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NEM · Newmont

50 filings

10-Q

NEM 10-Q Quarterly Reports

Newmont - 50 quarterly reports

Filing record · 2016–202610-K1210-Q338-K155

NEM filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 155 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · May ’17May ’17
  2. Material agreement8-K · Aug ’19Aug ’19
  3. Leadership change8-K · Nov ’21Nov ’21
  4. Leadership change8-K · Sep ’25Sep ’25
  1. 2026-Q3

    Newmont Quarterly Report for Q3 Ended Sep 30, 2026

    Newmont Corporation reported a significant increase in sales and net income for the nine months ended September 30, 2026, compared to the same period in 2025. Sales grew by approximately 25% to $19.79 billion, driven primarily by higher average realized prices for gold and silver. Net income attributable to Newmont stockholders more than doubled, reaching $7.94 billion, reflecting strong operational performance and strategic asset management. The company also demonstrated robust cash flow generation, with net cash provided by operating activities increasing substantially. Key financial highlights include a strong rise in diluted earnings per share to $7.43 from $5.20 in the prior year. The company maintained a solid liquidity position with substantial cash and cash equivalents and undrawn credit facilities. Despite inflationary pressures and geopolitical uncertainties mentioned, Newmont's proactive management and diversified asset base have enabled it to deliver impressive financial results, positioning it well for continued value creation.

    Oct 22, 2026
  2. 2026-Q2

    Newmont Quarterly Report for Q2 Ended Jun 30, 2026

    Newmont Corporation (NEM) reported strong financial performance for the six months ended June 30, 2026, with net income attributable to Newmont stockholders reaching $5.46 billion, a significant increase from $3.95 billion in the prior year period. This growth was driven by robust sales, up to $13.42 billion from $10.33 billion, largely due to higher average realized prices for gold and silver, despite a decrease in gold sales volumes. The company's operating cash flow also saw a substantial rise to $6.71 billion from $4.42 billion, indicating efficient operations. Newmont also actively managed its capital structure, repurchasing a significant amount of its common stock, demonstrating a commitment to shareholder returns. The company's liquidity remains strong, with substantial cash and cash equivalents and available borrowing capacity. Key operational highlights include the achievement of commercial production at the Ahafo North project in Ghana and continued investments in development projects. However, the company faced temporary operational impacts, notably at its Cadia operations in Australia due to seismic activity, which affected production and increased costs for the quarter. Despite these challenges, Newmont's diversified operations and strategic financial management position it well to navigate market dynamics and deliver shareholder value.

    Jul 23, 2026
  3. 2026-Q1

    Newmont Quarterly Report for Q1 Ended Mar 31, 2026

    Newmont Corporation (NEM) reported a strong first quarter for 2026, with significant increases in sales and net income compared to the prior year. Sales surged by 46% to $7,307 million, driven by substantial growth in gold and silver prices, alongside higher sales volumes for silver. Net income attributable to Newmont stockholders more than doubled to $3,262 million ($3.00 per diluted share) from $1,891 million ($1.68 per diluted share) in the first quarter of 2025. The company demonstrated robust operational performance, with substantial improvements in cash flow from operations, which rose to $3,785 million. Free cash flow also saw a significant increase, reaching $3,144 million. This strong financial performance was supported by higher commodity prices and the successful integration of recent divestitures, contributing to improved profitability and a strengthened balance sheet. Newmont's strategic focus on value creation and operational efficiency appears to be yielding positive results for shareholders.

    Apr 23, 2026
  4. 2025-Q3

    Newmont Quarterly Report for Q3 Ended Sep 30, 2025

    Newmont Corporation reported robust financial results for the third quarter of 2025, demonstrating significant year-over-year growth in sales and net income. The company's strategic divestitures of non-core assets are progressing, contributing to a stronger financial position and improved operational focus. Higher average realized gold prices were a key driver for the increase in sales, which more than offset the impact of divestitures. Despite inflationary pressures impacting production costs, Newmont managed to control expenses effectively, leading to substantial improvements in profitability and cash flow. The company's balance sheet reflects a strengthened financial position, with a significant increase in cash and cash equivalents and a substantial reduction in debt. This improved liquidity provides flexibility for future investments, strategic initiatives, and shareholder returns. Newmont continues to prioritize capital discipline and operational efficiency, positioning itself for sustained value creation in the evolving global mining landscape.

    Oct 23, 2025
  5. 2025-Q2

    Newmont Quarterly Report for Q2 Ended Jun 30, 2025

    Newmont Corporation reported a strong second quarter of 2025, with net income from continuing operations attributable to stockholders reaching $2.061 billion, a significant increase from $838 million in the prior year's quarter. This surge was driven primarily by higher average realized gold prices and substantial gains from the divestiture of non-core assets. Sales increased by 21% year-over-year to $5.317 billion. The company also benefited from favorable changes in the fair value of investments. Costs applicable to sales decreased overall due to the impact of divestitures, though excluding these impacts, costs saw an increase driven by higher contracted services, royalties, and labor costs, reflecting inflationary pressures. Financially, Newmont strengthened its balance sheet, with cash and cash equivalents increasing to $6.185 billion and net debt significantly decreasing to $1.422 billion. The company generated strong operating cash flow of $4.415 billion for the six months ended June 30, 2025. The company also continued its commitment to returning capital to shareholders through share repurchases and dividends. The successful completion of several divestitures, as part of its portfolio optimization strategy, contributed positively to the financial results, with the Coffee development project being the last remaining asset held for sale. Looking ahead, Newmont continues to focus on profitable growth and operational efficiency.

    Jul 24, 2025
  6. 2025-Q1

    Newmont Quarterly Report for Q1 Ended Mar 31, 2025

    Newmont Corporation (NEM) reported a significant increase in net income from continuing operations attributable to stockholders for the first quarter of 2025, reaching $1.89 billion, or $1.68 per diluted share, compared to $166 million, or $0.15 per diluted share, in the prior year's quarter. This strong performance was primarily driven by a substantial rise in sales, largely due to higher average realized gold prices, and a net gain from the sale of assets held for sale, contrasting with a loss recognized in the previous year. The company also saw a significant increase in operating cash flow to $2.03 billion. Operationally, Newmont continues to execute its portfolio optimization strategy, completing the sale of several non-core assets in the first quarter of 2025, including CC&V, Musselwhite, and Éléonore. Further divestitures of Akyem and Porcupine were completed in April 2025. These divestitures, alongside higher commodity prices, contributed to improved financial results. The company maintained its quarterly dividend of $0.25 per share and demonstrated robust liquidity with total liquidity of $8.77 billion at the end of the quarter.

    Apr 24, 2025
  7. 2024-Q3

    Newmont Quarterly Report for Q3 Ended Sep 30, 2024

    Newmont Corporation reported a significant increase in its third-quarter and year-to-date financial performance for 2024, largely driven by the successful integration of assets acquired from the Newcrest transaction. Sales for the quarter surged by 85% year-over-year, reaching $4.6 billion, with a substantial contribution from gold and copper. Net income from continuing operations attributable to Newmont stockholders saw a dramatic rise to $873 million ($0.76 per diluted share) from $157 million ($0.20 per diluted share) in the prior year's quarter, reflecting improved operational performance and higher realized commodity prices. The company also demonstrated strong cash flow generation, with net cash provided by operating activities of continuing operations increasing to $3.8 billion for the nine months ended September 30, 2024. Newmont continues to advance its portfolio optimization strategy by divesting non-core assets, with agreements in place for the sale of Telfer and Akyem expected to close in Q4 2024. Financially, Newmont strengthened its balance sheet, with a focus on debt management and returning capital to shareholders. The company repaid a significant portion of its outstanding debt, enhanced its revolving credit facility capacity, and continued its share repurchase program. The strong operational and financial results for the quarter underscore Newmont's successful integration of Newcrest and its strategic positioning in the current commodity market environment. Investors will likely monitor the successful completion of asset divestitures and the ongoing execution of development projects as key performance indicators moving forward.

