Total gold production rose to 1.67 million ounces for Newmont in the September quarter, an increase of 29.2 per cent.
The major is attributing the results to higher production at its Cerro Negro gold mine in Argentina.
While gold production was on the up, costs also rose due to planned maintenance at the Lihir gold mine in Papua New Guinea along with higher contract service expenditure.
Despite the rise, Newmont president and chief executive officer Tom Palmer said the company continues to make meaningful progress.
“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,” Palmer said.
“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.”
Newmont is expecting to receive at least $2 billion in gross divestiture proceeds from sales of its high-quality, non-core assets. This amount is in addition to the $527 million in cash already received from investment sales at the start of 2024.
During the September quarter, Newmont produced 1.7 million attributable gold ounces, 430,000 gold equivalent ounces from copper, silver, zinc and lead, and 37,000 tonnes of copper.
The company is positioned to meet its 2024 production guidance with an expected attributable production delivery amount of 1.8 million gold ounces.
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
