent Reclamation
Since mines operate for a finite period, careful closure
planning is crucial to address the diverse social, economic,
environmental, and regulatory impacts associated with the end of
mining operations. Newmont’s global Closure Strategy integrates
closure planning throughout each operation’s lifespan, aiming to
create enduring positive and sustainable legacies that last long
after mining ceases. Newmont continues to accrue to reclamation and
remediation spend through the year. With $273 million in
reclamation spent year to date, we anticipate an additional $225
million to be spent in the fourth quarter of 2024, primarily
related to the construction of two new water treatment plants and
post-closure management at Yanacocha. The operation’s ongoing
closure planning study advanced to the feasibility state in
December 2023 and continues to address several complex closure
issues, including water management, social impacts and tailings. A
long-term water management solution will replace five existing
water treatment facilities with two, addressing the watersheds
along the continental divide. Certain estimated costs remain
subject to revision as ongoing study work and assessment of
opportunities that incorporates the latest design considerations
remain in progress.
1 PC2-3 and PC1-2 are subsets of Cadia’s
total Mineral Reserves, please refer to Newmont’s 10-K for the
total Mineral Reserves and Mineral Resources at Cadia for the year
ended December 31, 2023, filed with the SEC on February 29, 2024.
Project estimates remain subject to change based upon
uncertainties, including future market conditions, macroeconomic
and geopolitical conditions, changes in interest rates, inflation,
commodities and raw materials prices, supply chain disruptions,
labor markets, engineering and mine plan assumptions, future
funding decisions, consideration of strategic capital allocation,
and other factors, which may impact estimated capital expenditures,
AISC, and timing of projects. Please see the cautionary statement
at the end of this release for additional information regarding
forward-looking statements.
Newmont's Fourth Quarter 2024 Outlook
Please see the cautionary statement and footnotes for additional
information.
Guidance Metric
Q4 2024
Gold ($2,500/oz price
assumption)a
Attributable Gold Production (Koz)
1,800
Gold CAS ($/oz)
$1,050
Gold AISC ($/oz)
$1,475
Copper ($8,818/tonne price
assumption)a
Copper Production (ktonne)a
35
Copper CAS ($/tonne)b
$4,900
Copper AISC ($/tonne)b
$7,500
Silver ($28.00/oz price
assumption)a
Silver Production (Moz)
11
Silver CAS ($/oz)b
$9.00
Silver AISC ($/oz)b
$15.00
Lead ($2,094/tonne price
assumption)a
Lead Production (ktonne)
28
Lead CAS ($/tonne)b
$970
Lead AISC ($/tonne)b
$1,500
Zinc ($2,646/tonne price
assumption)a
Zinc Production (ktonne)
70
Zinc CAS ($/tonne)b
$1,200
Zinc AISC ($/tonne)b
$2,100
Attributable Capital
Sustaining Capital ($M)a
$550
Development Capital ($M)a
$320
Consolidated Expenses
Exploration & Advanced Projects
($M)
$115
General & Administrative ($M)
$110
Interest Expense ($M)
$80
Depreciation & Amortization ($M)
$700
Adjusted Tax Ratec,d
34%
a Co-product metal pricing assumptions in
imperial units equate to Copper ($4.00/lb.), Lead ($0.95/lb.), and
Zinc ($1.20/lb.).
b Consolidated basis
c The adjusted tax rate excludes certain
items such as tax valuation allowance adjustments.
d Assuming average prices of $2,500 per
ounce for gold, $4.00 per pound for copper, $28.00 per ounce for
silver, $0.95 per pound for lead, and $1.20 per pound for zinc and
achievement of production, sales and cost estimates, Newmont
estimates its consolidated adjusted effective tax rate related to
continuing operations for the fourth quarter of 2024 will be
34%.
2023
2024
Operating Results
Q1
Q2
Q3
Q4
FY
Q1
Q2
Q3
Q4
YTD
Attributable Sales (koz)
Attributable gold ounces sold (1)
1,188
1,197
1,229
1,726
5,340
1,581
1,528
1,551
4,660
Attributable gold equivalent ounces
sold
265
251
59
321
896
502
453
412
1,367
Average Realized Price ($/oz,
$/lb)
Average realized gold price
$
1,906
$
1,965
$
1,920
$
2,004
$
1,954
$
2,090
$
2,347
$
2,518
$
2,316
Average realized copper price
$
4.18
$
3.26
$
3.68
$
3.69
$
3.71
$
3.72
$
4.47
$
4.31
$
4.17
Average realized silver price (2)
$
19.17
$
20.56
N.M.
$
19.45
$
19.97
$
20.41
$
26.20
$
25.98
$
23.72
Average realized lead price (2)
$
0.86
$
0.92
N.M.
$
0.90
$
0.90
$
0.92
$
1.05
$
0.86
$
0.94
Average realized zinc price (2)
$
1.18
$
0.73
N.M.
$
3.71
$
0.96
$
0.92
$
1.31
$
1.14
$
1.11
Attributable Gold Production
(koz)
Boddington
199
209
181
156
745
142
147
137
426
Tanami
63
126
123
136
448
90
99
102
291
Cadia
—
—
—
97
97
122
117
115
354
Lihir
—
—
—
134
134
181
141
129
451
Ahafo
128
137
133
183
581
190
184
213
587
Peñasquito (2)
85
38
—
20
143
45
64
63
172
Cerro Negro
67
48
71
83
269
81
19
60
160
Yanacocha
56
65
87
68
276
91
78
93
262
Merian (75%)
62
40
62
78
242
57
46
43
146
Brucejack
—
—
—
29
29
37
60
89
186
Red Chris (70%)
—
—
—
5
5
6
9
9
24
Managed Tier 1 Portfolio
660
663
657
989
2,969
1,042
964
1,053
3,059
Nevada Gold Mines (38.5%)
261
287
300
322
1,170
264
253
242
759
Pueblo Viejo (40%) (3)
60
51
52
61
224
54
53
66
173
Fruta Del Norte (31.9%) (4)
—
—
—
—
—
21
35
43
99
Non-Managed Tier 1 Portfolio
321
338
352
383
1,394
339
341
351
1,031
Total Tier 1 Portfolio
981
1,001
1,009
1,372
4,363
1,381
1,305
1,404
4,090
Telfer
—
—
—
43
43
31
14
6
51
Akyem
71
49
75
100
295
69
47
47
163
CC&V
48
41
45
38
172
28
35
38
101
Porcupine
66
60
64
70
260
61
91
67
219
Éléonore
66
48
50
68
232
56
61
54
171
Musselwhite
41
41
48
50
180
49
54
52
155
Non-Core Assets (5)
292
239
282
369
1,182
294
302
264
860
Total Attributable Gold
Production
1,273
1,240
1,291
1,741
5,545
1,675
1,607
1,668
4,950
Attributable Co-Product GEO Production
(kGEO)
Boddington
64
67
58
56
245
49
55
48
152
Cadia
—
—
—
90
90
118
117
120
355
Peñasquito (2)
224
189
—
116
529
288
268
229
785
Red Chris (70%)
—
—
—
20
20
28
35
32
95
Tier 1 Portfolio
288
256
58
282
884
483
475
429
1,387
Telfer
—
—
—
7
7
6
2
1
9
Non-Core Assets (5)
—
—
—
7
7
6
2
1
9
Total Attributable Co-Product GEO
Production
288
256
58
289
891
489
477
430
1,396
Gold CAS Consolidated ($/oz)
Boddington
$
841
$
777
$
848
$
941
$
847
$
1,016
$
1,022
$
1,098
$
1,043
Tanami
$
936
$
829
$
655
$
702
$
759
$
902
$
1,018
$
979
$
968
Cadia
$
—
$
—
$
—
$
1,079
$
1,079
$
648
$
624
$
723
$
664
Lihir
$
—
$
—
$
—
$
1,117
$
1,117
$
936
$
1,101
$
1,619
$
1,179
Ahafo
$
992
$
910
$
969
$
924
$
947
$
865
$
976
$
867
$
900
Peñasquito (2)
$
1,199
$
831
N.M.
$
1,306
$
1,219
$
853
$
827
$
985
$
888
Cerro Negro
$
1,146
$
1,655
$
1,216
$
1,132
$
1,257
$
861
$
2,506
$
1,535
$
1,393
Yanacocha
$
1,067
$
1,187
$
1,057
$
975
$
1,069
$
972
$
1,000
$
1,072
$
1,015
Merian (75%)
$
1,028
$
1,501
$
1,261
$
1,155
$
1,207
$
1,221
$
1,546
$
1,795
$
1,504
Brucejack
$
—
$
—
$
—
$
1,898
$
1,898
$
2,175
$
1,390
$
970
$
1,302
Red Chris (70%)
$
—
$
—
$
—
$
905
$
905
$
940
$
951
$
2,228
$
1,411
Managed Tier 1 Portfolio
$
984
$
977
$
975
$
1,027
$
995
$
955
$
1,048
$
1,117
$
1,042
Nevada Gold Mines (38.5%)
$
1,109
$
1,055
$
992
$
1,125
$
1,070
$
1,177
$
1,220
$
1,311
$
1,234
Non-Managed Tier 1 Portfolio
$
1,109
$
1,055
$
992
$
1,125
$
1,070
$
1,177
$
1,220
$
1,311
$
1,234
Total Tier 1 Portfolio
$
1,019
$
1,001
$
980
$
1,050
$
1,016
$
1,000
$
1,083
$
1,153
$
1,080
Telfer(6)
$
—
$
—
$
—
$
1,882
$
1,882
$
2,632
$
2,548
N.M.
$
2,996
Akyem
$
810
$
1,087
$
1,032
$
877
$
931
$
1,006
$
1,716
$
2,051
$
1,491
CC&V
$
1,062
$
1,186
$
1,253
$
1,122
$
1,156
$
1,394
$
1,361
$
1,416
$
1,391
Porcupine
$
1,071
$
1,225
$
1,189
$
1,186
$
1,167
$
1,042
$
1,068
$
1,114
$
1,076
Éléonore
$
1,095
$
1,477
$
1,338
$
1,224
$
1,263
$
1,441
$
1,404
$
1,344
$
1,398
Musselwhite
$
1,313
$
1,356
$
1,045
$
1,068
$
1,186
$
1,175
$
993
$
993
$
1,050
Non-Core Assets (5)
$
1,043
$
1,264
$
1,159
$
1,214
$
1,169
$
1,306
$
1,398
$
1,474
$
1,390
Total Gold CAS (7)
$
1,025
$
1,054
$
1,019
$
1,086
$
1,050
$
1,057
$
1,152
$
1,207
$
1,138
Total Gold CAS (by-product) (7)
$
916
$
1,024
$
1,022
$
1,060
$
1,011
$
891
$
892
$
1,052
$
945
2023
2024
Operating Results (continued)
Q1
Q2
Q3
Q4
FY
Q1
Q2
Q3
Q4
YTD
Co-Product CAS Consolidated
($/GEO)
Boddington
$
809
$
766
$
816
$
944
$
830
$
942
$
1,031
$
1,017
$
994
Cadia
$
—
$
—
$
—
$
1,017
$
1,017
$
594
$
552
$
685
$
609
Peñasquito (2)
$
954
$
1,162
N.M.
$
1,602
$
1,283
$
843
$
904
$
990
$
905
Red Chris (70%)
$
—
$
—
$
—
$
1,020
$
1,020
$
1,011
$
915
$
2,231
$
1,372
Tier 1 Portfolio
$
918
$
1,062
$
1,636
$
1,235
$
1,118
$
807
$
822
$
1,004
$
872
Telfer(6)
$
—
$
—
$
—
$
1,703
$
1,703
$
2,882
$
1,940
N.M.
$
2,795
Non-Core Assets (5)(6)
$
—
$
—
$
—
$
1,703
$
1,703
$
2,882
$
1,940
N.M.
$
2,795
Total Co-Product GEO CAS (7)
$
918
$
1,062
$
1,636
$
1,254
$
1,127
$
829
$
836
$
1,015
$
887
Gold AISC Consolidated ($/oz)
Boddington
$
1,035
$
966
$
1,123
$
1,172
$
1,067
$
1,242
$
1,237
$
1,398
$
1,289
Tanami
$
1,219
$
1,162
$
890
$
1,046
$
1,060
$
1,149
$
1,276
$
1,334
$
1,256
Cadia
$
—
$
—
$
—
$
1,271
$
1,271
$
989
$
1,064
$
1,078
$
1,044
Lihir
$
—
$
—
$
—
$
1,517
$
1,517
$
1,256
$
1,212
$
1,883
$
1,416
Ahafo
$
1,366
$
1,237
$
1,208
$
1,114
$
1,222
$
1,010
$
1,123
$
1,043
$
1,057
Peñasquito (2)
$
1,539
$
1,078
N.M.
