Newmont Mining Corp. (NYSE:NEM) announced its Q3 earnings, commenting that its net income attributable to shareholders from continuing operations came to $210 million, or $0.42 per basic share. Its adjusted net income was $249 million, or $0.50 per basic share.
The company also reported cash from continuing operations of $328 million and savings of $58 million in “adjusted gold all-in sustaining costs, stable production and reduced cost guidance for the year.”
Other highlights include:
- Cash Flow: Generated cash from continuing operations of $328 million and $51 million in free cash flow from continuing operations;
- All-in Sustaining Costs: Gold and copper all-in sustaining costs (“AISC”) were $995 per ounce and $6.61 per pound, respectively, compared with $1,018 per ounce and $3.24 per pound, respectively, inthe prior year quarter;
- Costs Applicable to Sales: Reported gold and copper costs applicable to sales (“CAS”) of $705 per ounce and $5.73 per pound, respectively, compared with $668 per ounce and $2.41 per pound, respectively, in the prior year quarter;
- Outlook: On track to meet full year production outlook3of 4.7 to 5.0 million attributable ounces of gold, even after accounting for asset divestitures, at a lower range of CAS ($710 to $750 per ounce)and gold AISC ($1,020 to $1,080 per ounce);
- Production: Delivered 1.15 million ounces and 13,700 tonnes of attributable gold and copper production, respectively;
- Optimized Portfolio: Announced the divestiture of its Penmont stake, for total proceeds of approximately $477 million, bringing the total value of divestments to nearly $1.3 billion since 2013; and,
- Shareholder Returns: Declared a fourth quarter dividend of $0.025 per share in accordance with the Company’s gold price-linked dividend policy4.