    Oct 24, 2024
  8. 2024-Q2

    Newmont Quarterly Report for Q2 Ended Jun 30, 2024

    Newmont Corporation reported a significant increase in net income attributable to stockholders for the second quarter of 2024, reaching $838 million ($0.73 per diluted share) compared to $153 million ($0.19 per diluted share) in the prior year. This strong performance was driven by higher realized prices across all metals and increased sales volumes, largely attributed to the integration of assets acquired through the Newcrest transaction. The company also generated substantial operating cash flow, contributing to positive free cash flow of $520 million for the first six months of the year. Despite the robust financial results, Newmont is navigating a portfolio optimization program, having classified six non-core assets and a development project as held for sale, which resulted in a $731 million loss on assets held for sale in the first half of the year. The company continues to manage its balance sheet effectively, with debt levels managed through refinancing and partial redemptions. Investors should monitor the progress of these divestitures and the impact of ongoing operational efficiency initiatives.

    Jul 25, 2024
  9. 2024-Q1

    Newmont Quarterly Report for Q1 Ended Mar 31, 2024

    Newmont Corporation (NEM) reported its first quarter 2024 financial results, showcasing a significant increase in sales driven by the recent acquisition of Newcrest Mining Limited and higher gold prices. Sales for the quarter surged to $4,023 million from $2,679 million in the prior year. However, net income from continuing operations attributable to Newmont stockholders decreased to $166 million ($0.15 per diluted share) from $339 million ($0.42 per diluted share) in Q1 2023. This decline was primarily due to a substantial $485 million loss recognized on assets held for sale, which were part of a portfolio optimization strategy to divest six non-core assets and a development project. The company also saw an increase in costs applicable to sales and depreciation and amortization, largely attributable to the Newcrest acquisition. Despite the lower net income, the company maintained a strong liquidity position with $6,678 million in total liquidity at the end of the quarter, and it reaffirmed its commitment to returning capital to shareholders through dividends and a new $1 billion share repurchase program. Operationally, Newmont produced 1,619 thousand gold ounces, a notable increase from 1,233 thousand in Q1 2023, reflecting the integration of Newcrest's assets and improved production at sites like Tanami. The average realized gold price rose to $2,090 per ounce from $1,906 per ounce. The company is actively managing its portfolio, with the sale of non-core assets expected to be completed within 12 months. Management highlighted the successful integration of Newcrest and the ongoing focus on operational efficiency and responsible mining practices.

    Apr 29, 2024
  10. 2023-Q3

    Newmont Quarterly Report for Q3 Ended Sep 30, 2023

    Newmont Corporation reported a decrease in net income attributable to stockholders for the three months ended September 30, 2023, compared to the same period in 2022, primarily driven by the work stoppage at its Peñasquito mine due to a labor strike. This strike significantly impacted sales volumes for all metals. While average realized prices for gold and copper saw an increase, this was offset by higher reclamation and remediation expenses. For the nine-month period, the net income decrease was also attributed to lower sales volumes across most metals, impacted by the Peñasquito strike, operational adjustments at Akyem, and weather-related disruptions at Tanami. Despite these challenges, the company's cash position remains strong, and it is progressing towards the expected completion of the Newcrest acquisition in November 2023, which is anticipated to enhance its global portfolio and financial flexibility.

    Oct 26, 2023
  11. 2023-Q2

    Newmont Quarterly Report for Q2 Ended Jun 30, 2023

    Newmont Corporation (NEM) reported its second-quarter 2023 financial results, with total sales of $2.68 billion, a decrease from $3.06 billion in the prior year's comparable period. Net income attributable to stockholders was $155 million, or $0.19 per diluted share, down from $387 million, or $0.49 per diluted share, in the second quarter of 2022. The decrease in revenue and net income was primarily driven by lower sales volumes across most metals, impacted by operational challenges including a labor strike at the Peñasquito mine and lower production at Akyem and Tanami due to operational adjustments and weather events. Despite these operational headwinds, the company is progressing towards its strategic acquisition of Newcrest Mining Limited, expected to close in the fourth quarter of 2023, subject to customary approvals. Management is focusing on optimizing fund allocation and is prudently managing its liquidity, with $2.83 billion in cash and cash equivalents as of June 30, 2023. The company continues to navigate macroeconomic pressures like inflation and supply chain disruptions.

    Jul 20, 2023
  12. 2023-Q1

    Newmont Quarterly Report for Q1 Ended Mar 31, 2023

    Newmont Corporation's first quarter 2023 results show a decrease in sales and net income compared to the same period in 2022, primarily driven by lower average realized prices for most metals (excluding gold) and reduced sales volumes for most metals (excluding copper). These factors, coupled with higher costs applicable to sales due to global inflation, led to a decrease in net income attributable to Newmont stockholders from $448 million in Q1 2022 to $351 million in Q1 2023. Despite the revenue decline, the company maintained a strong liquidity position with significant cash and cash equivalents and an undrawn revolving credit facility. Capital expenditures remain focused on development projects like Tanami Expansion 2 and Ahafo North. Management highlights ongoing efforts to improve safety, ESG practices, and operational efficiency, while navigating macroeconomic pressures such as inflation and supply chain disruptions. The company also updated its reportable segments to align with its revised operating strategies.

    Apr 27, 2023
  13. 2022-Q3

    Newmont Quarterly Report for Q3 Ended Sep 30, 2022

    Newmont Corporation (NEM) reported its third-quarter 2022 financial results, indicating a mixed performance impacted by inflationary pressures and lower commodity prices compared to the prior year. For the three months ended September 30, 2022, the company generated $2.63 billion in sales, a decrease from $2.89 billion in the same period of 2021. Net income attributable to Newmont stockholders was $213 million, or $0.27 per diluted share, a significant improvement from $3 million, or $0.00 per diluted share, in Q3 2021. This improvement was largely driven by the absence of a significant loss on assets held for sale that impacted the prior year's results. However, costs applicable to sales increased by 13% year-over-year, primarily due to global inflation impacting labor, fuel, energy, and materials. The company also announced the delay of the full-funds investment decision for the Yanacocha Sulfides project in Peru due to these challenging market conditions. Despite these headwinds, Newmont continues to focus on operational improvements, ESG practices, and returning value to shareholders.

    Nov 1, 2022
  14. 2022-Q2

    Newmont Quarterly Report for Q2 Ended Jun 30, 2022

    Newmont Corporation's (NEM) second quarter of 2022 report indicates a decrease in net income attributable to stockholders compared to the prior year, primarily driven by higher costs applicable to sales, especially fuel and energy costs, and a new profit-sharing agreement at the Peñasquito mine. Despite these cost pressures, sales remained relatively flat year-over-year. The company continues to manage inflationary impacts and supply chain disruptions. Capital expenditures remain focused on development projects, with significant investments in Ahafo North and Tanami Expansion 2 projects. The company maintained a strong liquidity position with substantial cash reserves and an undrawn revolving credit facility. Financially, the period saw a notable increase in costs applicable to sales, impacting profitability. This was partially offset by higher realized gold prices and a reduction in income tax expense. The company also completed the acquisition of the remaining noncontrolling interest in Yanacocha, bringing its ownership to 100%. Investors should monitor ongoing cost inflation, operational efficiencies, and the company's progress on its strategic development projects.