$
1,670
$
1,590
$
1,079
$
1,038
$
1,224
$
1,112
Cerro Negro
$
1,379
$
1,924
$
1,438
$
1,412
$
1,509
$
1,120
$
3,010
$
1,878
$
1,725
Yanacocha
$
1,332
$
1,386
$
1,187
$
1,198
$
1,266
$
1,123
$
1,217
$
1,285
$
1,207
Merian (75%)
$
1,235
$
2,010
$
1,652
$
1,454
$
1,541
$
1,530
$
2,170
$
2,153
$
1,926
Brucejack
$
—
$
—
$
—
$
2,646
$
2,646
$
2,580
$
1,929
$
1,197
$
1,642
Red Chris (70%)
$
—
$
—
$
—
$
1,439
$
1,439
$
1,277
$
1,613
$
2,633
$
1,882
Managed Tier 1 Portfolio
$
1,372
$
1,386
$
1,376
$
1,433
$
1,397
$
1,327
$
1,455
$
1,509
$
1,432
Nevada Gold Mines (38.5%)
$
1,405
$
1,388
$
1,307
$
1,482
$
1,397
$
1,576
$
1,689
$
1,675
$
1,645
Non-Managed Tier 1 Portfolio
$
1,405
$
1,388
$
1,307
$
1,482
$
1,397
$
1,576
$
1,689
$
1,675
$
1,645
Tier 1 Portfolio
$
1,381
$
1,387
$
1,355
$
1,444
$
1,397
$
1,378
$
1,503
$
1,540
$
1,474
Telfer(6)
$
—
$
—
$
—
$
1,988
$
1,988
$
3,017
$
3,053
N.M.
$
3,823
Akyem
$
1,067
$
1,461
$
1,332
$
1,110
$
1,210
$
1,254
$
1,952
$
2,230
$
1,716
CC&V
$
1,375
$
1,631
$
1,819
$
1,793
$
1,644
$
1,735
$
1,700
$
1,712
$
1,715
Porcupine
$
1,412
$
1,587
$
1,644
$
1,665
$
1,577
$
1,470
$
1,366
$
1,451
$
1,422
Éléonore
$
1,420
$
2,213
$
2,107
$
1,796
$
1,838
$
1,920
$
1,900
$
1,924
$
1,914
Musselwhite
$
1,681
$
2,254
$
1,715
$
1,771
$
1,843
$
1,766
$
1,397
$
1,574
$
1,570
Non-Core Assets (5)
$
1,359
$
1,808
$
1,685
$
1,629
$
1,610
$
1,712
$
1,770
$
1,967
$
1,809
Total Gold AISC (7)
$
1,376
$
1,472
$
1,426
$
1,485
$
1,444
$
1,439
$
1,562
$
1,611
$
1,537
Total Gold AISC (by-product)
(7)
$
1,354
$
1,531
$
1,467
$
1,540
$
1,480
$
1,373
$
1,412
$
1,542
$
1,442
Co-Product AISC Consolidated
($/GEO)
Boddington
$
1,019
$
977
$
1,108
$
1,181
$
1,067
$
1,081
$
1,254
$
1,168
$
1,166
Cadia
$
—
$
—
$
—
$
1,342
$
1,342
$
1,027
$
1,024
$
880
$
977
Peñasquito (2)
$
1,351
$
1,581
N.M.
$
2,098
$
1,756
$
1,102
$
1,164
$
1,286
$
1,175
Red Chris (70%)
$
—
$
—
$
—
$
1,660
$
1,660
$
1,400
$
1,560
$
2,714
$
1,885
Tier 1 Portfolio
$
1,322
$
1,492
$
2,422
$
1,666
$
1,565
$
1,120
$
1,189
$
1,322
$
1,203
Telfer(6)
$
—
$
—
$
—
$
2,580
$
2,580
$
3,745
$
2,742
N.M.
$
3,811
Non-Core Assets (5)(6)
$
—
$
—
$
—
$
2,580
$
2,580
$
3,745
$
2,742
N.M.
$
3,811
Total Co-Product GEO AISC (7)
$
1,322
$
1,492
$
2,422
$
1,703
$
1,579
$
1,148
$
1,207
$
1,338
$
1,225
(1)
Attributable gold ounces sold
excludes ounces related to the Pueblo Viejo mine, which is 40%
owned by Newmont and accounted for as an equity method investment,
and the Fruta del Norte mine, which is wholly owned by Lundin Gold
whom the Company holds a 31.9% interest and is accounted for as an
equity method investment.
(2)
For the three months ended
September 30, 2023, Peñasquito had no production due to the
Peñasquito labor strike. Sales activity recognized in the third
quarter of 2023 at Peñasquito is related to adjustments on
provisionally priced concentrate sales subject to final settlement.
As such, the per ounce metrics are not meaningful ("N.M.") for the
current quarter.
(3)
Represents attributable gold from
Newmont's 40% interest in Pueblo Viejo, which is accounted for as
an equity method investment. Attributable gold ounces produced at
Pueblo Viejo are not included in attributable gold ounces sold, as
noted in footnote (1). Income and expenses of equity method
investments are included in Equity income (loss) of affiliates.
(4)
Represents attributable gold from
Newmont's 31.9% interest in Lundin Gold, who wholly owns and
operates the Fruta del Norte mine, which is accounted for on a
quarterly-lag as an equity method investment. Attributable gold
ounces produced by Lundin Gold represent prior quarter production
and are not included in attributable gold ounces sold, as noted in
footnote (1). Income and expenses of equity method investments are
included in Equity income (loss) of affiliates.
(5)
Sites are classified as held for
sale as of September 30, 2024.
(6)
For the three months ended
September 30, 2024, Telfer production was impacted due to the
suspension of operations as a result of remediation work on the
tailings storage facility. Production resumed at the end of the
third quarter. Consequently, unit cost metrics for gold and copper
are not meaningful ("N.M").
(7)
Non-GAAP measure. See end of this
release for reconciliation.
NEWMONT CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(unaudited, in millions except
per share)
2023 (1)
2024
Q1
Q2
Q3
Q4
FY
Q1
Q2
Q3
Q4
YTD
Sales
$
2,679
$
2,683
$
2,493
$
3,957
$
11,812
$
4,023
$
4,402
$
4,605
$
13,030
Costs and expenses:
Costs applicable to sales (2)
1,482
1,543
1,371
2,303
6,699
2,106
2,156
2,310
6,572
Depreciation and amortization
461
486
480
681
2,108
654
602
631
1,887
Reclamation and remediation
66
66
166
1,235
1,533
98
94
132
324
Exploration
48
66
78
73
265
53
57
74
184
Advanced projects, research and
development
35
44
53
68
200
53
49
47
149
General and administrative
74
71
70
84
299
101
100
113
314
Loss on assets held for sale
—
—
—
—
—
485
246
115
846
Impairment charges
4
4
2
1,881
1,891
12
9
18
39
Other expense, net
4
37
35
441
517
61
50
37
148
2,174
2,317
2,255
6,766
13,512
3,623
3,363
3,477
10,463
Other income (expense):
Other income (loss), net
99
(17
)
42
(212
)
(88
)
121
100
17
238
Interest expense, net of capitalized
interest
(65
)
(49
)
(48
)
(81
)
(243
)
(93
)
(103
)
(86
)
(282
)
34
(66
)
(6
)
(293
)
(331
)
28
(3
)
(69
)
(44
)
Income (loss) before income and mining tax
and other items
539
300
232
(3,102
)
(2,031
)
428
1,036
1,059
2,523
Income and mining tax benefit
(expense)
(213
)
(163
)
(73
)
(77
)
(526
)
(260
)
(191
)
(244
)
(695
)
Equity income (loss) of affiliates
25
16
3
19
63
7
(3
)
60
64
Net income (loss) from continuing
operations
351
153
162
(3,160
)
(2,494
)
175
842
875
1,892
Net income (loss) from discontinued
operations
12
2
1
12
27
4
15
49
68
Net income (loss)
363
155
163
(3,148
)
(2,467
)
179
857
924
1,960
Net loss (income) attributable to
noncontrolling interests
(12
)
—
(5
)
(10
)
(27
)
(9
)
(4
)
(2
)
(15
)
Net income (loss) attributable to Newmont
stockholders
$
351
$
155
$
158
$
(3,158
)
$
(2,494
)
$
170
$
853
$
922
$
1,945
Net income (loss) attributable to Newmont
stockholders:
Continuing operations
$
339
$
153
$
157
$
(3,170
)
$
(2,521
)
$
166
$
838
$
873
$
1,877
Discontinued operations
12
2
1
12
27
4
15
49
68
$
351
$
155
$
158
$
(3,158
)
$
(2,494
)
$
170
$
853
$
922
$
1,945
Weighted average common shares
(millions):
Basic
794
795
795
978
841
1,153
1,153
1,147
1,151
Effect of employee stock-based awards
1
—
1
1
—
—
2
2
1
Diluted
795
795
796
979
841
1,153
1,155
1,149
1,152
Net income (loss) attributable to Newmont
stockholders per common share: (3)
Basic:
Continuing operations
$
0.42
$
0.19
$
0.20
$
(3.24
)
$
(3.00
)
$
0.15
$
0.73
$
0.76
$
1.63
Discontinued operations
0.02
—
—
0.01
0.03
—
0.01
0.04
0.06
$
0.44
$
0.19
$
0.20
$
(3.23
)
$
(2.97
)
$
0.15
$
0.74
$
0.80
$
1.69
Diluted:
Continuing operations
$
0.42
$
0.19
$
0.20
$
(3.24
)
$
(3.00
)
$
0.15
$
0.73
$
0.76
$
1.63
Discontinued operations
0.02
—
—
0.01
0.03
—
0.01
0.04
0.06
$
0.44
$
0.19
$
0.20
$
(3.23
)
$
(2.97
)
$
0.15
$
0.74
$
0.80
$
1.69
(1)
Certain amounts and disclosures
in the prior year have been reclassified to conform to the current
year presentation.
(2)
Excludes Depreciation and
amortization and Reclamation and remediation.
(3)
For the three months and year
ended December 31, 2023, potentially dilutive shares were excluded
in the computation of diluted loss per common share attributable to
Newmont stockholders as they were antidilutive.
NEWMONT CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(unaudited, in
millions)
2023 (1)
2024
MAR
JUN
SEP
DEC
MAR
JUN
SEP
DEC
ASSETS
Cash and cash equivalents
$
2,657
$
2,829
$
3,190
$
3,002
$
2,336
$
2,602
$
3,016
Trade receivables
348
185
78
734
782
955
974
Investments
847
409
24
23
23
50
43
Inventories
1,067
1,111
1,127
1,663
1,385
1,467
1,487
Stockpiles and ore on leach pads
905
858
829
979
745
681
688
Derivative assets
—
—
—
198
114
71
42
Other current assets
735
742
707
913
765
874
753
Assets held for sale
—
—
—
—
5,656
5,370
5,574
Current assets
6,559
6,134
5,955
7,512
11,806
12,070
12,577
Property, plant and mine development,
net
24,097
24,284
24,474
37,563
33,564
33,655
33,697
Investments
3,216
3,172
3,133
4,143
4,138
4,141
4,150
Stockpiles and ore on leach pads
1,691
1,737
1,740
1,935
1,837
2,002
2,114
Deferred income tax assets
170
166
138
268
210
273
229
Goodwill
1,971
1,971
1,971
3,001
2,792
2,792
2,721
Derivative assets
—
—
—
444
412
181
161
Other non-current assets
670
669
673
640
576
564
526
Total assets
$
38,374
$
38,133
$
38,084
$
55,506
$
55,335
$
55,678
$
56,175
LIABILITIES
Accounts payable
$
648
$
565
$
651
$
960
$
698
$
683
$
772
Employee-related benefits
302
313
345
551
414
457
542
Income and mining taxes payable
213
155
143
88
136
264
317
Lease and other financing obligations
96
96
94
114
99
104
112
Debt
—
—
—
1,923
—
—
—
Other current liabilities
1,493
1,564
1,575
2,362
1,784
1,819
2,081
Liabilities held for sale
—
—
—
—
2,351
2,405
2,584
Current liabilities
2,752
2,693
2,808
5,998
5,482
5,732
6,408
Debt
5,572
5,574
5,575
6,951
8,933
8,692
8,550
Lease and other financing obligations
451
441
418
448
436
429
437
Reclamation and remediation
liabilities
6,603
6,604
6,714
8,167
6,652
6,620
6,410
Deferred income tax liabilities
1,800
1,795
1,696
2,987
3,094
3,046
2,883
Employee-related benefits
395
399
397
655
610
616
632
Silver streaming agreement
805
786
787
779
753
733
721
Other non-current liabilities
437
426
429
316
300
247
238
Total liabilities
18,815
18,718
18,824
26,301
26,260
26,115
26,279
EQUITY
Common stock
1,281
1,281
1,281
1,854
1,855
1,851
1,840
Treasury stock
(261
)
(261
)
(263
)
(264
)
(274
)
(274
)
(276
)
Additional paid-in capital
17,386
17,407
17,425
30,419
30,436
30,394
30,228
Accumulated other comprehensive income
(loss)
23
13
8
14
(16
)
(7
)
21
(Accumulated deficit) Retained
earnings
948
785
623
(2,996
)
(3,111
)
(2,585
)
(2,101
)
Newmont stockholders' equity
19,377
19,225
19,074
29,027
28,890
29,379
29,712
Noncontrolling interests
182
190
186
178
185
184
184
Total equity
19,559
19,415
19,260
29,205
29,075
29,563
29,896
Total liabilities and equity
$
38,374
$
38,133
$
38,084
$
55,506
$
55,335
$
55,678
$
56,175
(1)
Certain amounts and disclosures in the
prior year have been reclassified to conform to the current year
presentation.
