Join our daily newsletter At The Bell to receive exclusive market insights
- International gold miner Newmont produced 1.3Moz of gold in Q3 CY23
- All-in sustaining costs were $1426/oz
- The average realised gold price per ounce was $1920, a decrease from Q2’s higher read of $1965
- The company reported adjusted net income of $286 million
- Cash flow from continuing operations sits at $1 billion
- CDIs opened flat on Friday
Global gold miner Newmont (ASX:NEM) is set to list its chess depositary interests on the ASX today, and investors have been given the company’s Q3 quarterly results.
For those playing at home, Newmont is the company buying out Australia’s Newcrest (NCM).
Newmont generated just over $1 billion in cash flow from operations during the quarter and an income of $286 million.
Average realised cost of $1920
The company produced 1.3 million ounces of gold at an average realised gold price of $1920. All-in sustaining costs were $1426/oz.
This was down from Q2 where realised prices sat higher at $1965.
“As we look ahead to the closing of the Newcrest transaction, we are excited about the long-term value it will bring to both sets of stakeholders and our combined workforce,” Newmont CEO Tom Palmer said.
“This transaction strengthens our position as the world’s leading gold company and sets the standard in safe, profitable and responsible mining.”
Operational updates
The company resolved a strike at its Mexican Penasquita gold mine with workers pocketing an eight per cent raise. The strike lasted four months.
That strike hurt operations so badly that the company revised its 2023 gold production forecasts to 5.3 million ounces, incorporating “impacts of the strike and lower production volumes” from joint ventures.
Those JVs are Nevada Gold Mines and Pueblo Viejo.
Plant issues were spotted at Ahafo, while output boosted at Cerro Negro over Q2.
Positive gains at Cerro Negro were offset, however, by Argentinian government import restrictions.
Regardless of labour disputes, nothing stopped Fitch ratings from awarding the company an A-rating across the period, backed by a stable outlook.
Newmont has called a 40-cent dividend per share of common stock for Q3 CY23 payable December 22.