    Jul 25, 2022
  15. 2022-Q1

    Newmont Quarterly Report for Q1 Ended Mar 31, 2022

    Newmont Corporation (NEM) reported its first quarter 2022 financial results, showing a decrease in net income attributable to stockholders to $448 million ($0.56 per diluted share) from $559 million ($0.70 per diluted share) in the same period of 2021. This decline was primarily driven by lower gold sales volume, increased costs applicable to sales, a non-cash pension settlement charge, and a loss on the sale of an equity investment. Despite these headwinds, sales revenue saw a modest increase to $3,023 million from $2,872 million year-over-year, supported by higher realized metal prices across most commodities, particularly copper and zinc. Operationally, the company experienced a decrease in consolidated gold production due to lower throughput and grades, alongside higher costs applicable to sales per ounce. However, diversification into other metals like copper and zinc contributed positively. Newmont continued its strategic transactions, including the acquisition of Buenaventura's stake in Yanacocha and the sale of its interest in La Zanja. The company maintained a strong liquidity position with significant cash and cash equivalents and available credit facilities, supporting its commitment to dividends and share repurchases.

    Apr 22, 2022
  16. 2021-Q3

    Newmont Quarterly Report for Q3 Ended Sep 30, 2021

    Newmont Corporation reported a net loss of $243 million, or $0.01 per diluted share, for the third quarter of 2021, a significant decrease from a net income of $856 million, or $1.04 per diluted share, in the same period of 2020. This decline was primarily attributed to a substantial $571 million loss on assets held for sale related to the Conga mill assets, lower realized gold prices, reduced gold sales volumes, and increased reclamation and remediation charges. Despite the quarterly loss, the year-to-date results show a net income of $997 million for the first nine months of 2021, compared to $2.027 billion for the same period in 2020. The company's sales for the quarter decreased by 9% to $2.895 billion, driven by lower gold prices and volumes, although copper, silver, lead, and zinc sales saw increases. The company maintained a strong liquidity position with $4.636 billion in cash and cash equivalents at the end of September 2021.

    Oct 28, 2021
  17. 2021-Q2

    Newmont Quarterly Report for Q2 Ended Jun 30, 2021

    Newmont Corporation reported strong financial performance for the second quarter and first half of 2021, driven by higher gold prices and increased sales volumes. Sales for the three months ended June 30, 2021, reached $3.065 billion, a significant increase from $2.365 billion in the prior year period. Net income attributable to Newmont stockholders rose to $650 million, or $0.81 per diluted share, compared to $344 million, or $0.43 per diluted share, in the second quarter of 2020. The company's operations benefited from improved production at several key mines, which had been impacted by COVID-19 related measures in the prior year. The company also highlighted its commitment to returning value to shareholders through dividends and share repurchases, authorizing a new stock repurchase program for up to $1 billion. Capital expenditures for development projects, including the Ahafo North project, are progressing as planned. Despite some operational challenges, such as temporary care and maintenance at the Tanami mine due to COVID-19 restrictions, Newmont's diversified global portfolio and strong operational execution position it well for continued performance.

    Jul 22, 2021
  18. 2021-Q1

    Newmont Quarterly Report for Q1 Ended Mar 31, 2021

    Newmont Corporation's (NEM) first quarter 2021 results show a decrease in net income attributable to stockholders to $559 million ($0.70 per diluted share) from $822 million ($1.02 per diluted share) in the prior year period. This decline was primarily driven by significantly lower gains on asset and investment sales compared to Q1 2020, which included substantial sales of Kalgoorlie, Continental Gold, and Red Lake assets. Despite this, sales increased by 11% to $2.87 billion, driven by higher realized metal prices, particularly for gold, copper, silver, lead, and zinc. Operationally, the company generated $841 million in cash from operating activities, though this was lower than the prior year's $936 million, mainly due to higher tax payments and changes in working capital. Capital expenditures increased to $399 million for development and sustaining projects. Newmont continues to focus on its strategic priorities, including reinvesting in its portfolio, maintaining a strong balance sheet, and returning capital to shareholders through dividends and share repurchases. The company also announced a binding agreement to acquire the remaining 85.1% of GT Gold Corp. for approximately $313 million, expected to close in the second quarter of 2021.

    Apr 29, 2021
  19. 2020-Q3

    Newmont Quarterly Report for Q3 Ended Sep 30, 2020

    Newmont Corporation's Q3 2020 report indicates a significant decrease in net income attributable to stockholders, primarily due to the gain on the formation of Nevada Gold Mines (NGM) recognized in the prior year's quarter, coupled with lower sales volumes resulting from asset divestitures (Kalgoorlie and Red Lake) and the impact of COVID-19 on certain operations. Despite these factors, higher average realized gold prices provided a partial offset. The company generated strong operating cash flows, demonstrating resilience amidst global challenges. Liquidity remains robust, supported by substantial cash balances and available credit facilities, enabling continued focus on strategic priorities including debt management and shareholder returns.

    Oct 29, 2020
  20. 2020-Q2

    Newmont Quarterly Report for Q2 Ended Jun 30, 2020

    Newmont Corporation reported a significant increase in net income for the six months ended June 30, 2020, reaching $1.17 billion, a substantial rise from $119 million in the prior year. This improvement was driven by higher average realized gold prices and gains from asset sales, notably the Kalgoorlie, Continental Gold, and Red Lake operations. The company also managed to reduce its debt by $1.1 billion during the six-month period. Despite the overall positive financial performance, Newmont experienced operational challenges due to the COVID-19 pandemic, temporarily placing five mine sites into care and maintenance. However, operations resumed in the second quarter, with sites ramping up. The company maintained a strong liquidity position with $3.81 billion in cash and cash equivalents and significant borrowing capacity, enabling it to manage the impacts of the pandemic and continue strategic capital allocation, including dividends and share repurchases.

    Jul 30, 2020
  21. 2020-Q1

    Newmont Quarterly Report for Q1 Ended Mar 31, 2020

    Newmont Corporation reported a significant increase in net income for the first quarter of 2020 compared to the same period in 2019, driven primarily by substantial gains from asset sales, including Kalgoorlie, Continental Gold, and Red Lake. Sales also saw a robust increase, largely due to the contributions from the Goldcorp acquisition and higher average realized gold prices. The company also benefited from higher income tax benefits resulting from the release of tax valuation allowances. Despite the positive financial results, the company noted the material impact of the COVID-19 pandemic, leading to temporary care and maintenance for several operations. These measures, alongside ongoing operational adjustments and specific COVID-19 related costs, introduced some operational and financial pressures. Nevertheless, Newmont maintained a strong liquidity position, with significant cash and cash equivalents and available borrowing capacity, enabling it to navigate the uncertainties of the pandemic and continue its capital allocation priorities, including dividends and share repurchases.

    May 5, 2020
  22. 2019-Q3

    Newmont Quarterly Report for Q3 Ended Sep 30, 2019

    Newmont Goldcorp's third quarter 2019 results were dominated by the April 2019 acquisition of Goldcorp and the July 1, 2019 formation of Nevada Gold Mines (NGM), a 38.5%-owned joint venture with Barrick. Reported net income attributable to Newmont stockholders was $2,178 million ($2.65 per diluted share), inflated by a $2,366 million non-cash gain on the NGM formation. Excluding that gain and other special items, Adjusted net income was $292 million ($0.36 per diluted share), up $0.03 year over year. Sales rose 57% to $2,713 million, driven by new production from the Goldcorp assets and higher realized gold prices ($1,476/oz versus $1,201/oz). Attributable gold production increased 28% to 1.64 million ounces, and Adjusted EBITDA rose 70% to $1,079 million. Cash generation improved on a year-to-date basis. Operating cash flow from continuing operations was $1,668 million for the nine months (up 52%), and Free Cash Flow was $635 million. Capital spending rose to $1,033 million for the nine months as the company funded sustaining and development projects. Management declared a $0.14 quarterly dividend, and the company retired $1.25 billion of acquired Goldcorp debt during the period. It also issued $700 million of 2.80% senior notes due 2029 to refinance the $626 million 2019 notes due October 1, 2019. The balance sheet expanded considerably. Total assets rose to $40.8 billion from $20.7 billion at year-end 2018, and total debt reached about $6.8 billion, producing net debt of $4.75 billion, up from $864 million. Management characterized the balance sheet as supporting an investment-grade credit profile. Key risks include a Peñasquito blockade that halted operations for 17 days in Q3 and 49 days in Q2, the Musselwhite conveyor fire, a $1.07 billion silver streaming liability assumed with Goldcorp, a $3.44 billion reclamation liability, Argentine currency controls affecting Cerro Negro, and a Mexican ecological tax dispute at Peñasquito.