NEWMONT CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(unaudited, in
millions)
2023 (1)
2024
Q1
Q2
Q3
Q4
FY
Q1
Q2
Q3
Q4
YTD
Operating activities:
Net income (loss)
$
363
$
155
$
163
$
(3,148
)
$
(2,467
)
$
179
$
857
$
924
$
1,960
Non-cash adjustments:
Depreciation and amortization
461
486
480
681
2,108
654
602
631
1,887
Loss on assets held for sale
—
—
—
—
—
485
246
115
846
Net loss (income) from discontinued
operations
(12
)
(2
)
(1
)
(12
)
(27
)
(4
)
(15
)
(49
)
(68
)
Reclamation and remediation
61
59
167
1,219
1,506
94
88
124
306
(Gain) loss on asset and investment sales,
net
(36
)
—
2
231
197
(9
)
(55
)
28
(36
)
Stock-based compensation
19
23
16
22
80
21
23
22
66
Deferred income taxes
15
6
(24
)
(101
)
(104
)
53
(95
)
7
(35
)
Change in fair value of investments
(41
)
42
41
5
47
(31
)
9
(17
)
(39
)
Impairment charges (1)
4
4
2
1,881
1,891
12
9
18
39
Other non-cash adjustments (1)
9
(10
)
28
9
36
(12
)
(12
)
43
19
Cash from operations before working
capital (2)
843
763
874
787
3,267
1,442
1,657
1,846
4,945
Net change in operating assets and
liabilities
(362
)
(107
)
127
(171
)
(513
)
(666
)
(263
)
(209
)
(1,138
)
Net cash provided by (used in) operating
activities of continuing operations
481
656
1,001
616
2,754
776
1,394
1,637
3,807
Net cash provided by (used in) operating
activities of discontinued operations
—
7
2
—
9
—
34
11
45
Net cash provided by (used in)
operating activities
481
663
1,003
616
2,763
776
1,428
1,648
3,852
Investing activities:
Additions to property, plant and mine
development
(526
)
(616
)
(604
)
(920
)
(2,666
)
(850
)
(800
)
(877
)
(2,527
)
Proceeds from asset and investment
sales
181
33
5
15
234
3
189
153
345
Purchases of investments
(525
)
(17
)
(3
)
(6
)
(551
)
—
(60
)
(2
)
(62
)
Return of investment from equity method
investees
—
30
—
6
36
25
16
14
55
Contributions to equity method
investees
(41
)
(23
)
(26
)
(18
)
(108
)
(15
)
(5
)
(15
)
(35
)
Proceeds from maturities of
investments
557
424
374
8
1,363
—
—
28
28
Acquisitions, net
—
—
—
668
668
—
—
—
—
Other
12
11
1
(2
)
22
39
19
(16
)
42
Net cash provided by (used in) investing
activities of continuing operations
(342
)
(158
)
(253
)
(249
)
(1,002
)
(798
)
(641
)
(715
)
(2,154
)
Net cash provided by (used in) investing
activities of discontinued operations
—
—
—
—
—
—
—
153
153
Net cash provided by (used in)
investing activities
(342
)
(158
)
(253
)
(249
)
(1,002
)
(798
)
(641
)
(562
)
(2,001
)
Financing activities:
Repayment of debt
—
—
—
—
—
(3,423
)
(227
)
(133
)
(3,783
)
Proceeds from issuance of debt, net
—
—
—
—
—
3,476
—
—
3,476
Dividends paid to common stockholders
(318
)
(318
)
(318
)
(461
)
(1,415
)
(288
)
(289
)
(286
)
(863
)
Repurchases of common stock
—
—
—
—
—
—
(104
)
(344
)
(448
)
Distributions to noncontrolling
interests
(34
)
(32
)
(41
)
(43
)
(150
)
(41
)
(36
)
(36
)
(113
)
Funding from noncontrolling interests
41
34
32
31
138
22
31
34
87
Payments on lease and other financing
obligations
(16
)
(16
)
(16
)
(19
)
(67
)
(18
)
(22
)
(22
)
(62
)
Payments for withholding of employee taxes
related to stock-based compensation
(22
)
—
(2
)
(1
)
(25
)
(10
)
—
(2
)
(12
)
Other
(1
)
(2
)
(36
)
(45
)
(84
)
(17
)
(11
)
—
(28
)
Net cash provided by (used in)
financing activities
(350
)
(334
)
(381
)
(538
)
(1,603
)
(299
)
(658
)
(789
)
(1,746
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(8
)
4
(5
)
7
(2
)
(3
)
(11
)
(1
)
(15
)
Net change in cash, cash equivalents and
restricted cash, including cash and restricted cash reclassified to
assets held for sale
(219
)
175
364
(164
)
156
(324
)
118
296
90
Less: cash and restricted cash
reclassified to assets held for sale (3)
—
—
—
—
—
(395
)
137
118
(140
)
Net change in cash, cash equivalents and
restricted cash
(219
)
175
364
(164
)
156
(719
)
255
414
(50
)
Cash, cash equivalents and restricted cash
at beginning of period
2,944
2,725
2,900
3,264
2,944
3,100
2,381
2,636
3,100
Cash, cash equivalents and restricted
cash at end of period
$
2,725
$
2,900
$
3,264
$
3,100
$
3,100
$
2,381
$
2,636
$
3,050
$
3,050
Reconciliation of cash, cash equivalents
and restricted cash:
Cash and cash equivalents
$
2,657
$
2,829
$
3,190
$
3,002
$
3,002
$
2,336
$
2,602
$
3,016
$
3,016
Restricted cash included in Other current
assets
1
1
1
11
11
6
6
3
3
Restricted cash included in Other
non-current assets
67
70
73
87
87
39
28
31
31
Total cash, cash equivalents and
restricted cash
$
2,725
$
2,900
$
3,264
$
3,100
$
3,100
$
2,381
$
2,636
$
3,050
$
3,050
(1)
Certain amounts and disclosures
in the prior year have been reclassified to conform to the current
year presentation.
(2)
Cash from operations before
working capital is a non-GAAP metric with the most directly
comparable GAAP financial metric being to Net cash provided by
(used in) operating activities, as shown reconciled above.
(3)
During the first quarter of 2024,
certain non-core assets were determined to meet the criteria for
assets held for sale. As a result, the related assets and
liabilities as of September 30, 2024, including $86 of Cash and
cash equivalents and $54 of restricted cash, previously included in
Other current assets and Other non-current assets, were
reclassified to Assets held for sale and Liabilities held for sale,
respectively.
Non-GAAP Financial Measures
Non-GAAP financial measures are intended to provide additional
information only and do not have any standard meaning prescribed by
GAAP. These measures should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
GAAP. Refer to Non-GAAP Financial Measures within Part II, Item 7
within our Form 10-K for the year ended December 31, 2023, filed
with the SEC on February 29, 2024 for further information on the
non-GAAP financial measures presented below, including why
management believes that its presentation of non-GAAP financial
measures provides useful information to investors.
Adjusted net income (loss)
Net income (loss) attributable to Newmont stockholders is
reconciled to Adjusted net income (loss) as follows:
Three Months Ended
September 30, 2024
Nine Months Ended
September 30, 2024
per share data (1)
per share data (1)
basic
diluted
basic
diluted
Net income (loss) attributable to Newmont
stockholders
$
922
$
0.80
$
0.80
$
1,945
$
1.69
$
1.69
Net loss (income) attributable to Newmont
stockholders from discontinued operations
(49
)
(0.04
)
(0.04
)
(68
)
(0.06
)
(0.06
)
Net income (loss) attributable to Newmont
stockholders from continuing operations
873
0.76
0.76
1,877
1.63
1.63
Loss on assets held for sale (2)
115
0.10
0.10
846
0.73
0.73
Newcrest transaction and integration costs
(3)
17
0.01
0.01
62
0.06
0.06
Reclamation and remediation charges
(4)
33
0.03
0.03
39
0.03
0.03
Impairment charges (5)
18
0.02
0.02
39
0.03
0.03
Change in fair value of investments
(6)
(17
)
(0.01
)
(0.01
)
(39
)
(0.04
)
(0.04
)
(Gain) loss on asset and investment sales,
net (7)
28
0.03
0.03
(36
)
(0.04
)
(0.04
)
Settlement costs (8)
7
—
—
33
0.03
0.03
Gain on debt extinguishment, net (9)
(15
)
(0.01
)
(0.01
)
(29
)
(0.03
)
(0.03
)
Restructuring and severance (10)
5
—
—
20
0.02
0.02
Tax effect of adjustments (11)
(62
)
(0.06
)
(0.06
)
(296
)
(0.25
)
(0.25
)
Valuation allowance and other tax
adjustments (12)
(66
)
(0.05
)
(0.06
)
(116
)
(0.08
)
(0.09
)
Adjusted net income (loss)
$
936
$
0.82
$
0.81
$
2,400
$
2.09
$
2.08
Weighted average common shares (millions):
(13)
1,147
1,149
1,151
1,152
(1)
Per share measures may not recalculate due
to rounding.
(2)
Loss on assets held for sale, included in
Loss on assets held for sale, represents the loss recorded for the
six non-core assets and the development project that met the
requirements to be presented as held for sale in 2024.
(3)
Newcrest transaction and integration
costs, included in Other expense, net, represents costs incurred
related to Newmont's acquisition of Newcrest completed in 2023 as
well as subsequent integration costs.
(4)
Reclamation and remediation charges,
included in Reclamation and remediation, represent revisions to
reclamation and remediation plans at the Company's former operating
properties and historic mining operations that have entered the
closure phase and have no substantive future economic value.
(5)
Impairment charges, included in Other
expense, net, represents non-cash write-downs of various assets
that are no longer in use and materials and supplies
inventories.
(6)
Change in fair value of investments,
included in Other income (loss), net, primarily represents
unrealized gains and losses related to the Company's investment in
current and non-current marketable and other equity securities.
(7)
(Gain) loss on asset and investment sales,
net, included in Other income (loss), net, primarily represents the
gain recognized on the sale of the Streaming Credit Facility
Agreement ("SCFA") in the second quarter and the purchase and sale
of foreign currency bonds during the nine months ended September
30, 2024, partially offset by the loss on the abandonment of the
near-pit sizing and conveying system at Peñasquito in the third
quarter.
(8)
Settlement costs, included in Other
expense, net, are primarily comprised of wind down and
demobilization costs related to the French Guiana project.
(9)
Gain on debt extinguishment, net, included
in Other income (loss), net, primarily represents the net gain on
the partial redemption of certain Senior Notes.
(10)
Restructuring and severance, included in
Other expense, net, primarily represents severance and related
costs associated with significant organizational or operating model
changes implemented by the Company.
(11)
The tax effect of adjustments, included in
Income and mining tax benefit (expense), represents the tax effect
of adjustments in footnotes (2) through (10), as described above,
and are calculated using the applicable regional tax rate.
(12)
Valuation allowance and other tax
adjustments, included in Income and mining tax benefit (expense),
is recorded for items such as foreign tax credits, capital losses,
disallowed foreign losses, and the effects of changes in foreign
currency exchange rates on deferred tax assets and deferred tax
liabilities. The adjustment for the three and nine months ended
September 30, 2024 reflects the net increase or (decrease) to net
operating losses, capital losses, tax credit carryovers, and other
deferred tax assets subject to valuation allowance of $(36) and
$(81), the effects of changes in foreign exchange rates on deferred
tax assets and liabilities of $25 and $(33), net reductions to the
reserve for uncertain tax positions of $(6) and $(58), recording of
a deferred tax liability for the outside basis difference at Akyem
of $(36) and $44 due to the status change to held-for-sale, and
other tax adjustments of $(13) and $12.
(13)
Adjusted net income (loss) per diluted
share is calculated using diluted common shares in accordance with
GAAP.
