Newmont Reports Third Quarter 2024 Results

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