As reported in its third quarter 2023 results, Newmont Corporation announced a third quarter dividend of $0.40 per share.
Even though the locations listed below presented difficulties, Newmont managed to produce more in the third quarter than it did in the second. The fourth quarter is predicted to see further production gains.
Newmont generated $1.0 billion in cash from continuing operations and reported $397 million in free cash flow, driven by favorable working capital changes, while continuing to reinvest in profitable projects. The company produced 1.3 million attributable gold ounces and 58 thousand co-product gold equivalent ounces (GEOs) from copper, building momentum for improved production in the fourth quarter.
The third quarter dividend payout was calibrated at the midpoint of the $1,700 per ounce annualized payout range.
“Newmont generated $1.0 billion of cash from continuing operations during the third quarter and continued to execute on our long-term strategic plan. This is based on a sustainable base dividend of $1.00 per share payable at the base reserve price and an incremental dividend payout of $0.60 per share.” We are enthusiastic about the long-term value that the Newcrest acquisition will provide to both sets of stakeholders and our combined workforce as we approach its closure. This deal solidifies our position as the top gold producer in the world and establishes a benchmark for ethical, profitable, and safe mining practices. On November 6th, we are eager to complete the deal and providing our first integration update on the combined business in the first quarter of 2024.” disclosed Tom Palmer, president and chief executive officer of Newmont.
In the third quarter, the replacement conveyor at Ahafo was commissioned as scheduled. However, mill throughput was hampered when Newmont’s Asset Management Team discovered hairline fractures in one of the main grinding mill’s girth gears during routine condition monitoring. To avoid additional deterioration of the gear and a major unanticipated breakdown, Newmont decided to operate at less than full capacity. In October, the team optimized the processing circuit, increasing throughput to over 80%. When the girth gear is replaced, full processing rates are predicted in the second quarter of 2024.