Three Months Ended
September 30, 2023
Nine Months Ended
September 30, 2023
per share data (1)
per share data (1)
basic
diluted
basic
diluted
Net income (loss) attributable to Newmont
stockholders
$
158
$
0.20
$
0.20
$
664
$
0.84
$
0.84
Net loss (income) attributable to Newmont
stockholders from discontinued operations
(1
)
—
—
(15
)
(0.02
)
(0.02
)
Net income (loss) attributable to Newmont
stockholders from continuing operations
157
0.20
0.20
649
0.82
0.82
Reclamation and remediation charges
(2)
104
0.14
0.14
102
0.13
0.13
Change in fair value of investments
(3)
41
0.05
0.05
42
0.05
0.05
Newcrest transaction-related costs (4)
16
0.02
0.02
37
0.05
0.05
(Gain) loss on asset and investment sales,
net (5)
2
—
—
(34
)
(0.04
)
(0.04
)
Restructuring and severance (6)
7
0.01
0.01
19
0.03
0.03
Impairment charges (7)
2
—
—
10
0.01
0.01
Settlement costs (8)
2
—
—
2
—
—
Other (9)
(1
)
—
—
(5
)
—
—
Tax effect of adjustments (10)
(47
)
(0.06
)
(0.06
)
(48
)
(0.07
)
(0.07
)
Valuation allowance and other tax
adjustments (11)
3
—
—
98
0.12
0.12
Adjusted net income (loss)
$
286
$
0.36
$
0.36
$
872
$
1.10
$
1.10
Weighted average common shares (millions):
(12)
795
796
795
795
(1)
Per share measures may not recalculate due
to rounding.
(2)
Reclamation and remediation charges,
included in Reclamation and remediation, represent revisions to
reclamation and remediation plans at the Company's former operating
properties and historic mining operations that have entered the
closure phase and have no substantive future economic value.
(3)
Change in fair value of investments,
included in Other income (loss), net, primarily represents
unrealized gains and losses related to the Company's investment in
current and non-current marketable and other equity securities.
(4)
Newcrest transaction-related costs,
included in Other expense, net, primarily represents costs incurred
related to the Newcrest Transaction.
(5)
(Gain) loss on asset and investment sales,
net, included in Other income (loss), net, primarily represents the
net gain recognized on the exchange of the previously held Maverix
investment for Triple Flag and the subsequent sale of the Triple
Flag investment.
(6)
Restructuring and severance, included in
Other expense, net, primarily represents severance and related
costs associated with significant organizational or operating model
changes implemented by the Company.
(7)
Impairment charges, included in Other
expense, net, represents non-cash write-downs of various assets
that are no longer in use and materials and supplies
inventories.
(8)
Settlement costs, included in Other
expense, net, are primarily comprised of litigation expenses.
(9)
Other, included in Other income (loss),
net, represents income received on the favorable settlement of
certain matters that were outstanding at the time of sale of the
related investment in 2022.
(10)
The tax effect of adjustments, included in
Income and mining tax benefit (expense), represents the tax effect
of adjustments in footnotes (2) through (9), as described above,
and are calculated using the applicable regional tax rate.
(11)
Valuation allowance and other tax
adjustments, included in Income and mining tax benefit (expense),
is recorded for items such as foreign tax credits, capital losses,
disallowed foreign losses, and the effects of changes in foreign
currency exchange rates on deferred tax assets and deferred tax
liabilities. The adjustment for the three and nine months ended
September 30, 2023 reflects the net increase or (decrease) to net
operating losses, capital losses, tax credit carryovers, and other
deferred tax assets subject to valuation allowance of $69 and $126,
the effects of changes in foreign exchange rates on deferred tax
assets and liabilities of $(73) and $(52), net reductions to the
reserve for uncertain tax positions of $4 and $18, other tax
adjustments of $3 and $6.
(12)
Adjusted net income (loss) per diluted
share is calculated using diluted common shares in accordance with
GAAP.
Earnings before interest, taxes, depreciation and
amortization and Adjusted earnings before interest, taxes,
depreciation and amortization
Net income (loss) attributable to Newmont stockholders is
reconciled to EBITDA and Adjusted EBITDA as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Net income (loss) attributable to Newmont
stockholders
$
922
$
158
$
1,945
$
664
Net income (loss) attributable to
noncontrolling interests
2
5
15
17
Net (income) loss from discontinued
operations
(49
)
(1
)
(68
)
(15
)
Equity loss (income) of affiliates
(60
)
(3
)
(64
)
(44
)
Income and mining tax expense
(benefit)
244
73
695
449
Depreciation and amortization
631
480
1,887
1,427
Interest expense, net of capitalized
interest
86
48
282
162
EBITDA
$
1,776
$
760
$
4,692
$
2,660
Adjustments:
Loss on assets held for sale (1)
$
115
$
—
$
846
$
—
Newcrest transaction and integration costs
(2)
17
16
62
37
Reclamation and remediation charges
(3)
33
104
39
102
Impairment charges (4)
18
2
39
10
Change in fair value of investments
(5)
(17
)
41
(39
)
42
(Gain) loss on asset and investment sales,
net (6)
28
2
(36
)
(34
)
Settlement costs (7)
7
2
33
2
Gain on debt extinguishment, net (8)
(15
)
—
(29
)
—
Restructuring and severance (9)
5
7
20
19
Other (10)
—
(1
)
—
(5
)
Adjusted EBITDA
$
1,967
$
933
$
5,627
$
2,833
(1)
Loss on assets held for sale,
included in Loss on assets held for sale, represents the loss
recorded for the six non-core assets and the development project
that met the requirements to be presented as held for sale in
2024.
(2)
Newcrest transaction and
integration costs, included in Other expense, net, represents costs
incurred related to Newmont's acquisition of Newcrest completed in
2023 as well as subsequent integration costs.
(3)
Reclamation and remediation
charges, included in Reclamation and remediation, represent
revisions to reclamation and remediation plans at the Company's
former operating properties and historic mining operations that
have entered the closure phase and have no substantive future
economic value.
(4)
Impairment charges, included in
Other expense, net, represents non-cash write-downs of various
assets that are no longer in use and materials and supplies
inventories.
(5)
Change in fair value of
investments, included in Other income (loss), net, primarily
represents unrealized gains and losses related to the Company's
investments in current and non-current marketable and other equity
securities.
(6)
(Gain) loss on asset and
investment sales, net, included in Other income (loss), net, in
2024 primarily represents the gain recognized on the sale of the
Streaming Credit Facility Agreement ("SCFA") in the second quarter
and the purchase and sale of foreign currency bonds during the nine
months ended September 30, 2024, partially offset by the loss on
the abandonment of the near-pit sizing and conveying system at
Peñasquito in the third quarter. For 2023, primarily comprised of
the net gain recognized on the exchange of the previously held
Maverix investment for Triple Flag and the subsequent sale of the
Triple Flag investment.
(7)
Settlement costs, included in
Other expense, net, are primarily comprised of wind-down and
demobilization costs related to the French Guiana project in 2024
and litigation expenses in 2023.
(8)
Gain on debt extinguishment, net,
included in Other income (loss), net, primarily represents the net
gain on the partial redemption of certain Senior Notes in 2024.
(9)
Restructuring and severance,
included in Other expense, net, primarily represents severance and
related costs associated with significant organizational or
operating model changes implemented by the Company for all periods
presented.
(10)
Other, included in Other income
(loss), net, in 2023, represents income received during the first
quarter of 2023, on the favorable settlement of certain matters
that were outstanding at the time of sale of the related investment
in 2022.
Free Cash Flow
The following table sets forth a reconciliation of Free Cash
Flow, a non-GAAP financial measure, to Net cash provided by (used
in) operating activities, which the Company believes to be the GAAP
financial measure most directly comparable to Free Cash Flow, as
well as information regarding Net cash provided by (used in)
investing activities and Net cash provided by (used in) financing
activities.
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Net cash provided by (used in) operating
activities (1)
$
1,648
$
1,003
$
3,852
$
2,147
Less: Net cash used in (provided by)
operating activities of discontinued operations
(11
)
(2
)
(45
)
(9
)
Net cash provided by (used in) operating
activities of continuing operations
1,637
1,001
3,807
2,138
Less: Additions to property, plant and
mine development
(877
)
(604
)
(2,527
)
(1,746
)
Free Cash Flow
$
760
$
397
$
1,280
$
392
Net cash provided by (used in) investing
activities (2)
$
(562
)
$
(253
)
$
(2,001
)
$
(753
)
Net cash provided by (used in) financing
activities
$
(789
)
$
(381
)
$
(1,746
)
$
(1,065
)
(1)
Includes payment of $291 for stamp duty
tax, related to the Newcrest transaction, in the first quarter of
2024.
(2)
Net cash provided by (used in) investing
activities includes Additions to property, plant and mine
development, which is included in the Company’s computation of Free
Cash Flow.
Attributable Free Cash Flow
Management uses Attributable Free Cash Flow as a non-GAAP
measure to analyze cash flows generated from operations that are
attributable to the Company. Attributable Free Cash Flow is Net
cash provided by (used in) operating activities after deducting net
cash flows from operations attributable to noncontrolling interests
less Net cash provided by (used in) operating activities of
discontinued operations after deducting net cash flows from
discontinued operations attributable to noncontrolling interests
less Additions to property, plant and mine development after
deducting property, plant and mine development attributable to
noncontrolling interests. The Company believes that Attributable
Free Cash Flow is useful as one of the bases for comparing the
Company’s performance with its competitors. Although Attributable
Free Cash Flow and similar measures are frequently used as measures
of cash flows generated from operations by other companies, the
Company’s calculation of Attributable Free Cash Flow is not
necessarily comparable to such other similarly titled captions of
other companies.
The presentation of non-GAAP Attributable Free Cash Flow is not
meant to be considered in isolation or as an alternative to Net
income attributable to Newmont stockholders as an indicator of the
Company’s performance, or as an alternative to Net cash provided by
(used in) operating activities as a measure of liquidity as those
terms are defined by GAAP, and does not necessarily indicate
whether cash flows will be sufficient to fund cash needs. The
Company’s definition of Attributable Free Cash Flow is limited in
that it does not represent residual cash flows available for
discretionary expenditures due to the fact that the measure does
not deduct the payments required for debt service and other
contractual obligations or payments made for business acquisitions.
Therefore, the Company believes it is important to view
Attributable Free Cash Flow as a measure that provides supplemental
information to the Company’s Condensed Consolidated Statements of
Cash Flows.
The following tables set forth a reconciliation of Attributable
Free Cash Flow, a non-GAAP financial measure, to Net cash provided
by (used in) operating activities, which the Company believes to be
the GAAP financial measure most directly comparable to Attributable
Free Cash Flow, as well as information regarding Net cash provided
by (used in) investing activities and Net cash provided by (used
in) financing activities.
Three Months Ended September
30, 2024
Nine Months Ended September
30, 2024
Consolidated
Attributable to noncontrolling
interests (1)
Attributable to Newmont
Stockholders
Consolidated
Attributable to noncontrolling
interests (1)
Attributable to Newmont
Stockholders
Net cash provided by (used in) operating
activities
$
1,648
$
(8
)
$
1,640
$
3,852
$
(25
)
$
3,827
Less: Net cash used in (provided by)
operating activities of discontinued operations
(11
)
—
(11
)
(45
)
—
(45
)
Net cash provided by (used in) operating
activities of continuing operations
1,637
(8
)
1,629
3,807
(25
)
3,782
Less: Additions to property, plant and
mine development (2)
(877
)
3
(874
)
(2,527
)
15
(2,512
)
Free Cash Flow
$
760
$
(5
)
$
755
$
1,280
$
(10
)
$
1,270
Net cash provided by (used in) investing
activities (3)
$
(562
)
$
(2,001
)
Net cash provided by (used in) financing
activities
$
(789
)
$
(1,746
)
(1)
Adjustment to eliminate a portion
of Net cash provided by (used in) operating activities and
Additions to property, plant and mine development attributable to
noncontrolling interests, which relates to Merian (25%) for the
three and nine months ended September 30, 2024.
(2)
Merian had total consolidated
Additions to property, plant and mine development of $13 and $62,
on a cash basis for the three and nine months ended September 30,
2024, respectively.
(3)
Net cash provided by (used in)
investing activities includes Additions to property, plant and mine
development, which is included in the Company’s computation of Free
Cash Flow.
Three Months Ended September
30, 2023
Nine Months Ended September
30, 2023
Consolidated
Attributable to noncontrolling
interests (1)
Attributable to Newmont
Stockholders
Consolidated
Attributable to noncontrolling
interests (1)
Attributable to Newmont
Stockholders
Net cash provided by (used in) operating
activities
$
1,003
$
(17
)
$
986
$
2,147
$
(29
)
$
2,118
Less: Net cash used in (provided by)
operating activities of discontinued operations
(2
)
—
(2
)
(9
)
—
(9
)
Net cash provided by (used in) operating
activities of continuing operations
1,001
(17
)
984
2,138
(29
)
2,109
Less: Additions to property, plant and
mine development (2)
(604
)
6
(598
)
(1,746
)
15
(1,731
)
Free Cash Flow
$
397
$
(11
)
$
386
$
392
$
(14
)
$
378
Net cash provided by (used in) investing
activities (3)
$
(253
)
$
(753
)
Net cash provided by (used in) financing
activities
$
(381
)
$
(1,065
)
(1)
Adjustment to eliminate a portion
of Net cash provided by (used in) operating activities and
Additions to property, plant and mine development attributable to
noncontrolling interests, which relates to Merian (25%) for the
three and nine months ended September 30, 2023.