    Nov 5, 2019
  23. 2019-Q2

    Newmont Quarterly Report for Q2 Ended Jun 30, 2019

    Newmont Goldcorp Corporation (NEM) reported a significant shift in its financial and operational landscape during the second quarter of 2019. The company completed the transformative acquisition of Goldcorp Inc. on April 18, 2019, integrating its assets and operations, which contributed to a substantial increase in gold production. Concurrently, Newmont finalized the formation of the Nevada Gold Mines joint venture with Barrick Gold Corporation on July 1, 2019, consolidating its Nevada operations into a larger, jointly operated complex. These strategic moves are expected to enhance the company's scale and operational efficiencies, positioning it as the largest gold-producing complex globally. Financially, the quarter saw a considerable decrease in net income attributable to stockholders, largely due to integration costs associated with these major transactions and operational disruptions at certain mines. However, adjusted EBITDA showed a robust increase, indicating underlying operational strength. The company also maintained a strong liquidity position with substantial cash on hand, supporting its investment-grade credit profile and enabling the payment of a significant special dividend to shareholders, alongside the regular quarterly dividend.

    Jul 25, 2019
  24. 2019-Q1

    Newmont Quarterly Report for Q1 Ended Mar 31, 2019

    Newmont Corp's first quarter 2019 10-Q, filed April 25, 2019, reports results for the standalone Newmont Mining business before its acquisition of Goldcorp, which closed April 18, 2019. Sales were $1,803 million, roughly flat versus $1,817 million a year earlier, as higher gold volumes offset lower realized gold prices ($1,300 per ounce versus $1,326). Net income from continuing operations attributable to Newmont fell to $113 million ($0.21 per diluted share) from $0.32, driven by roughly $57 million of higher Goldcorp and Nevada JV transaction costs. Adjusted net income was $176 million ($0.33 per share), down 6%, while Adjusted EBITDA rose 7% to $687 million. Attributable gold production rose 2% to 1.23 million ounces, and all-in sustaining costs per gold ounce fell 4%. Cash generation improved meaningfully: operating cash flow from continuing operations was $574 million, up 116%, and free cash flow was $349 million. The company ended the quarter with $3.5 billion of cash and net debt of $0.8 billion. Its capital allocation also changed sharply after quarter-end. A $0.88 per share special dividend is payable May 1, 2019, which will consume roughly $1.7 billion of cash in the second quarter together with the Goldcorp cash items, and a $2 billion note exchange added debt. The Goldcorp shareholders received about 285 million Newmont shares, valued at $9.4 billion, so the second-quarter results will reflect a much larger combined company. Investors should note the filing's limitations. The first-quarter figures exclude Goldcorp entirely, so they are a poor guide to the combined company's earnings. Purchase price allocation is not yet complete, and the pending Nevada joint venture with Barrick, in which Newmont holds 38.5%, is expected to be deconsolidated later. Legal exposures include a Peruvian tax dispute of up to $86 million and the Ghana constitutional challenge.

    Apr 25, 2019
  25. 2018-Q3

    Newmont Quarterly Report for Q3 Ended Sep 30, 2018

    Newmont's third quarter 2018 10-Q shows a weak quarter driven by non-cash charges and lower output. The company posted a net loss from continuing operations attributable to Newmont stockholders of $(161) million, or $(0.31) per diluted share, down $374 million from the prior-year quarter. The decline was primarily driven by a $366 million impairment of long-lived assets, mostly exploration properties in North America ($331 million) and the Emigrant operation ($35 million), along with lower metal prices. Sales fell 8% to $1,726 million, and attributable gold production dropped 4.0% to 1.29 million ounces. Underlying cash metrics were more resilient. Adjusted net income was $175 million, or $0.33 per diluted share, down 3% year over year, and Adjusted EBITDA was $636 million, also down 3%. Nine-month operating cash flow from continuing operations fell 21% to $1,095 million, but free cash flow was still positive at $332 million. The balance sheet remains solid, with $3.1 billion of cash and net debt of $1.1 billion. The quarterly dividend was raised 87% to $0.14 per share. Investors should weigh the impairments and lower grades at Carlin, CC&V and Kalgoorlie against the progress on the project pipeline, including Subika Underground, Quecher Main and Tanami Power. The filing also flags the Ahafo Mill Expansion construction accident, which caused six fatalities and delayed first gold to the second half of 2019, and the acquisition of a 50% interest in Galore Creek for $100 million in cash plus $175 million in deferred and contingent payments.

    Oct 25, 2018
  26. 2018-Q2

    Newmont Quarterly Report for Q2 Ended Jun 30, 2018

    Newmont Mining's Q2 2018 10-Q shows a quarter with lower operating volumes offset by higher realized prices and one-time gains. Sales fell 11% to $1,662 million, with consolidated gold production down 14% to 1.24 million ounces, driven by lower grades at Carlin, Twin Creeks, Boddington and Akyem and a concentrate inventory build at CC&V. Reported diluted EPS from continuing operations rose to $0.51 from $0.36, mainly because of lower income taxes, a $100 million pre-tax gain on the royalty portfolio sale to Maverix Metals, and higher average realized gold ($1,292/oz vs. $1,250/oz) and copper prices. Excluding these items, Adjusted net income fell 43% to $144 million ($0.26 per diluted share) and Adjusted EBITDA fell 22% to $545 million, so underlying earnings power weakened. Cash generation also softened. Operating cash flow from continuing operations was $667 million for the six months, down 26%, as working capital build (stockpiles and leach pads) and higher tax payments offset better metal prices. Free cash flow was $178 million for the six months. All-in sustaining costs per consolidated gold ounce rose 16% in the quarter to $1,024, reflecting lower production, higher inventory write-downs and higher oil prices. Stockpile and leach pad write-downs totaled $152 million for the six months, compared with $86 million in the prior-year period. Balance sheet strength remains a key support. Cash was $3.1 billion and net debt was under $1.0 billion, with no revolver borrowings and the next scheduled debt maturity of $626 million in 2019. The quarterly dividend was raised to $0.14 per share, up 87% year over year. Management also disclosed a July 2018 agreement to acquire a 50% interest in Galore Creek from NovaGold for $100 million cash plus $100 million deferred and $75 million contingent payments. The April 2018 fatal accident at the Ahafo Mill Expansion, which killed six contractors, delays first gold there into the second half of 2019.

