Newmont Corporation on Friday announced a report on its solid first quarter result.
According to largest Mining giants, they are well-positioned to deliver a strong second half and long-term value from top-tier mining jurisdictions
The company generated in its First Quarter 2022 highlights $689 million of cash from continuing operations and $252 million of Free Cash Flow.
They also Produced 1.34 million attributable ounces of gold and 350 thousand attributable gold equivalent ounces from co-products as well as Advancing profitable near-term projects, including Tanami Expansion 2, Ahafo North and Yanacocha Sulfides.
The Company, committed $5 million contribution to support humanitarian efforts in Ukraine.
“Newmont delivered a solid first quarter performance with $1.4 billion in adjusted EBITDA as we safely managed through the Omicron surge. The strength of our proven operating model and global portfolio in the world’s best mining jurisdictions is the foundation of Newmont’s clear and consistent strategy to create value and improve lives through sustainable and responsible mining”.
”In April, we published our 18th Annual Sustainability Report, which provides a transparent look at our ESG performance and the issues and metrics that matter most to our stakeholders. As a values-based organization and the gold sector’s recognized sustainability leader, Newmont has a long history of leading change in our approach to ESG and our core values are fundamental to how we run our business and where we choose to operate” Tom Palmer, Newmont President and Chief Executive Officer said.
Newmont’s attributable gold production decreased 8 percent to 1,344 thousand ounces from the prior year quarter primarily due to lower mill throughput at CC&V, Tanami, Porcupine and Nevada Gold Mines, lower ore grades milled at Peñasquito, Pueblo Viejo, Éléonore and Porcupine, and a build-up of in-circuit inventory. These decreases were partially offset by higher ore grade milled at Boddington and higher production at Yanacocha due to the acquisition of Buenaventura’s 43.65% ownership in February 2022.
However their adjusted net income4was $546 million or $0.69 per diluted share, compared to $594 million or $0.74 per diluted share in the prior year quarter. Primary adjustments to first quarter net income include pension settlement charges, changes in the fair value of investments, the loss recognized on the sale of the La Zanja equity method investment, reclamation and remediation charges, settlement costs, a voluntary contribution made to support humanitarian efforts in Ukraine, and valuation allowance and other tax adjustments.
Revenue increased5 percent from the prior year quarter to $3.0 billion primarily due to higher average realized gold prices and higher copper sales volumes, which were partially offset by lower gold sales volumes
About Newmont
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.
