DENVER--(BUSINESS WIRE)-- Newmont Corporation (NYSE: NEM, TSX: NGT) (Newmont or the Company) today announced third quarter 2023 results and declared a third quarter dividend of $0.40 per share.
Newmont Delivered a Stable Q3 Performance
Produced 1.3 million attributable gold ounces and 58 thousand co-product gold equivalent ounces (GEOs)* from copper; building momentum for improved production in the fourth quarter
Reported gold Costs Applicable to Sales (CAS) per ounce** of $1,019 and gold All-In Sustaining Costs (AISC) per ounce** of $1,426; improvement driven by higher sales volumes compared to the prior quarter
Revised 2023 outlook for the standalone Newmont portfolio to 5.3 million ounces of attributable production, CAS per ounce** of $1,000 and AISC per ounce** of $1,400; incorporates the impacts of the strike at Peñasquito, and lower production volumes from non-managed joint ventures (Nevada Gold Mines and Pueblo Viejo) and Ahafo***
Generated $1.0 billion of cash from continuing operations and reported $397 million of Free Cash Flow**; driven by favorable working capital changes, while continuing to reinvest in profitable projects
Reported Net Income of $163 million, with Adjusted Net Income (ANI)** of $0.36 per diluted share and Adjusted EBITDA** of $933 million; driven by higher production volumes, strong gold prices and stable costs
Ended the quarter with $3.2 billion of consolidated cash and $6.2 billion of liquidity; reported net debt to adjusted EBITDA ratio of 0.7x**
Resolved the Union labor strike at Peñasquito; focused on the safe ramp-up of operations in the fourth quarter
Received Full Funds approval for the Pamour project at Porcupine; on track to deliver first ore in 2024
Declared commercial production at San Marcos; the first of six ore bodies in Cerro Negro District Expansion 1
Assigned an A- rating with a stable outlook from Fitch; reflects Newmont’s ability to generate strong liquidity
On track to close the pending acquisition of Newcrest Mining Limited ("Newcrest") on November 6th; secured all government and regulatory approvals and shareholder votes
Announced the addition of two Directors; welcoming Philip Aiken AM and Sally-Anne Layman from the Newcrest Board, with appointment to the Newmont Board of Directors effective upon close of the pending Newcrest transaction
Third Quarter Dividend Declared Within Established Framework****
Board of Directors declared a dividend of $0.40 per share of common stock for the third quarter of 2023; payable on December 22, 2023 to holders of record at the close of business on November 30, 2023
Annualized dividend payout range for 2023 of $1.40 to $1.80 per share****; subject to quarterly approval by Board of Directors
Based on a sustainable base dividend of $1.00 per share payable at base reserves price and an incremental dividend payout of $0.60 per share; third quarter dividend payout calibrated at the mid-point of the $1,700 per ounce annualized payout range
"Newmont generated $1.0 billion of cash from continuing operations during the third quarter and continued to execute on our long-term strategic plan. As we look ahead to the closing of the Newcrest transaction, we are excited about the long-term value it will bring to both sets of stakeholders and our combined workforce. This transaction strengthens our position as the world's leading gold company and sets the standard in safe, profitable and responsible mining. We look forward to closing the transaction on November 6th and providing our first integration update on the combined business in the first quarter of 2024."
- Tom Palmer, Newmont President and Chief Executive Officer
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