Gold

Newmont Mining Corp. (NYSE:NEM) announced its financial and operating results for the second quarter of 2014, reporting net income attributable to shareholders from continuing operations of $182 million and adjusted net income of $101 million.

Newmont Mining Corp. (NYSE:NEM) announced its financial and operating results for the second quarter of 2014, reporting net income attributable to shareholders from continuing operations of $182 million and adjusted net income of $101 million.

Other highlights include:

  • Reduced costs applicable to sales (CAS) by 17 percent to $744 per ounce of gold and by 67 percent to $2.53 per pound of copper over second quarter 2013 including current and prior period inventory adjustments;
  • Generated cost savings of $359 million in gold all-in sustaining costs (AISC);
  • Generated cash from continuing operations of $378 million and $124 million in free cash flow from continuing operations;
  • Delivered 1.2 million ounces and 20,000 tonnes of attributable gold and copper production, respectively;
  • Improved gold CAS outlook by three percent to $720 to $760 per ounce in 2014;
  • Increased attributable gold production outlook by two percent to 4.7 to 5.0 million ounces in 2014;
  • Announced a decision to develop the Merian project in Suriname;
  • Announced the sale of the Jundee operation in Australia for total proceeds of approximately $94 million, bringing the total value of divestments to nearly $800 million in the last year; and
  • Declared a third quarter dividend of $0.025 per share in accordance with the Company’s gold price-linked dividend policy.

Gary Goldberg, president and CEO of Newmont, commented:

We continued to improve costs and efficiencies during the second quarter with $359 million in all-in sustaining cost reductions. We also continued to optimize our project pipeline and asset portfolio while reaching a decision to develop the Merian mine in Suriname, which establishes a prospective new district for Newmont. We delivered $124 million in free cash flow in the second quarter and have generated nearly $800 million through fairly valued divestments over the last 12 months. Based on this positive trajectory, we have updated our 2014 outlook to reflect lower costs and higher production. Finally, we continue to work with the Indonesian government to find a fair solution that allows us to resume normal operations as quickly as possible.

Click here to read the full Newmont Mining Corp. (NYSE:NEM) press release.

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