    Jul 26, 2018
  27. 2018-Q1

    Newmont Quarterly Report for Q1 Ended Mar 31, 2018

    Newmont Mining's first quarter 2018 10-Q shows a business benefiting from higher realized prices while absorbing rising operating costs. Net income from continuing operations attributable to Newmont stockholders rose to $170 million, or $0.32 per diluted share, up $100 million from the prior-year quarter, driven mainly by an average realized gold price of $1,326 per ounce (up from $1,219). Adjusted net income was $185 million, or $0.35 per diluted share, a 35% increase year over year, and adjusted EBITDA reached $644 million, up 12%. Sales rose to $1,817 million from $1,690 million. The quality of the quarter is more mixed. Attributable gold production fell 2% to 1.21 million ounces, consolidated gold output fell 3%, and copper output fell 10%. Costs applicable to sales per gold ounce rose 8% to $1.74 billion-equivalent in the consolidated figures, and all-in sustaining costs per gold ounce rose 8%. Operating cash flow from continuing operations fell 29% to $266 million, and free cash flow was only $35 million, reflecting working capital build from shipment timing and higher stockpile levels. The company also booked a $79 million stockpile write-down, and the $0.14 quarterly dividend was 180% higher than the prior year. Balance sheet and portfolio items matter for the longer-term view. Cash stood at $3.1 billion against $4.1 billion of debt, and no revolver borrowings were outstanding. Management approved several projects, including Subika Underground and Tanami Power, and advanced Yanacocha Sulfides and Long Canyon Phase 2. Two items warrant monitoring: a construction accident at the Ahafo Mill Expansion that killed six contractors, which has suspended civil work, and a 2018 restatement for an immaterial error in reclamation liabilities that increased the year-end 2017 reclamation liability and reduced retained earnings. The company also adopted ASC 606 and ASC 16-01, which changed revenue timing and reclassified $115 million from AOCI to retained earnings.

    Apr 26, 2018
  28. 2017-Q3

    Newmont Quarterly Report for Q3 Ended Sep 30, 2017

    Newmont's third quarter 2017 results show a company benefiting from new production and a stronger financial position, though gold prices and tax items weighed on earnings. Attributable gold production rose 7% year over year to 1.34 million ounces, driven by Merian and Long Canyon, while consolidated copper output fell. Net income from continuing operations attributable to Newmont stockholders was $213 million, or $0.39 per diluted share, up from $0.32 a year earlier, mainly on higher production and lower income and mining taxes. Adjusted net income was $183 million ($0.35 per share), an 8% decline, and Adjusted EBITDA was $653 million, down 2%, as realized gold prices fell to $1,276 per ounce from $1,329. Cash generation and the balance sheet were the bright spots. Operating cash flow from continuing operations for the nine months was $1.596 billion, and free cash flow was $1.039 billion. Cash and equivalents ended the quarter at $2.969 billion, and total debt was reduced by repaying the $575 million 2017 convertible notes at maturity. The quarterly dividend was raised to $0.075 per share, 50% above the prior-year level. Investors should note that net income for the nine months was still negative after the 2016 Batu Hijau sale charges, and that Newmont has several exposures to watch, including an Australian Taxation Office capital gains claim of roughly $65 to $85 million, a Peruvian tax dispute of up to $75 million, and the Yanacocha reclamation and water-treatment matters. Growth projects advanced during the quarter. Tanami Expansion reached commercial production in August 2017, Twin Creeks Underground began production, and the board fully funded Quecher Main in October 2017, extending Yanacocha's mine life to 2027. Subika Underground and the Ahafo Mill Expansion are on track for 2018 and 2019 respectively. Costs remain a pressure point: all-in sustaining costs per gold ounce rose 2% in the quarter, and stockpile and leach pad write-downs totaled $60 million in the quarter and $146 million year to date.

    Oct 26, 2017
  29. 2017-Q2

    Newmont Quarterly Report for Q2 Ended Jun 30, 2017

    Newmont Mining's second quarter 2017 results show a strong operating and financial rebound. Attributable gold production rose 13% to 1.4 million ounces, driven by new production at Merian and Long Canyon, which more than offset lower grades at Tanami and Yanacocha. Sales rose to $1,875 million from $1,669 million, and net income from continuing operations attributable to Newmont stockholders was $192 million, or $0.36 per diluted share, versus $0.02 a year earlier. Adjusted net income was $248 million ($0.46 per diluted share), up 60%, and Adjusted EBITDA was $698 million, up 16%. Management also reported all-in sustaining costs per consolidated gold ounce down 3%, helped by higher ounces sold. Balance sheet and capital allocation were strengthened. Cash ended the quarter at $3.1 billion, up from $2.8 billion at year-end 2016, and operating cash flow from continuing operations was $908 million for the first six months. Total debt carrying value was about $4.6 billion. The company made a $575 million convertible note maturity in July 2017 with cash on hand, and extended its $3 billion revolver to 2022. The quarterly dividend was raised to $0.075 per share for the third quarter, triple the prior-year level. Growth investments included a $109 million stake in Continental Gold (Buritic project, Colombia) and approval of the Twin Underground project in Nevada. Key risks remain. Gold and copper prices drive profitability and asset values, and the company does not hedge its metal sales. Management flagged potential impairment exposure if prices weaken. Other watch items include a Yanacocha closure plan that may require additional reclamation bonding, a Peruvian water-quality regulation, a Canadian tax assessment, an Australian Taxation Office review, and the NWG litigation seeking C$1.2 billion. The SEC and DOJ closed their FCPA investigation with declination letters. A revenue recognition change under ASC 606, effective January 1, 2018, will primarily affect the timing of concentrate sales.

    Jul 25, 2017
  30. 2017-Q1

    Newmont Quarterly Report for Q1 Ended Mar 31, 2017

    Newmont Mining's first quarter 2017 results show a company recovering its earnings power after the divestiture of Batu Hijau. Attributable gold production rose 9% to 1.23 million ounces, driven by new production at Merian (Suriname) and Long Canyon (Nevada), which more than offset geotechnical problems at Carlin's Silverstar mine and weather disruptions in Australia and South America. Sales rose to $1,659 million from $1,462 million, helped by an average realized gold price of $1,221 per ounce (up from $1,192) and a copper price of $2.68 per pound (up from $2.03). Net income from continuing operations attributable to Newmont stockholders was $69 million, or $0.13 per diluted share, versus a loss of $12 million a year earlier. Adjusted net income was $133 million ($0.25 per share), and adjusted EBITDA was $566 million, up 20%. Note that the filing's table values are partially missing in the extracted text, so some figures above come from narrative passages. Balance sheet and cash generation are strong. Cash and equivalents climbed to $2,919 million from $2,756 million at year-end 2016, and operating cash flow from continuing operations was $379 million. Free cash flow was $(123) million after $180 million of capital spending, largely because of working-capital build and the cash outflows tied to the discontinued Holt royalty. Total debt is about $4.6 billion carrying value, with $575 million of scheduled maturities for the rest of 2017 and $626 million due in 2019. Management is funding growth through project approvals, including full funding of the Subika Underground and Ahafo Mill Expansion projects in Ghana, while maintaining a dividend of $0.05 per share, double the prior-year level. Investors should keep several risks in view. The Yanacocha operation in Peru is under a water-quality regulatory review and a revised closure plan due in the second half of 2017, which could require additional reclamation bonding. Reclamation liabilities stand at $1.8 billion, and there are ongoing tax disputes, including a $75 million potential Yanacocha exposure and a Canadian assessment. The Fronteer-related NWG lawsuit seeks C$1.2 billion, and an SEC investigation was closed with a declination letter in February 2017. The company does not hedge gold or copper sales, so it retains full price leverage.

