Newmont Announces Third Quarter 2022 Results

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Overig advies 02/11/2022 06:47
Newmont remains on track to achieve full-year guidance with stable third quarter production from diverse, global portfolio; focused on delivering long-term value to shareholders

DENVER--(BUSINESS WIRE)-- Newmont Corporation (NYSE: NEM, TSX: NGT) (Newmont or the Company) today announced third quarter 2022 results.

THIRD QUARTER 2022 RESULTS

Produced 1.49 million attributable ounces of gold and 299 thousand attributable gold equivalent ounces (GEO) from co-products; due to timing of shipments at Peñasquito, 38 thousand attributable gold ounces and 20 thousand GEOs of third quarter production will be sold in the fourth quarter
Reported gold Costs Applicable to Sales (CAS)* of $968 per ounce and All-In Sustaining Costs (AISC)* of $1,271 per ounce
On track to achieve full-year guidance of 6.0 million ounces of attributable gold production with Gold CAS of $900 per ounce and Gold AISC of $1,150 per ounce, as well as 1.3 million gold equivalent ounce production from copper, silver, lead and zinc with Co-Product CAS of $750 per GEO and Co-Product AISC of $1,050 per GEO**
Generated $466 million of cash from continuing operations and reported $(63) million of Free Cash Flow*, impacted by one-time working capital payments totaling $210 million and the timing of concentrate shipments at Peñasquito with an approximate sales value of $80 million
Reported Adjusted Net Income (ANI)* of $0.27 per share and Adjusted EBITDA* of $850, impacted by lower metal prices and timing of sales
Declared third quarter dividend of $0.55 per share, calibrated at an $1,800 per ounce gold price***
$1 billion share repurchase program to be used opportunistically, with $475 million remaining***
Ended the quarter with $3.1 billion of consolidated cash, $653 million of time deposits with a maturity of less than one year, and $6.7 billion of liquidity; reported net debt to adjusted EBITDA ratio of 0.5x*
Announced the delay and review of the Yanacocha Sulfides project and appointment of Dean Gehring to Chief Development Officer - Peru to lead operations and strategy in the region
Advancing profitable near-term projects, including Tanami Expansion 2, Ahafo North, Pamour and Cerro Negro District Expansion 1
Announced and closed the sale of Newmont's 18.75% stake in the MARA project joint venture to Glencore International AG for $125 million, with a minimum $30 million deferred payment upon successfully reaching commercial production
Published inaugural Taxes and Royalties Contribution Report, providing an overview of our tax strategy and economic contributions as part of our commitment to shared value creation
"Newmont delivered solid third quarter production of 1.5 million gold ounces as we build momentum for strong production in the fourth quarter. Newmont remains well-positioned to respond to the challenging market environment that our industry faces today. We continue to leverage our leadership and collective experience, as well as the strength of our global portfolio with the size and scale to build a resilient and sustainable future. Supported by our clear long-term strategy, we continue to focus on safely delivering production through our responsibly managed portfolio of world-class assets, while investing in our future and creating value for all of our stakeholders."

- Tom Palmer, Newmont President and Chief Executive Officer

*Non-GAAP metrics; see reconciliations at the end of this release.

**See discussion of outlook and cautionary statement at end of release regarding forward-looking statements.

***See cautionary statement at the end of this release, including with respect to future dividends and share buybacks.

THIRD QUARTER 2022 FINANCIAL AND PRODUCTION SUMMARY

Q3'22 Q2'22 Q1'22 Q3'21

see & read more on
https://www.newmont.com/investors/news-release/news-details/2022/Newmont-Announces-Third-Quarter-2022-Results/default.aspx



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