(2)
Merian had total consolidated
Additions to property, plant and mine development of $26 and $60 on
a cash basis for the three and nine months ended September 30,
2023, respectively.
(3)
Net cash provided by (used in)
investing activities includes Additions to property, plant and mine
development, which is included in the Company’s computation of Free
Cash Flow.
Net Debt
Net Debt is calculated as Debt and Lease and other financing
obligations less Cash and cash equivalents, as presented on the
Condensed Consolidated Balance Sheets. Cash and cash equivalents
are subtracted from Debt and Lease and other financing obligations
as these could be used to reduce the Company's debt
obligations.
The following table sets forth a reconciliation of Net Debt, a
non-GAAP financial measure, to Debt and Lease and other financing
obligations, which the Company believes to be the GAAP financial
measures most directly comparable to Net Debt.
At September 30,
2024
At December 31,
2023
Debt
$
8,550
$
8,874
Lease and other financing obligations
549
562
Less: Cash and cash equivalents
(3,016
)
(3,002
)
Less: Cash and cash equivalents included
in assets held for sale (1)
(86
)
—
Net debt
$
5,997
$
6,434
(1)
During the first quarter of 2024,
certain non-core assets were determined to meet the criteria for
assets held for sale. As a result, the related Cash and cash
equivalents was reclassified to Assets held for sale.
Costs applicable to sales per ounce/gold equivalent
ounce
Costs applicable to sales per ounce/gold equivalent ounce are
calculated by dividing the costs applicable to sales of gold and
other metals by gold ounces or gold equivalent ounces sold,
respectively. These measures are calculated for the periods
presented on a consolidated basis.
The following tables reconcile these non-GAAP measures to the
most directly comparable GAAP measures.
Costs applicable to sales per ounce
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Costs applicable to sales (1)(2)
$
1,892
$
1,273
$
5,359
$
3,789
Gold sold (thousand ounces)
1,568
1,250
4,710
3,669
Costs applicable to sales per ounce
(3)
$
1,207
$
1,019
$
1,138
$
1,033
(1)
Includes by-product credits of
$43 and $28 during the three months ended September 30, 2024 and
2023, respectively, and $127 and $86 during the nine months ended
September 30, 2024 and 2023, respectively.
(2)
Excludes Depreciation and
amortization and Reclamation and remediation.
(3)
Per ounce measures may not
recalculate due to rounding.
Costs applicable to sales per gold equivalent ounce
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Costs applicable to sales (1)(2)
$
418
$
98
$
1,213
$
607
Gold equivalent ounces sold - other metals
(thousand ounces) (3)
412
59
1,367
575
Costs applicable to sales per gold
equivalent ounce (4)
$
1,015
$
1,636
$
887
$
1,056
(1)
Includes by-product credits of
$12 and $1 during the three months ended September 30, 2024 and
2023, respectively, and $42 and $5 during the nine months ended
September 30, 2024 and 2023, respectively.
(2)
Excludes Depreciation and
amortization and Reclamation and remediation.
(3)
Gold equivalent ounces is
calculated as pounds or ounces produced multiplied by the ratio of
the other metals price to the gold price, using Gold ($1,400/oz.),
Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc
($1.20/lb.) for each of 2024 and 2023.
(4)
Per ounce measures may not
recalculate due to rounding.
Costs applicable to sales per gold ounce for Nevada Gold
Mines (NGM)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Cost applicable to sales, NGM (1)
$
320
$
298
$
941
$
888
Gold sold (thousand ounces), NGM
244
301
763
847
Costs applicable to sales per ounce, NGM
(2)
$
1,311
$
992
$
1,234
$
1,049
(1)
Excludes Depreciation and
amortization and Reclamation and remediation.
(2)
Per ounce measures may not
recalculate due to rounding.
All-In Sustaining Costs
All-in sustaining costs represent the sum of certain costs,
recognized as GAAP financial measures, that management considers to
be associated with production. All-in sustaining costs per ounce
amounts are calculated by dividing all-in sustaining costs by gold
ounces or gold equivalent ounces sold.
Three Months Ended
September 30, 2024
Costs Applicable to
Sales(1)(2)(3)
Reclamation Costs(4)
Advanced Projects, Research
and Development and Exploration(5)
General and
Administrative
Other Expense, Net(6)
Treatment and Refining
Costs
Sustaining Capital and Lease
Related Costs(7)(8)
All-In Sustaining
Costs
Ounces (000) Sold
All-In Sustaining Costs Per
oz.(9)
Gold
Brucejack (10)
$
98
$
1
$
7
$
—
$
—
$
—
$
16
$
122
101
$
1,197
Red Chris (10)
21
—
—
—
—
(2
)
4
23
8
$
2,633
Peñasquito
54
2
—
—
—
3
9
68
56
$
1,224
Merian
113
2
6
—
—
1
14
136
64
$
2,153
Cerro Negro
91
2
—
—
1
—
18
112
60
$
1,878
Yanacocha
96
11
2
—
—
—
5
114
89
$
1,285
Boddington
136
4
—
—
—
3
32
175
124
$
1,398
Tanami
98
1
3
—
—
—
31
133
100
$
1,334
Cadia (10)
80
—
2
—
—
—
39
121
113
$
1,078
Lihir (10)
206
1
2
—
(1
)
—
31
239
127
$
1,883
Ahafo
192
5
—
—
—
—
34
231
221
$
1,043
Nevada Gold Mines
320
4
3
4
1
2
75
409
244
$
1,675
Corporate and Other (11)
1
—
23
95
6
—
4
129
—
$
—
Held for sale (12)
CC&V
54
2
—
—
—
—
8
64
38
$
1,712
Musselwhite
50
1
1
—
—
—
27
79
50
$
1,574
Porcupine
78
3
2
—
—
—
19
102
70
$
1,451
Éléonore
70
1
3
—
—
—
27
101
52
$
1,924
Telfer (10) (15)
39
4
4
—
—
1
17
65
5
N.M.
Akyem (16)
95
4
1
(1
)
1
—
3
103
46
$
2,230
Total Gold
1,892
48
59
98
8
8
413
2,526
1,568
$
1,611
Gold equivalent ounces - other metals
(13)(14)
Red Chris (10)
71
1
1
—
—
(4
)
17
86
31
$
2,714
Peñasquito
219
8
—
1
(1
)
26
33
286
222
$
1,286
Boddington
44
1
—
—
—
1
4
50
43
$
1,168
Cadia (10)
80
—
1
—
—
(17
)
38
102
116
$
880
Corporate and Other (11)
—
—
6
14
1
—
1
22
—
$
—
Held for sale (12)
Telfer (10 )(15)
4
—
—
—
—
—
2
6
—
N.M.
Total Gold Equivalent Ounces
418
10
8
15
—
6
95
552
412
$
1,338
Consolidated
$
2,310
$
58
$
67
$
113
$
8
$
14
$
508
$
3,078
(1)
Excludes Depreciation and amortization and
Reclamation and remediation.
(2)
Includes by-product credits of $55.
(3)
Includes stockpile, leach pad, and product
inventory adjustments of $4 at NGM and $17 at Telfer.
(4)
Includes operating accretion of $36,
included in Reclamation and remediation, and amortization of asset
retirement costs $22; excludes accretion and reclamation and
remediation adjustments at former operating properties that have
entered the closure phase and have no substantive future economic
value of $57 and $39, respectively, included in Reclamation and
remediation.
(5)
Excludes development expenditures of $4 at
Red Chris, $2 at Peñasquito, $4 at Cerro Negro, $1 at Boddington,
$5 at Tanami, $14 at Ahafo, $2 at NGM, $19 at Corporate and Other,
$1 at CC&V, and $2 at Telfer, totaling $54 related to
developing new operations or major projects at existing operations
where these projects will materially benefit the operation.
(6)
Other expense, net is adjusted for
impairment charges of $18, Newcrest transaction and integration
costs of $17, settlements costs of $7, and restructuring and
severance of $5, included in Other expense, net.
(7)
Excludes capitalized interest related to
sustaining capital expenditures.
(8)
Includes finance lease payments and other
costs for sustaining projects of $34.
(9)
Per ounce measures may not recalculate due
to rounding.
(10)
Sites acquired through the Newcrest
transaction.
(11)
Corporate and Other includes the Company's
business activities relating to its corporate and regional offices
and all equity method investments.
(12)
Sites are classified as held for sale as
of September 30, 2024.
(13)
Gold equivalent ounces is calculated as
pounds or ounces produced multiplied by the ratio of the other
metals price to the gold price, using Gold ($1,400/oz.), Copper
($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.), and Zinc
($1.20/lb.) pricing for 2024.
(14)
For the three months ended September 30,
2024, Red Chris sold 6 thousand tonnes of copper, Peñasquito sold 6
million ounces of silver, 17 thousand tonnes of lead and 61
thousand tonnes of zinc, Boddington sold 8 thousand tonnes of
copper, Cadia sold 21 thousand tonnes of copper, and Telfer sold —
thousand tonnes of copper.
(15)
During the second quarter, seepage points
were detected on the outer wall and around the tailings storage
facility at Telfer and we temporarily ceased placing new tailings
on the facility. Production resumed during the third quarter of
2024, but as a result of the temporary suspension of production,
per ounce metrics are not meaningful ("N.M."). In September 2024,
the Company entered into a binding agreement to sell the assets of
the Telfer reportable segment. The sale is expected to close in the
fourth quarter of 2024.
(16)
In October 2024, the Company entered into
a definitive agreement to sell the Akyem reportable segment. The
sale is expected to close in the fourth quarter of 2024.
Three Months Ended
September 30, 2023
Costs Applicable to
Sales(1)(2)(3)(4)
Reclamation Costs(5)
Advanced Projects, Research
and Development and Exploration(6)
General and
Administrative
Other Expense, Net(7)
Treatment and Refining
Costs
Sustaining Capital and Lease
Related Costs(8)(9)
All-In Sustaining
Costs
Ounces (000) Sold
All-In Sustaining Costs Per
oz.(10)
Gold
CC&V
$
57
$
3
$
3
$
—
$
—
$
—
$
20
$
83
46
$
1,819
Musselwhite
50
1
2
—
—
—
28
81
47
$
1,715
Porcupine
73
5
3
—
—
—
19
100
61
$
1,644
Éléonore
63
2
3
—
1
—
29
98
46
$
2,107
Peñasquito (11)
16
2
—
—
—
—
5
23
(1
)
N.M.
Merian
104
2
4
—
—
—
27
137
83
$
1,652
Cerro Negro
79
1
1
—
1
—
11
93
65
$
1,438
Yanacocha
90
6
—
—
—
—
4
100
85
$
1,187
Boddington
157
5
1
—
—
4
42
209
186
$
1,123
Tanami
81
1
—
—
—
—
28
110
123
$
890
Ahafo
133
5
—
—
1
—
27
166
137
$
1,208
Akyem
72
13
—
1
—
—
8
94
71
$
1,332
Nevada Gold Mines
298
4
4
2
2
2
82
394
301
$
1,307
Corporate and Other (12)
—
—
23
62
3
—
6
94
—
$
—
Total Gold
1,273
50
44
65
8
6
336
1,782
1,250
$
1,426
Gold equivalent ounces - other metals
(13)(14)
Peñasquito (11)
48
7
1
—
1
1
11
69
(2
)
N.M.
Boddington
50
—
—
—
—
3
14
67
61
$
1,108
Corporate and Other (12)
—
—
1
5
1
—
2
9
—
$
—
Total Gold Equivalent Ounces
98
7
2
5
2
4
27
145
59
$
2,422
Consolidated
$
1,371
$
57
$
46
$
70
$
10
$
10
$
363
$
1,927
(1)
Excludes Depreciation and amortization and
Reclamation and remediation.
(2)
Includes by-product credits of $29.
(3)
Includes stockpile, leach pad, and product
inventory adjustments of $1 at Porcupine, $2 at Peñasquito, and $2
at NGM.
(4)
Beginning January 1, 2023, COVID-19
specific costs incurred in the ordinary course of business are
recognized in Costs applicable to sales.
(5)
Includes operating accretion of $25,
included in Reclamation and remediation, and amortization of asset
retirement costs of $32; excludes accretion and reclamation and
remediation adjustments at former operating properties that have
entered the closure phase and have no substantive future economic
value of $37 and $104, respectively, included in Reclamation and
remediation.
(6)
Excludes development expenditures of $1 at
CC&V, $2 at Porcupine $2 at Peñasquito, $5 at Merian, $2 at
Cerro Negro, $7 at Tanami, $12 at Ahafo, $6 at Akyem, $4 at NGM,
and $44 at Corporate and Other, totaling $85 related to developing
new operations or major projects at existing operations where these
projects will materially benefit the operation.
(7)
Other expense, net is adjusted for
Newcrest transaction-related costs of $16, restructuring and
severance of $7, impairment charges of $2, settlement costs of $2,
included in Other expense, net.