    Apr 24, 2017
  31. 2016-Q3

    Newmont Quarterly Report for Q3 Ended Sep 30, 2016

    Newmont Mining's Q3 2016 10-Q shows a quarter dominated by a non-cash charge tied to the pending sale of its 48.5% economic interest in the Batu Hijau copper-gold mine in Indonesia (PTNNT). Sales rose 15% to $1,791 million for the quarter (nine-month sales $4,922 million), driven by higher realized gold prices ($1,329/oz vs. $1,112/oz) and the addition of the Cripple Creek & Victor mine, partially offset by lower volumes. However, reported net loss attributable to Newmont stockholders was $(358) million for the quarter, because Batu Hijau was classified as held for sale and a $577 million loss on classification was recorded. Income from continuing operations attributable to stockholders was positive at $169 million for the quarter ($0.32 per share basic), and adjusted net income was $202 million ($0.38 per share). Cash generation remained solid, with operating cash flow from continuing operations of $1,327 million and Free Cash Flow of $495 million for the nine months. Cash fell to $2,099 million from $2,363 million at year-end, after $777 million of debt repayments (including the $275 million term loan payoff) and $146 million of dividends to Yanacocha's minority holders. Total debt declined to roughly $5.1 billion. Management expects the Batu Hijau sale to close in Q4 2016 for $920 million cash plus up to $403 million in contingent payments, but several closing conditions remain outside management's control, including the renewal of PTNNT's export permit expiring in November 2016 and ongoing Contract of Work negotiations. Investors should also watch Yanacocha, where the company expects a reclamation liability adjustment in Q4 2016 that could be material and could trigger impairment of long-lived assets. Gold production was flat at 1.318 million ounces, and all-in sustaining costs rose to $925 per ounce for the quarter. The company also announced a dividend increase effective Q4 2016 and a CFO transition, with Nancy Buese replacing Laurie Brlas effective October 31, 2016.

    Oct 26, 2016
  32. 2016-Q2

    Newmont Quarterly Report for Q2 Ended Jun 30, 2016

    Newmont Mining's Q2 2016 10-Q shows a quarter of modest profitability under pressure: sales rose 7% to $2,038 million for the three months ended June 30, 2016, but net income attributable to Newmont stockholders fell to $23 million ($0.04 per share) from $72 million a year earlier. Gross profit compression came from higher operating costs, lower realized copper prices and sales volumes, and a sharp increase in income tax expense to $310 million (a 76% effective tax rate), driven by valuation allowances on tax credits and a percentage depletion reduction. Gold costs applicable to sales per ounce were roughly flat at $637, while all-in sustaining costs per gold ounce improved 4% to $876. Gold production rose 4% to 1,457,000 ounces, helped by the CC&V acquisition, while copper production fell 8%. The most significant development is the June 30, 2016 agreement to sell Newmont's 48.5% economic interest in the Batu Hijau copper-gold mine (PTNNT) in Indonesia to PT Amman Mineral Internasional. Newmont would receive $920 million in cash at closing plus up to $403 million in contingent payments, and expects a loss of roughly $500 million on closing, expected in Q3 2016. The filing flags material risks: closing depends on Indonesian government approvals and other conditions, and the export permit and Contract of Work negotiations create uncertainty if the sale does not close before November 2016. Batu Hijau represents about 15% of total assets. Balance sheet and cash flow were solid. Cash rose to $2,902 million, operating cash flow from continuing operations was $1,304 million for the six months, and Free Cash Flow was $713 million. Total debt fell to roughly $5.4 billion after $641 million in repayments, including a tender offer for 2019 and 2039 notes. Management also flagged a Yanacocha water-quality compliance issue and a potentially material increase in its reclamation obligation.

    Jul 20, 2016
  33. 2016-Q1

    Newmont Quarterly Report for Q1 Ended Mar 31, 2016

    Newmont Mining's first-quarter 2016 10-Q shows a company still under pressure from weak commodity prices, with sales essentially flat at $2,032 million (up 3% from $1,972 million) but Net income attributable to Newmont stockholders falling to $52 million ($0.10 per share) from $183 million ($0.37 per share) a year earlier. Adjusted net income was $0.34 per share versus $0.46, and the drop was driven by lower realized gold ($1,194/oz vs. $1,203) and copper ($2.02/lb vs. $2.34) prices, higher income and mining tax expense ($324 million, a 66% effective tax rate), and higher operating costs. Gold production rose 4% to 1.416 million ounces, and costs applicable to sales per gold ounce rose to $638 from $614, leaving gold operating margin at $556 per ounce. Cash flow and balance sheet trends were mixed. Free cash flow was $227 million (operating cash flow of $524 million less $297 million of capex, with the discontinued-operations outflow netted in), and total debt fell from roughly $6.1 billion to $5.4 billion long-term after $499 million of repayments and a debt tender offer in March. Cash was $2.46 billion, down from $2.78 billion, and roughly $807 million of cash is attributable to noncontrolling interests. Net cash from financing was -$738 million, including $146 million of dividends paid to noncontrolling interests at Yanacocha. Equity remained stable at $14.25 billion. Investors should watch several risks: the Batu Hijau export permit expires in May 2016 amid ongoing Contract of Work renegotiations with Indonesia, the Conga project remains effectively on hold, and the company is under an SEC and DOJ investigation related to Foreign Corrupt Practices Act matters, with no provision recorded. The Merian project in Suriname is on track for commercial production in Q4 2016, and a $3.0 billion-plus revolving credit facility provides liquidity backing.

    Apr 20, 2016
  34. 2015-Q3

    Newmont Quarterly Report for Q3 Ended Sep 30, 2015

    Newmont Mining's Q3 2015 10-Q shows a quarter of solid operating performance offset by weaker commodity prices and higher taxes. Third-quarter sales rose to $2,033 million from $1,746 million, and nine-month sales reached $5,913 million versus $5,275 million. Net income attributable to Newmont stockholders was $219 million ($0.42 per share) for the quarter, compared with $213 million ($0.43) a year earlier, and $474 million ($0.93) for the nine months versus $493 million ($0.99). Adjusted EPS fell to $0.24 in the quarter from $0.50, and the reported figures were lifted by one-time gains, including $76 million from deconsolidating TMAC and $53 million from the Valcambi (EGR) sale. Gold sales volume and copper volumes increased, and cost discipline improved: gold costs applicable to sales fell to $608 per ounce from $705 and copper costs fell sharply, reflecting Full Potential savings and Batu Hijau's ramp-up. The balance sheet strengthened on a cash basis. Cash rose to $2,964 million, and operating cash flow from continuing operations was $1,882 million for the nine months, up $993 million year over year. Newmont raised $675 million in equity to fund the $821 million Cripple Creek & Victor acquisition, which closed August 3, 2015. Total debt stood at roughly $6.3 billion, with no borrowings under the $3.0 billion corporate revolver, and debt maturities are modest until 2017. Key risks remain significant. Batu Hijau's copper export permit expired in late September 2015 and its renewal is pending, amid ongoing Contract of Work renegotiations with Indonesia. Management has flagged possible impairments and write-downs tied to that uncertainty. Yanacocha faces environmental compliance deadlines and legal claims, and the company carries a $3.0 billion-plus exposure in reclamation and remediation liabilities. Lower gold and copper prices (realized gold averaged $1,104 per ounce in Q3 versus $1,270 a year earlier) remain the main drag on margins, and the company continues to write down stockpiles to net realizable value.

    Oct 29, 2015
  35. 2015-Q2

    Newmont Quarterly Report for Q2 Ended Jun 30, 2015

    Newmont Mining Corporation's (NEM) Q2 2015 filing reveals a mixed financial performance. While sales increased year-over-year, driven by higher gold and copper volumes, net income attributable to stockholders decreased significantly, primarily due to lower realized commodity prices and increased tax expenses. The company successfully raised capital through a stock issuance to fund the acquisition of the Cripple Creek & Victor mine, expected to close in Q3 2015. Despite operational improvements and cost reductions, the company continues to navigate volatile commodity markets and company-specific challenges, such as ongoing contract renegotiations in Indonesia, which could impact future results.

