Newmont Corporation has announced its second quarter results, declaring it’s on track to meet its full-year guidance and will pay a $US0.25-per-share dividend.
Attributable gold production decreased 4 per cent on the previous quarter to 1.48 million ounces. This was driven by Newmont selling off a range of non-core assets, but countered in part by increased production at many of the company’s remaining projects.
The average realised gold price was $US3320 per ounce, an increase of $US376 per ounce from the previous quarter.
Adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) increased 14 per cent to $US3 billion for the quarter.
The company also returned $US1 billion of capital to shareholders through share repurchases and dividend payments. An additional $US3 billion share repurchase program has been authorised, and will be executed at the company’s discretion.
Newmont chief executive officer Tom Palmer said the excellent results were in line with expectations, with the company also tracking well against its non-financial goals.
“Newmont delivered a strong second quarter, producing approximately 1.5 million attributable gold ounces and generating an all time record quarterly free cash flow of $US1.7 billion ($2.58 billion), underscoring the strength of our world-class portfolio and the disciplined execution of the commitments we shared at the beginning of the year,” he said.
“We remain firmly on track to achieve our 2025 guidance as we continue to strengthen our safety culture, stabilise our operations and deliver long term value to shareholders.”
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