(8)
Excludes capitalized interest related to
sustaining capital expenditures.
(9)
Includes finance lease payments and other
costs for sustaining projects of $17.
(10)
Per ounce measures may not recalculate due
to rounding.
(11)
For the three months ended September 30,
2023, Peñasquito had no production due to the Peñasquito labor
strike. Sales activity recognized in the third quarter of 2023 at
Peñasquito is related to adjustments on provisionally priced
concentrate sales subject to final settlement. As such, the per
ounce metrics are not meaningful ("N.M.") for the current
quarter.
(12)
Corporate and Other includes the Company's
business activities relating to its corporate and regional offices
and all equity method investments.
(13)
Gold equivalent ounces is calculated as
pounds or ounces produced multiplied by the ratio of the other
metals price to the gold price, using Gold ($1,400/oz.), Copper
($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.), and Zinc
($1.20/lb.) pricing for 2023.
(14)
For the three months ended September 30,
2023, Peñasquito sold — million ounces of silver, — thousand tonnes
of lead, and (1) thousand tonnes of zinc, and Boddington sold 11
thousand tonnes of copper.
Nine Months Ended
September 30, 2024
Costs Applicable to
Sales(1)(2)(3)
Reclamation Costs(4)
Advanced Projects, Research
and Development and Exploration(5)
General and
Administrative
Other Expense, Net(6)
Treatment and Refining
Costs
Sustaining Capital and Lease
Related Costs(7)(8)
All-In Sustaining
Costs
Ounces (000) Sold
All-In Sustaining Costs Per
oz.(9)
Gold
Brucejack (10)
$
236
$
2
$
8
$
—
$
—
$
3
$
49
$
298
181
$
1,642
Red Chris (10)
35
—
1
—
—
—
10
46
24
$
1,882
Peñasquito
145
5
—
—
—
10
22
182
164
$
1,112
Merian
299
6
11
—
—
1
66
383
199
$
1,926
Cerro Negro
224
5
2
—
2
—
45
278
161
$
1,725
Yanacocha
261
25
8
—
1
—
15
310
257
$
1,207
Boddington
419
12
1
—
—
10
77
519
402
$
1,289
Tanami
281
2
5
—
—
—
76
364
290
$
1,256
Cadia (10)
231
1
7
—
1
12
113
365
350
$
1,044
Lihir (10)
539
3
12
—
4
—
89
647
457
$
1,416
Ahafo
527
14
3
—
1
1
73
619
585
$
1,057
Nevada Gold Mines
941
13
9
8
3
5
276
1,255
763
$
1,645
Corporate and Other (11)
1
—
82
277
12
—
12
384
—
$
—
Held for sale (12)
CC&V
139
8
2
—
1
—
21
171
100
$
1,715
Musselwhite
163
3
4
—
—
—
73
243
155
$
1,570
Porcupine
235
10
4
—
—
—
62
311
218
$
1,422
Éléonore
239
4
8
—
—
—
77
328
171
$
1,914
Telfer (10) (15)
192
9
9
—
4
4
27
245
64
$
3,823
Akyem (16)
252
18
1
—
1
—
18
290
169
$
1,716
Total Gold
5,359
140
177
285
30
46
1,201
7,238
4,710
$
1,537
Gold equivalent ounces - other metals
(13)(14)
Red Chris (10)
135
1
4
—
—
5
40
185
98
$
1,885
Peñasquito
692
24
1
1
1
85
96
900
766
$
1,175
Boddington
141
3
—
—
—
8
13
165
141
$
1,166
Cadia (10)
214
1
5
—
1
24
98
343
351
$
977
Corporate and Other (11)
—
—
10
28
1
—
1
40
—
$
—
Held for sale (12)
Telfer (10)(15)
31
1
1
—
—
5
4
42
11
$
3,811
Total Gold Equivalent Ounces
1,213
30
21
29
3
127
252
1,675
1,367
$
1,225
Consolidated
$
6,572
$
170
$
198
$
314
$
33
$
173
$
1,453
$
8,913
(1)
Excludes Depreciation and amortization and
Reclamation and remediation.
(2)
Includes by-product credits of $169.
(3)
Includes stockpile, leach pad, and product
inventory adjustments of $2 at Brucejack, $1 at Peñasquito, $9 at
Cerro Negro, $21 at NGM, and $32 at Telfer.
(4)
Includes operating accretion of $103,
included in Reclamation and remediation, and amortization of asset
retirement costs of $67; excludes accretion and reclamation and
remediation adjustments at former operating properties that have
entered the closure phase and have no substantive future economic
value of $165 and $56, respectively, included in Reclamation and
remediation.
(5)
Excludes development expenditures of $4 at
Red Chris, $6 at Peñasquito, $4 at Merian, $10 at Cerro Negro, $2
at Boddington, $18 at Tanami, $28 at Ahafo, $8 at NGM, $46 at
Corporate and Other, $2 at CC&V, $1 at Porcupine, $2 at Telfer,
and $4 at Akyem, totaling $135 related to developing new operations
or major projects at existing operations where these projects will
materially benefit the operation.
(6)
Other expense, net is adjusted for
Newcrest transaction and integration costs of $62, impairment
charges of $39, settlement costs of $33, and restructuring and
severance of $20, included in Other expense, net.
(7)
Excludes capitalized interest related to
sustaining capital expenditures.
(8)
Includes finance lease payments and other
costs for sustaining projects of $64.
(9)
Per ounce measures may not recalculate due
to rounding.
(10)
Sites acquired through the Newcrest
transaction.
(11)
Corporate and Other includes the Company's
business activities relating to its corporate and regional offices
and all equity method investments.
(12)
Sites are classified as held for sale as
of September 30, 2024.
(13)
Gold equivalent ounces is calculated as
pounds or ounces produced multiplied by the ratio of the other
metals price to the gold price, using Gold ($1,400/oz.), Copper
($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.), and Zinc
($1.20/lb.) pricing for 2024.
(14)
For the nine months ended September 30,
2024, Red Chris sold 18 thousand tonnes of copper, Peñasquito sold
24 million ounces of silver, 66 thousand tonnes of lead and 174
thousand tonnes of zinc, Boddington sold 26 thousand tonnes of
copper, Cadia sold 64 thousand tonnes of copper, and Telfer sold 2
thousand tonnes of copper.
(15)
During the second quarter, seepage points
were detected on the outer wall and around the tailings storage
facility at Telfer and we temporarily ceased placing new tailings
on the facility. Production resumed during the third quarter of
2024. In September 2024, the Company entered into a binding
agreement to sell the assets of the Telfer reportable segment. The
sale is expected to close in the fourth quarter of 2024.
(16)
In October 2024, the Company entered into
a definitive agreement to sell the Akyem reportable segment. The
sale is expected to close in the fourth quarter of 2024.
Nine Months Ended
September 30, 2023
Costs
Applicable
to
Sales (1)(2)(3)(4)
Reclamation
Costs (5)
Advanced
Projects,
Research and
Development
and
Exploration(6)
General
and
Administrative
Other Expense, Net(7)
Treatment and Refining
Costs
Sustaining Capital and Lease
Related Costs(8)(9)
All-In Sustaining
Costs
Ounces (000) Sold
All-In Sustaining Costs Per
oz.(10)
Gold
CC&V
$
157
$
8
$
8
$
—
$
1
$
—
$
42
$
216
135
$
1,603
Musselwhite
163
4
7
—
—
—
73
247
132
$
1,869
Porcupine
220
17
10
—
—
—
45
292
189
$
1,545
Éléonore
212
7
6
—
1
—
81
307
165
$
1,855
Peñasquito
123
6
1
—
—
7
24
161
103
$
1,569
Merian
269
5
9
—
—
—
63
346
219
$
1,580
Cerro Negro
232
4
3
—
2
—
33
274
176
$
1,556
Yanacocha
225
17
6
—
4
—
11
263
204
$
1,290
Boddington
483
14
3
—
—
14
97
611
588
$
1,039
Tanami
244
2
1
—
—
—
86
333
312
$
1,066
Ahafo
384
14
1
—
2
—
108
509
401
$
1,269
Akyem
189
29
1
1
—
—
29
249
198
$
1,260
Nevada Gold Mines
888
11
12
7
2
5
230
1,155
847
$
1,364
Corporate and Other (11)
—
—
55
181
4
—
24
264
—
$
—
Total Gold
3,789
138
123
189
16
26
946
5,227
3,669
$
1,425
Gold equivalent ounces - other metals
(12)(13)
Peñasquito
456
21
3
1
1
66
87
635
385
$
1,648
Boddington
151
2
1
—
—
11
31
196
190
$
1,033
Corporate and Other (11)
—
—
7
25
1
—
5
38
—
$
—
Total Gold Equivalent Ounces
607
23
11
26
2
77
123
869
575
$
1,511
Consolidated
$
4,396
$
161
$
134
$
215
$
18
$
103
$
1,069
$
6,096
(1)
Excludes Depreciation and amortization and
Reclamation and remediation.
(2)
Includes by-product credits of $91.
(3)
Includes stockpile, leach pad, and product
inventory adjustments of $3 at Porcupine, $5 at Éléonore, $19 at
Peñasquito, $2 at Cerro Negro, $4 at Yanacocha, $1 at Akyem, and $4
at NGM.
(4)
Beginning January 1, 2023, COVID-19
specific costs incurred in the ordinary course of business are
recognized in Costs applicable to sales.
(5)
Include operating accretion of $74,
included in Reclamation and remediation, and amortization of asset
retirement costs of $87; excludes accretion and reclamation and
remediation adjustments at former operating properties that have
entered the closure phase and have no substantive future economic
value of $111 and $113, respectively, included in Reclamation and
remediation.
(6)
Excludes development expenditures of $2 at
CC&V, $5 at Porcupine, $5 at Peñasquito, $8 at Merian, $3 at
Cerro Negro, $3 at Yanacocha, $19 at Tanami, $27 at Ahafo, $13 at
Akyem, $13 at NGM, and $92 at Corporate and Other, totaling $190
related to developing new operations or major projects at existing
operations where these projects will materially benefit the
operation.
(7)
Other expense, net is adjusted for
Newcrest transaction-related costs of $37, restructuring and
severance of $19, impairment charges of $10, and settlement costs
of $2, included Other expense, net.
(8)
Excludes capitalized interest related to
sustaining capital expenditures.
(9)
Includes finance lease payments and other
costs for sustaining projects of $55.
(10)
Per ounce measures may not recalculate due
to rounding.
(11)
Corporate and Other includes the Company's
business activities relating to its corporate and regional offices
and all equity method investments.
(12)
Gold equivalent ounces is calculated as
pounds or ounces produced multiplied by the ratio of the other
metals price to the gold price, using Gold ($1,400/oz.), Copper
($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.), and Zinc
($1.20/lb.) pricing for 2023.
(13)
For the nine months ended September 30,
2023, Peñasquito sold 12 million ounces of silver, 33 thousand
tonnes of lead and 85 thousand tonnes of zinc, and Boddington sold
34 thousand tonnes of copper.
A reconciliation of the Fourth Quarter 2024 Gold AISC outlook to
the Fourth Quarter 2024 Gold CAS outlook is provided below. The
estimates in the table below are considered “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, which are intended to be covered by the safe
harbor created by such sections and other applicable laws.
Q4 2024 Outlook - Gold (1)(2)
(in millions, except ounces and per
ounce)
Outlook Estimate
Cost Applicable to Sales (3)(4)
$
1,850
Reclamation Costs (5)
40
Advanced Projects & Exploration
(6)
90
General and Administrative (7)
85
Other Expense
5
Treatment and Refining Costs
30
Sustaining Capital (8)
425
Sustaining Finance Lease Payments
5
All-in Sustaining Costs
$
2,530
Ounces (000) Sold (9)
1,715
All-in Sustaining Costs per Ounce
$
1,475
(1)
The reconciliation is provided
for illustrative purposes in order to better describe management’s
estimates of the components of the calculation. Estimates for each
component of the forward-looking All-in sustaining costs per ounce
are independently calculated and, as a result, the total All-in
sustaining costs and the All-in sustaining costs per ounce may not
sum to the component ranges. While a reconciliation to the most
directly comparable GAAP measure has been provided for the 2024
AISC Gold Outlook on a consolidated basis, a reconciliation has not
been provided on an individual site or project basis in reliance on
Item 10(e)(1)(i)(B) of Regulation S-K because such reconciliation
is not available without unreasonable efforts.
(2)
All values are presented on a
consolidated basis for Newmont.
(3)
Excludes Depreciation and
amortization and Reclamation and remediation.
(4)
Includes stockpile and leach pad
inventory adjustments.
(5)
Reclamation costs include
operating accretion and amortization of asset retirement costs.
(6)
Advanced Project and Exploration
excludes non-sustaining advanced projects and exploration.
(7)
Includes stock-based
compensation.
(8)
Excludes development capital
expenditures, capitalized interest and change in accrued
capital.