    Jul 23, 2015
  36. 2015-Q1

    Newmont Quarterly Report for Q1 Ended Mar 31, 2015

    Newmont Mining's first quarter 2015 results show a return to profitability versus the prior year, with net income attributable to Newmont stockholders of $183 million ($0.37 per diluted share), compared with $100 million ($0.20 per share) in Q1 2014. Sales rose to $1,972 million from $1,764 million, driven mainly by a 189% increase in copper sales volumes, while realized gold prices fell to $1,203 per ounce from $1,293. The improvement was supported by an 18% reduction in direct operating costs under the Full Potential program, and costs applicable to sales per gold ounce fell 19% to $609. Adjusted net income per share was $0.46, versus $0.24 a year earlier. Gold production rose 5% to 1.362 million ounces and copper production rose 81% to 139 million pounds, largely from accessing higher-grade phase 6 ore at Batu Hijau. The balance sheet strengthened: cash rose to $2,598 million, the company repaid $200 million of its term loan, and the $3 billion corporate revolver was extended with no borrowings outstanding. Total debt was $6,452 million at quarter end. Quarterly dividends were cut sharply to $0.025 per share from $0.150. Operating cash flow from continuing operations was $628 million, up $445 million year over year. The key risk for investors is Indonesia. Batu Hijau's export permit expires in late September 2015, and Contract of Work renegotiations with the Indonesian government remain unresolved. Batu Hijau's total assets were $3,256 million, and management says it is evaluating the need for impairments and write-downs. Other notable risks include the Yanacocha water-quality compliance deadline, the NWG lawsuit seeking damages, and a Waihi pit wall slip that suspended pit activity in April 2015.

    Apr 24, 2015
  37. 2014-Q3

    Newmont Quarterly Report for Q3 Ended Sep 30, 2014

    Newmont Mining (NEM) reported a sharply weaker third quarter and first nine months of 2014 as lower gold and copper prices, the export halt at the Batu Hijau copper mine in Indonesia, and asset sales reduced revenue and margins. Third-quarter sales fell 14% to $1,746 million from $2,020 million, and net income attributable to Newmont stockholders was $213 million ($0.43 per share), down from $398 million ($0.80 per share) a year earlier. For the first nine months, sales were $5,275 million and net income attributable to stockholders was $493 million ($0.99 per share), compared with a loss of $1,347 million in the prior-year period, which was driven by $2,265 million of write-downs in 2013. Adjusted net income was $0.50 per share for the quarter, versus $0.44 a year earlier, and the company cited an improved cost base, with direct operating costs down 16% in the quarter. Cost discipline, the Full Potential program, and divestitures helped support adjusted earnings, but the underlying picture is one of shrinking volumes and realized prices. The Indonesia situation is the most important risk factor in the filing. PT Newmont Nusa Tenggara (PTNNT) signed a Memorandum of Understanding with the Indonesian government in September 2014 that restored a six-month copper concentrate export permit, but it also raised royalties, imposed export duties and a $25 million surety bond, and committed the company to renegotiate the Contract of Work. Batu Hijau's stockpile write-downs and higher future processing costs hit results in the quarter, and the company said it will continue to evaluate impairments and tax valuation allowances. Liquidity remains adequate, with $1,778 million of cash at quarter-end, a $3,000 million undrawn revolver, and debt of $6,630 million in long-term debt, though nearly all scheduled maturities fall after 2017. Divestitures are reshaping the portfolio. Newmont sold Jundee in Australia for $94 million in July and its 44% stake in La Herradura to Fresnillo for $450 million in October, while Merian in Suriname received full funding approval. Investors should weigh the lower near-term earnings and the cost reductions against Indonesia's regulatory uncertainty and the company's exposure to gold prices, which were $1,270 per ounce in the quarter.

    Oct 30, 2014
  38. 2014-Q2

    Newmont Quarterly Report for Q2 Ended Jun 30, 2014

    Newmont Mining's Q2 2014 10-Q shows a return to profitability versus a year earlier, but the underlying picture is mixed. Second-quarter sales fell 13% to $1,765 million and first-half sales fell 16% to $3,529 million, driven by lower realized gold prices (down to $1,283/oz in Q2 from $1,386/oz) and the inability to export copper concentrate from Batu Hijau. Net income attributable to Newmont stockholders was $180 million ($0.36/share) in Q2, compared with a $2,059 million loss in Q2 2013 that was driven by large impairments. The swing is largely due to the absence of last year's $2.26 billion write-downs, not to operating improvement. Adjusted net income was $101 million ($0.20/share) in Q2 versus a $90 million adjusted loss a year earlier. Costs applicable to sales per gold ounce fell 17% to $744, and All-In Sustaining Costs fell to $1,063/oz from $1,283/oz, reflecting the Full Potential cost program and lower inventory write-downs. The most significant risk disclosed is Indonesia. The government's new export regulations, which include a January 2017 ban on copper concentrate exports, led Newmont to invoke force majeure and place Batu Hijau on care and maintenance in June 2014. The company has filed international arbitration, and the 2014 outlook for Indonesian production has been cut sharply. Management warns that further impairments, inventory write-downs, or tax valuation allowances may follow. Liquidity remains adequate: cash was $1.65 billion, the $3.0 billion revolver is undrawn, and a $575 million convertible note was refinanced with a term loan due 2019. Total debt rose to about $6.8 billion, and dividends were cut to $0.025 per share for Q2 from $0.35 a year earlier. For investors, the key questions are whether Batu Hijau's export dispute can be resolved, whether management can sustain the cost reductions, and whether gold prices hold above the company's $1,300/oz long-term planning assumption. Capital spending guidance was $1.40–1.485 billion for 2014, and the company expects roughly 70% of spending to be sustaining.

    Jul 30, 2014
  39. 2014-Q1

    Newmont Quarterly Report for Q1 Ended Mar 31, 2014

    Newmont Mining's first-quarter 2014 results were weak. Net income attributable to Newmont stockholders fell to $100 million, or $0.20 per diluted share, from $314 million, or $0.63, a year earlier. Sales dropped 19% to $1,764 million as the realized gold price fell to $1,293 per ounce from $1,631 and the realized copper price fell to $2.50 per pound from $3.12. Consolidated gold costs applicable to sales were roughly flat at $751 per ounce, while copper costs rose to $2.71 per pound. Gold operating margin compressed to $542 per ounce from $871, and copper operating margin turned negative at $(0.21) per pound. Adjusted net income was $108 million, or $0.22 per share, versus $353 million, or $0.70, in the prior-year quarter. The quarter also included a $17 million after-tax charge on the Holt royalty liability and a $47 million pre-tax gain on the Midas sale. Cash generation weakened sharply. Net cash from continuing operations was $183 million, down $256 million year over year, driven by lower prices and a $350 million working-capital outflow. Capital expenditures on a cash basis fell to $235 million from $510 million as the company pulled back on growth spending, and dividends were cut to $0.15 per share from $0.425. Cash and equivalents ended the quarter at $1,475 million, but $395 million of that is attributable to noncontrolling interests. Total debt was about $6.8 billion, and the company arranged a $575 million term loan to refinance convertible notes maturing in July 2014. The filing also disclosed a $148 million cumulative reduction to retained earnings from errors in deferred tax and stockpile balances, which were corrected by revising 2013 financial statements. Stockpile write-downs of $110 million in cost of sales and $35 million in amortization, together with an Indonesian export regulation dispute affecting Batu Hijau, add to near-term risk. Management reaffirmed its 2014 production and cost guidance and expects a full-year effective tax rate of 37% to 40%. Investors will be focused on whether lower gold prices and rising unit costs can be offset by cost discipline and the Conga, Merian, and Turf Vent Shaft projects.

