Newmont sees earnings rise 106% on strong gold prices and sales volumes

Newmont Corporation (ASX:NEM) said its earnings (EBITDA – earnings before interest, tax, depreciation and amortization) had risen 106% to $8.68 billion in 2024, with this stimulated by rising sales volumes and higher realised gold prices, with the latter increasing 23% to $2,408 per ounce.

The company produced 6.85 million ounces of gold during 2024 – representing a rise of 23% compared to the previous year. Contributing to this was a 14% increase in gold production in the fourth quarter of the year – to 1,899 thousand ounces.

This was mainly based on stronger production metrics at Peñasquito, Boddington, and Lihir and the non-managed joint venture at Nevada Gold Mines.

However, Newmont also pared back expectations for 2025, with gold production tipped to reach only 5.9 million ounces.

President and Chief Executive Officer Tom Palmer said the annual data indicated the company’s resilience.

“2024 was a transformational year for Newmont, as we focused on the integration of the Newcrest portfolio, divestment of our non-core assets, and transitioning the business onto a stable operating and investment platform,” he said.

“We have deliberately streamlined Newmont into the world’s best collection of Tier 1 gold assets, with a strong foundation of operational and financial performance.

“Our record fourth quarter gave a glimpse into the promising potential of the business and allowed Newmont to deliver record operating cash flows.”

Newmont reported a fourth quarter dividend of $0.25.