(9)
Consolidated production for
Merian is presented on a total production basis for the mine site
and excludes production from Pueblo Viejo and Fruta del Norte.
Net debt to Adjusted EBITDA ratio
Management uses net debt to Adjusted EBITDA as non-GAAP measures
to evaluate the Company’s operating performance, including our
ability to generate earnings sufficient to service our debt. Net
debt to Adjusted EBITDA represents the ratio of the Company’s debt,
net of cash and cash equivalents, to Adjusted EBITDA. Net debt to
Adjusted EBITDA does not represent, and should not be considered an
alternative to, net income (loss), operating income (loss), or cash
flow from operations as those terms are defined by GAAP, and does
not necessarily indicate whether cash flows will be sufficient to
fund cash needs. Although Net Debt to Adjusted EBITDA and similar
measures are frequently used as measures of operations and the
ability to meet debt service requirements by other companies, our
calculation of net debt to Adjusted EBITDA measure is not
necessarily comparable to such other similarly titled captions of
other companies. The Company believes that net debt to Adjusted
EBITDA provides useful information to investors and others in
understanding and evaluating our operating results in the same
manner as our management and Board of Directors. Management’s
determination of the components of net debt to Adjusted EBITDA is
evaluated periodically and based, in part, on a review of non-GAAP
financial measures used by mining industry analysts. Net income
(loss) attributable to Newmont stockholders is reconciled to
Adjusted EBITDA as follows:
Three Months Ended
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
Net income (loss) attributable to Newmont
stockholders
$
922
$
853
$
170
$
(3,158
)
Net income (loss) attributable to
noncontrolling interests
2
4
9
10
Net loss (income) from discontinued
operations
(49
)
(15
)
(4
)
(12
)
Equity loss (income) of affiliates
(60
)
3
(7
)
(19
)
Income and mining tax expense
(benefit)
244
191
260
77
Depreciation and amortization
631
602
654
681
Interest expense, net of capitalized
interest
86
103
93
81
EBITDA
$
1,776
$
1,741
$
1,175
$
(2,340
)
Adjustments:
Loss on assets held for sale
$
115
$
246
$
485
$
—
Reclamation and remediation charges
33
—
6
1,158
(Gain) loss on asset and investment sales,
net
28
(55
)
(9
)
231
Impairment charges
18
9
12
1,881
Newcrest transaction and integration
costs
17
16
29
427
Change in fair value of investments
(17
)
9
(31
)
5
Gain on debt extinguishment, net
(15
)
(14
)
—
—
Settlement costs
7
5
21
5
Restructuring and severance
5
9
6
5
Pension settlements
—
—
—
9
COVID-19 specific costs
—
—
—
1
Adjusted EBITDA
$
1,967
$
1,966
$
1,694
$
1,382
12 month trailing Adjusted
EBITDA
$
7,009
Total Debt
$
8,550
Lease and other financing obligations
549
Less: Cash and cash equivalents
(3,016
)
Less: Cash and cash equivalents included
in assets held for sale (1)
(86
)
Total net debt
$
5,997
Net debt to Adjusted EBITDA
0.9
(1)
During the first quarter of 2024,
certain non-core assets were determined to meet the criteria for
assets held for sale. As a result, the related Cash and cash
equivalents was reclassified to Assets held for sale.
Net average realized price per ounce/ pound
Average realized price per ounce/ pound are non-GAAP financial
measures. The measures are calculated by dividing the net
consolidated gold, copper, silver, lead, and zinc sales by the
consolidated gold ounces, copper pounds, silver ounces, lead pounds
and zinc pounds sold, respectively. These measures are calculated
on a consistent basis for the periods presented on a consolidated
basis. Average realized price per ounce/ pound statistics are
intended to provide additional information only, do not have any
standardized meaning prescribed by GAAP and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with GAAP. The measures are not
necessarily indicative of operating profit or cash flow from
operations as determined under GAAP. Other companies may calculate
these measures differently.
The following tables reconcile these non-GAAP measures to the
most directly comparable GAAP measure:
Three Months Ended
September 30,
Increase
(Decrease)
Percent Change
2024
2023
Gold
$
3,945
$
2,400
$
1,545
64
%
Copper
329
90
239
266
Silver (1)
147
5
142
N.M.
Lead (1)
32
—
32
N.M.
Zinc (1)
152
(2
)
154
N.M.
$
4,605
$
2,493
$
2,112
85
%
(1)
Due to the Peñasquito labor
strike, Peñasquito had no production during the third quarter of
2023. Sales activity recognized in the third quarter of 2023 is
related to adjustments on provisionally priced concentrate sales
subject to final settlement. As such, the percent change is not
meaningful ("N.M.").
Nine Months Ended
September 30,
Increase
(Decrease)
Percent Change
2024
2023
Gold
$
10,909
$
7,083
$
3,826
54
%
Copper
1,003
282
721
256
Silver
557
246
311
126
Lead
136
64
72
113
Zinc
425
180
245
136
$
13,030
$
7,855
$
5,175
66
%
Three Months Ended September
30, 2024
Gold
Copper
Silver
Lead
Zinc
(ounces)
(pounds)
(ounces)
(pounds)
(pounds)
Consolidated sales:
Gross before provisional pricing and
streaming impact
$
3,900
$
297
$
135
$
35
$
171
Provisional pricing mark-to-market
53
12
3
(2
)
—
Silver streaming amortization
—
—
15
—
—
Gross after provisional pricing and
streaming impact
3,953
309
153
33
171
Treatment and refining charges
(8
)
20
(6
)
(1
)
(19
)
Net
$
3,945
$
329
$
147
$
32
$
152
Consolidated ounces / pounds sold
(1)(2)
1,568
77
6
36
134
Average realized price (per ounce/pound):
(3)
Gross before provisional pricing and
streaming impact
$
2,488
$
3.90
$
23.76
$
0.93
$
1.28
Provisional pricing mark-to-market
34
0.16
0.52
(0.04
)
—
Silver streaming amortization
—
—
2.79
—
—
Gross after provisional pricing and
streaming impact
2,522
4.06
27.07
0.89
1.28
Treatment and refining charges
(4
)
0.25
(1.09
)
(0.03
)
(0.14
)
Net
$
2,518
$
4.31
$
25.98
$
0.86
$
1.14
(1)
Amounts reported in millions except gold
ounces, which are reported in thousands.
(2)
For the three months ended September 30,
2024 the Company sold 35 thousand tonnes of copper, 17 thousand
tonnes of lead, and 61 thousand tonnes of zinc.
(3)
Per ounce/pound measures may not
recalculate due to rounding.
Three Months Ended September
30, 2023
Gold
Copper
Silver
Lead
Zinc
(ounces)
(pounds)
(ounces)
(pounds)
(pounds)
Consolidated sales:
Gross before provisional pricing and
streaming impact
$
2,411
$
93
$
2
$
—
$
(3
)
Provisional pricing mark-to-market
(5
)
—
3
—
2
Silver streaming amortization
—
—
—
—
—
Gross after provisional pricing and
streaming impact
2,406
93
5
—
(1
)
Treatment and refining charges
(6
)
(3
)
—
—
(1
)
Net
$
2,400
$
90
$
5
$
—
$
(2
)
Consolidated ounces / pounds sold
(1)(2)
1,250
25
—
—
(2
)
Average realized price (per ounce/pound):
(3)(4)
Gross before provisional pricing and
streaming impact
$
1,929
$
3.83
N.M.
N.M.
N.M.
Provisional pricing mark-to-market
(4
)
—
N.M.
N.M.
N.M.
Silver streaming amortization
—
—
N.M.
N.M.
N.M.
Gross after provisional pricing and
streaming impact
1,925
3.83
N.M.
N.M.
N.M.
Treatment and refining charges
(5
)
(0.15
)
N.M.
N.M.
N.M.
Net
$
1,920
$
3.68
N.M.
N.M.
N.M.
(1)
Amounts reported in millions except gold
ounces, which are reported in thousands.
(2)
For the three months ended September 30, 2023 the Company sold 11
thousand tonnes of copper, — thousand tonnes of lead, and (1)
thousand tonnes of zinc.
(3)
Due to the Peñasquito labor strike, Peñasquito had no production
during the third quarter of 2023. Sales activity recognized in the
third quarter of 2023 is related to adjustments on provisionally
priced concentrate sales subject to final settlement. As such, the
average realized price per ounce/pound metrics are not meaningful
("N.M.").
(4)
Per ounce/pound measures may not recalculate due to rounding.
Nine Months Ended September
30, 2024
Gold
Copper
Silver
Lead
Zinc
(ounces)
(pounds)
(ounces)
(pounds)
(pounds)
Consolidated sales:
Gross before provisional pricing and
streaming impact
$
10,846
$
999
$
493
$
137
$
466
Provisional pricing mark-to-market
109
46
26
1
15
Silver streaming amortization
—
—
65
—
—
Gross after provisional pricing and
streaming impact
10,955
1,045
584
138
481
Treatment and refining charges
(46
)
(42
)
(27
)
(2
)
(56
)
Net
$
10,909
$
1003
$
557
$
136
$
425
Consolidated ounces/pounds sold (1)(2)
4,710
241
24
144
382
Average realized price (per ounce/pound):
(3)
Gross before provisional pricing and
streaming impact
$
2,303
$
4.16
$
21.01
$
0.95
$
1.22
Provisional pricing mark-to-market
23
0.19
1.09
0.01
0.04
Silver streaming amortization
—
—
2.79
—
—
Gross after provisional pricing and
streaming impact
2,326
4.35
24.89
0.96
1.26
Treatment and refining charges
(10
)
(0.18
)
(1.17
)
(0.02
)
(0.15
)
Net
$
2,316
$
4.17
$
23.72
$
0.94
$
1.11
(1)
Amounts reported in millions except gold
ounces, which are reported in thousands.
(2)
For the nine months ended September 30,
2024 the Company sold 110 thousand tonnes of copper, 66 thousand
tonnes of lead, and 174 thousand tonnes of zinc.
(3)
Per ounce/pound measures may not
recalculate due to rounding.
Nine Months Ended September
30, 2023
Gold
Copper
Silver
Lead
Zinc
(ounces)
(pounds)
(ounces)
(pounds)
(pounds)
Consolidated sales:
Gross before provisional pricing and
streaming impact
$
7,098
$
293
$
227
$
69
$
240
Provisional pricing mark-to-market
11
—
7
(2
)
(16
)
Silver streaming amortization
—
—
31
—
—
Gross after provisional pricing and
streaming impact
7,109
293
265
67
224
Treatment and refining charges
(26
)
(11
)
(19
)
(3
)
(44
)
Net
$
7,083
$
282
$
246
$
64
$
180
Consolidated ounces/pounds sold (1)(2)
3,669
76
12
72
187
Average realized price (per ounce/pound):
(3)
Gross before provisional pricing and
streaming impact
$
1,934
$
3.86
$
18.65
$
0.96
$
1.28
Provisional pricing mark-to-market
3
—
0.54
(0.03
)
(0.08
)
Silver streaming amortization
—
—
2.56
—
—
Gross after provisional pricing and
streaming impact
1,937
3.86
21.75
0.93
1.20
Treatment and refining charges
(7
)
(0.15
)
(1.57
)
(0.03
)
(0.23
)
Net
$
1,930
$
3.71
$
20.18
$
0.90
$
0.97
(1)
Amounts reported in millions except gold
ounces, which are reported in thousands.
(2)
For the nine months ended September 30,
2023 the Company sold 34 thousand tonnes of copper, 33 thousand
tonnes of lead, and 85 thousand tonnes of zinc.
(3)
Per ounce/pound measures may not
recalculate due to rounding.
Gold by-product metrics
Copper, silver, lead, zinc, and molybdenum are by-products often
obtained during the process of extracting and processing the
primary ore-body. In our GAAP Consolidated Financial Statements,
the value of these by-products is recorded as a credit to our CAS
and the value of the primary ore is recorded as Sales. In certain
instances, copper, silver, lead, and zinc are co-products, or a
significant resource in the primary ore-body, and the revenue is
recorded as Sales in our GAAP Consolidated Financial
Statements.
Gold by-product metrics are non-GAAP financial measures that
serve as a basis for comparing the Company’s performance with
certain competitors. As Newmont’s operations are primarily focused
on gold production, “Gold by-product metrics” were developed to
allow investors to view Sales, CAS per ounce and AISC per ounce
calculations that classify all copper, silver, lead, zinc, and
molybdenum production as a by-product, even when copper, silver,
lead or zinc is a significant resource in the primary ore-body.
These metrics are calculated by subtracting copper, silver, lead,
and zinc sales recognized from Sales and including these amounts as
offsets to CAS.
Gold by-product metrics are calculated on a consistent basis for
the periods presented on a consolidated basis. These metrics are
intended to provide supplemental information only, do not have any
standardized meaning prescribed by GAAP and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with GAAP. Other companies may
calculate these measures differently as a result of differences in
the underlying accounting principles, policies applied and in
accounting frameworks, such as in IFRS.
The following tables reconcile these non-GAAP measures to the
most directly comparable GAAP measures:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Consolidated gold sales, net
$
3,945
$
2,400
$
10,909
$
7,083
Consolidated other metal sales, net
660
93
2,121
772
Sales
$
4,605
$
2,493
$
13,030
$
7,855
Costs applicable to sales
$
2,310
$
1,371
$
6,572
$
4,396
Less: Consolidated other metal sales,
net
(660
)
(93
)
(2,121
)
(772
)
By-product costs applicable to sales
$
1,650
$
1,278
$
4,451
$
3,624
Gold sold (thousand ounces)
1,568
1,250
4,710
3,669
Total Gold CAS per ounce (by-product)
(1)
$
1,052
$
1,022
$
945
$
988
Total AISC
$
3,078
$
1,927
$
8,913
$
6,096
Less: Consolidated other metal sales,
net
(660
)
(93
)
(2,121
)
(772
)
By-product AISC
$
2,418
$
1,834
$
6,792
$
5,324
Gold sold (thousand ounces)
1,568
1,250
4,710
3,669
Total Gold AISC per ounce (by-product)
(1)
$
1,542
$
1,467
$
1,442
$
1,451
(1)
Per ounce measures may not recalculate due
to rounding.
Conference Call Information
A conference call will be held on Thursday, October 24,
2024 at 11:00 a.m. Eastern Time (9:00 a.m. Mountain
Time); it will also be available on the Company’s website.
Conference Call Details
Dial-In Number
833.470.1428
Intl Dial-In Number
404.975.48391
Dial-In Access Code
037611
Conference Name
Newmont
Replay Number
866.813.9403
Intl Replay Number
929.458.6194
Replay Access Code
197186
1For toll-free phone numbers, refer to the following link:
https://www.netroadshow.com/events/global-numbers?confId=49005
Webcast Details
Title: Newmont Third Quarter 2024 Earnings Conference Call
URL: https://events.q4inc.com/attendee/284798799
The webcast materials will be available Wednesday, October 23,
after market close, under the “Investor Relations” section of the
Company’s website. Additionally, the conference call will be
archived for a limited time on the Company’s website.
About Newmont
Newmont is the world’s leading gold company and a producer of
copper, zinc, lead, and silver. The company’s world-class portfolio
of assets, prospects and talent is anchored in favorable mining
jurisdictions in Africa, Australia, Latin America & Caribbean,
North America, and Papua New Guinea. Newmont is the only gold
producer listed in the S&P 500 Index and is widely recognized
for its principled environmental, social, and governance practices.
Newmont is an industry leader in value creation, supported by
robust safety standards, superior execution, and technical
expertise. Founded in 1921, the company has been publicly traded
since 1925.
At Newmont, our purpose is to create value and improve lives
through sustainable and responsible mining. To learn more about
Newmont’s sustainability strategy and initiatives, go to
www.newmont.com.
Cautionary Statement Regarding Forward
Looking Statements, Including Outlook
Assumptions, and
Notes:
This news release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which are intended to be covered by the safe harbor
created by such sections and other applicable laws. Where a
forward-looking statement expresses or implies an expectation or
belief as to future events or results, such expectation or belief
is expressed in good faith and believed to have a reasonable basis.
However, such statements are subject to risks, uncertainties and
other factors, which could cause actual results to differ
materially from future results expressed, projected or implied by
the forward-looking statements. Forward-looking statements often
address our expected future business and financial performance and
financial condition; and often contain words such as “anticipate,”
“intend,” “plan,” “will,” “would,” “estimate,” “expect,” “believe,”
"pending" or “potential.” Forward-looking statements in this news
release may include, without limitation, (i) estimates of future
production and sales, including production outlook, average future
production; (ii) estimates of future costs applicable to sales and
all-in sustaining costs; (iii) estimates of future capital
expenditures, including development and sustaining capital; (iv)
expectations regarding the development of the Cadia Panel Caves
including with respect to production and capital cost estimates;
(v) expectations regarding share and debt repurchases; (vi)
estimates of future cost reductions, synergies, including pre-tax
synergies, savings and efficiencies, Full Potential and
productivity improvements, and future cash flow enhancements
through portfolio optimization, (vii) expectations regarding
Newmont’s go-forward portfolio is focused on Tier 1 assets; (viii)
expectations regarding future investments or divestitures,
including of non-core assets and assets designated as held for
sale; (ix) expectations regarding free cash flow and returns to
stockholders, including with respect to future dividends and future
share repurchases; and (x) other outlook, including, without
limitation, Q4 2024 Outlook, 2024 Outlook and other future
operating, reclamation, remediation, and financial metrics.
Estimates or expectations of future events or results are based
upon certain assumptions, which may prove to be incorrect. Such
assumptions, include, but are not limited to: (i) there being no
significant change to current geotechnical, metallurgical,
hydrological and other physical conditions; (ii) permitting,
development, operations and expansion of operations and projects
being consistent with current expectations and mine plans,
including, without limitation, receipt of export approvals; (iii)
political developments in any jurisdiction in which the Company
operates being consistent with its current expectations; (iv)
certain exchange rate assumptions for the Australian dollar to U.S.
dollar and Canadian dollar to U.S. dollar, as well as other
exchange rates being approximately consistent with current levels;
(v) certain price assumptions for gold, copper, silver, zinc, lead
and oil; (vi) prices for key supplies; (vii) the accuracy of
current mineral reserve, mineral resource and mineralized material
estimates; and (viii) other planning assumptions. Uncertainties
include those relating to general macroeconomic uncertainty and
changing market conditions, changing restrictions on the mining
industry in the jurisdictions in which we operate, impacts to
supply chain, including price, availability of goods, ability to
receive supplies and fuel, and impacts of changes in interest
rates. Such uncertainties could result in operating sites being
placed into care and maintenance and impact estimates, costs and
timing of projects. Uncertainties in geopolitical conditions could
impact certain planning assumptions, including, but not limited to
commodity and currency prices, costs and supply chain
availabilities.
Future dividends beyond the dividend payable on December 23,
2024 to holders of record at the close of business on November 27,
2024 have not yet been approved or declared by the Board of
Directors, and an annualized dividend payout or dividend yield has
not been declared by the Board. Management’s expectations with
respect to future dividends are “forward-looking statements” and
are non-binding. The declaration and payment of future dividends
remain at the discretion of the Board of Directors and will be
determined based on Newmont’s financial results, balance sheet
strength, cash and liquidity requirements, future prospects, gold
and commodity prices, and other factors deemed relevant by the
Board.
Investors are also cautioned that the extent to which the
Company repurchases its shares, and the timing of such repurchases,
will depend upon a variety of factors, including trading volume,
market conditions, legal requirements, business conditions and
other factors. The repurchase program may be discontinued at any
time, and the program does not obligate the Company to acquire any
specific number of shares of its common stock or to repurchase the
full $2.0 billion amount during the 24 month authorization
period.
Expectations regarding the closing of the sale the Akyem mine in
Ghana and the Telfer mine and interest in the Havieron project in
Western Australia and related receipt of proceeds and deferred
consideration are forward-looking statements. Investors are
cautioned that the closing of the Telfer/Havieron sale remains
conditional on satisfaction of certain conditions including: (i)
Newmont and Greatland receiving approval for the transaction from
the Foreign Investment Review Board (FIRB); (ii) transfer of key
approvals and tenements; (iii) assignment of key contracts and
leases; (iv) obtaining specific environmental licenses; (iv)
restart of operations at Telfer following remediation of TSF8; and
(v) other customary closing conditions. Under the terms of the
agreement, expected gross proceeds of up to $475 million, which
include cash consideration of $207.5 million, due upon on closing,
equity consideration of $167.5 million in the form of Greatland
shares, to be issued upon closing and deferred contingent cash
consideration of up to $100 million. No assurance can be provided
with respect to deferred consideration which may be payable to
Newmont in cash through a gold price linked payment structure with
a 50% price upside participation by Newmont in respect of gold
produced from Havieron for 5 calendar years following the
declaration of commercial production, subject to a hurdle price of
$1,850/oz. Deferred consideration for the relevant year will be
equal to 50% x (market price – hurdle price) x sum of total gold
sold for the relevant year (inc. doré and concentrate), subject to
the annual cap and the total cap. The closing of the Akyem
transaction remains subject to the satisfaction of certain
customary conditions precedent, including but not limited to, Zijin
obtaining the necessary filings, approvals, or registrations from
the National Development and Reform Commission, the Ministry of
Commerce and the State Administration of Foreign Exchange of the
People’s Republic of China, and the parties receipt of a no
objections letter from the Minister of Lands and Natural Resources
of the Republic of Ghana. A failure to satisfy these conditions
precedent would delay and/or prevent closing of the transaction.
Similarly, receipt of $900 million in cash consideration is subject
to closing of the transaction, and an additional $100 million in
cash consideration is expected to be paid after the earliest to
occur of the ratification of the extended eastern mining lease by
the Parliament of Ghana, the ratification of a replacement mining
lease to the extended eastern mining lease by the Parliament of
Ghana and the five year anniversary of the closing date. The
purchase price payable at the closing is subject to adjustments for
closing cash, working capital, inventory, finished goods inventory,
and other customary purchase price adjustment items.
For a more detailed discussion of such risks and other factors
that might impact future looking statements, see the Company’s
Annual Report on Form 10-K for the year ended December 31, 2023
filed with the U.S. Securities and Exchange Commission (the “SEC”)
on February 29, 2024, under the heading “Risk Factors", and other
factors identified in the Company's reports filed with the SEC,
available on the SEC website or at www.newmont.com. The Company
does not undertake any obligation to release publicly revisions to
any “forward-looking statement,” including, without limitation,
outlook, to reflect events or circumstances after the date of this
news release, or to reflect the occurrence of unanticipated events,
except as may be required under applicable securities laws.
Investors should not assume that any lack of update to a previously
issued “forward-looking statement” constitutes a reaffirmation of
that statement. Continued reliance on “forward-looking statements”
is at investors’ own risk. Investors are also encouraged to review
our Form 10-Q for the quarter ended September 30, 2024, expected to
be filed on, or about October 24, 2024.
Notice Regarding Reserve and
Resource:
Unless otherwise stated herein, the reserves stated in this
release represent estimates at December 31, 2023, which could be
economically and legally extracted or produced at the time of the
reserve determination. Estimates of proven and probable reserves
are subject to considerable uncertainty. Such estimates are, or
will be, to a large extent, based on metal prices and
interpretations of geologic data obtained from drill holes and
other exploration techniques, which data may not necessarily be
indicative of future results. Additionally, resource does not
indicate proven and probable reserves as defined by the SEC or the
Company’s standards. Estimates of measured, indicated and inferred
resource are subject to further exploration and development, and
are, therefore, subject to considerable uncertainty. Inferred
resources, in particular, have a great amount of uncertainty as to
their existence and their economic and legal feasibility. The
Company cannot be certain that any part or parts of the resource
will ever be converted into reserves. For additional information on
our reserves and resources, please see Item 2 of the Company’s Form
10-K, filed on February 29, 2024 with the SEC.
Note Regarding Tier 1
Portfolio:
Newmont’s Tier 1 portfolio is focused on Tier 1 assets,
consisting of (1) six managed Tier 1 assets (Boddington, Tanami,
Cadia, Lihir, Peñasquito, and Ahafo), (2) assets owned through two
non-managed joint ventures at Nevada Gold Mines and Pueblo Viejo,
including four Tier 1 assets (Carlin, Cortez, Turquoise Ridge, and
Pueblo Viejo), (3) three emerging Tier 1 assets (Merian, Cerro
Negro, and Yanacocha), which do not currently meet the criteria for
Tier 1 Asset, and (4) an emerging Tier 1 district in the Golden
Triangle in British Columbia (Red Chris and Brucejack), which does
not currently meet the criteria for Tier 1 Asset. Newmont’s Tier 1
portfolio also includes attributable production from the Company’s
equity interest in Lundin Gold (Fruta del Norte). Tier 1 Portfolio
cost and capital metrics include the proportional share of the
Company’s interest in the Nevada Gold Mines joint venture. Tier 1
Assets are defined as having, on average over such asset’s mine
life: (1) production of over 500,000 GEO’s/year on a consolidated
basis, (2) average AISC/oz in the lower half of the industry cost
curve, (3) an expected mine life of over 10 years, and (4)
operations in countries that are classified in the A and B rating
ranges for Moody’s, S&P and Fitch.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241023408824/en/
Investor Contact - Global Neil
Backhouse investor.relations@newmont.com
Investor Contact - Asia Pacific
Natalie Worley apac.investor.relations@newmont.com
Media Contact - Global Jennifer
Pakradooni globalcommunications@newmont.com
Media Contact - Asia Pacific
Rosalie Cobai australiacommunications@newmont.com
Newmont (NYSE:NEM)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
Newmont (NYSE:NEM)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024