    Apr 25, 2014
  40. 2013-Q3

    Newmont Quarterly Report for Q3 Ended Sep 30, 2013

    Newmont's Q3 2013 10-Q shows a sharp deterioration in profitability versus a year earlier. Third-quarter sales fell 20% to $1,983 million from $2,480 million, driven by lower realized gold ($1,322/oz vs. $1,659) and copper ($3.10/lb vs. $3.55) prices and lower volumes. Net income attributable to Newmont stockholders was $408 million ($0.82/share), up from $367 million, but this was flattered by a $280 million pretax gain on the July sale of the Canadian Oil Sands stake. For the first nine months, the company posted a net loss attributable to stockholders of $1,296 million ($(2.61)/share), driven by a $2,265 million write-down, mainly at Boddington ($2,107 million in property, plant and mine development) following a cut in long-term gold and copper price assumptions to $1,400/oz and $3.00/lb. Stockpile and leach pad write-downs of $756 million (including $611 million in costs applicable to sales) further pressured margins, and copper operating margin turned negative for the nine months. Cash generation and balance sheet items also weakened. Operating cash flow from continuing operations was $1,175 million for nine months, down $367 million year over year, while capital expenditures on a cash basis were $1,528 million, down from $2,394 million as the company pulled back on growth spending. Dividends paid to common stockholders were $509 million. Total assets declined to $26.8 billion from $29.7 billion, and Newmont stockholders' equity fell to $11.5 billion from $13.8 billion. Cash of $1,475 million was offset by total debt of $6.5 billion, with $554 million of 2014 convertible notes now current. Management guided to lower 2013 gold and copper production in several regions and higher costs, and reduced its quarterly dividend to $0.25 per share from $0.35 a year earlier. For investors, the key issues are the sustainability of the dividend at current cash flow levels, the cost inflation and reserve-quality issues at Batu Hijau and Boddington, and the continuing uncertainty around the Conga project in Peru and Minera Penmont's Dipolos operations in Mexico. Management stated it will continue advancing projects such as Akyem (first gold pour in October 2013) and Phoenix Copper Leach, but the company is clearly in a capital-discipline and cost-recovery phase.

    Oct 31, 2013
  41. 2013-Q2

    Newmont Quarterly Report for Q2 Ended Jun 30, 2013

    Newmont Mining's Q2 2013 10-Q shows a sharply weaker quarter driven by non-cash charges. Sales fell 11% to $1,993 million (first half $4,170 million, down 15%), while costs applicable to sales rose 65% to $1,653 million on stockpile and leach pad write-downs. The company booked a $2,261 million write-down in the quarter, mainly on Boddington, after cutting its long-term gold and copper price assumptions to $1,400/oz and $3.00/lb. Net loss attributable to Newmont stockholders was $(2,019) million, or $(4.06) per share, versus net income of $279 million in Q2 2012. A $535 million tax valuation allowance also weighed on results, and the effective tax rate on the loss was 12%. The underlying operations were weaker but not collapsing. Gold production fell 6% to 1,284 thousand ounces, and realized gold price dropped to $1,386/oz from $1,598/oz. Gold operating margin fell to $501/oz from $917/oz. Adjusted net loss was $(50) million, or $(0.10) per share, compared with adjusted net income of $294 million a year earlier. Management guided lower 2013 production in several regions, including North America, Australia/New Zealand and Indonesia, and raised cost guidance accordingly. Balance sheet and cash flow remain manageable but tighter. Operating cash flow from continuing operations was $732 million in the first half, down from $964 million. Capital expenditures were $1,120 million on a cash basis, leaving cash of $1,248 million at June 30, 2013. Total debt rose to about $6.8 billion, and the corporate revolver had $310 million drawn. Dividends were maintained at $0.35 per quarter. Post-quarter, the company agreed to sell its Canadian Oil Sands Trust stake for roughly C$608 million, which should yield a pretax gain of about $300 million.

    Jul 26, 2013
  42. 2013-Q1

    Newmont Quarterly Report for Q1 Ended Mar 31, 2013

    Newmont Mining's first quarter 2013 results (10-Q filed April 30, 2013) show a sharp year-over-year earnings decline driven by lower gold and copper volumes, lower realized prices, and higher unit costs. Sales fell 19% to $2,177 million from $2,683 million, and net income attributable to Newmont stockholders dropped 36% to $315 million, or $0.63 per diluted share, versus $0.97 a year earlier. Gold production fell 13% to 1,281,000 ounces, copper output rose 2% to 58 million pounds, and all-in sustaining costs rose to $1,086 per ounce from $1,016. Partially offsetting these pressures were lower exploration, advanced project and Hope Bay care and maintenance spending. The quarter also reflected the March 2013 TMAC transaction, which sold a 29.6% economic stake in the Hope Bay project and generated $45 million of transaction costs. Cash generation weakened materially, with net cash from continuing operations falling 28% to $439 million. Capital spending on a cash basis fell to $510 million from $696 million, and the company reiterated 2013 capital expenditure guidance of $2.3 to $2.5 billion. Cash and equivalents declined to $1,378 million from $1,561 million, while total debt was essentially flat at about $6.4 billion. Dividends paid rose to $211 million as the quarterly dividend increased to $0.425 per share from $0.35. Management reaffirmed 2013 guidance for gold production of 4.8 to 5.1 million attributable ounces and copper of 150 to 170 million pounds. For investors, the central issues are margin compression (gold operating margin fell to $873 per ounce from $1,064), the rising cost base, and the dependence of the growth pipeline (Akyem, Phoenix Copper Leach, Conga) on successful execution. Legal and political risks also merit attention, including the Empire Mine CERCLA suit, the NWG v. Fronteer claim seeking $750 million in damages, and Peruvian and Indonesian regulatory disputes.

    Apr 30, 2013
  43. 2012-Q3

    Newmont Quarterly Report for Q3 Ended Sep 30, 2012

    Newmont Mining's Q3 2012 10-Q shows a weaker quarter and a difficult operating backdrop. Third-quarter sales fell 10% year over year to $2,480 million, and net income attributable to Newmont stockholders dropped to $367 million ($0.74 per share) from $493 million ($1.00 per share). Results were pressured by lower gold prices, lower production at Batu Hijau, Tanami and Ahafo, higher production costs, $48 million of restructuring charges, Hope Bay care-and-maintenance costs, and a $33 million charge tied to the Holt royalty. Gold costs applicable to sales rose 11% to $693 per ounce and copper costs more than doubled to $2.38 per pound, though higher copper prices and stronger Nevada and Yanacocha output partly offset these pressures. Management reiterated its 2012 outlook, expecting gold production at the low end of 5.0 to 5.1 million ounces and consolidated costs at the high end of $650 to $675 per ounce. Cash generation weakened materially. Operating cash flow from continuing operations was $1,542 million for the first nine months, down 42% year over year, driven by lower Batu Hijau output and a $1,039 million working-capital outflow. Capital spending rose to $2,394 million cash basis, mainly on Conga, Nevada projects and Akyem, and the company still expects 2012 capex of $3.3 to $3.6 billion. To fund this, Newmont raised about $2.5 billion of senior notes in March 2012 (2022 and 2042 maturities), repaid the $517 million 2012 convertible notes and paid $172 million of conversion premium in cash. Total debt rose to $6,124 million from $4,313 million at year-end 2011, while cash fell to $1,549 million. Dividends were increased to $0.35 per quarter. Other watch items include a 2011 Fronteer-related lawsuit seeking $750 million in damages and the Empire Mine CERCLA suit, both of which management says it will vigorously defend, and an ongoing Conga project that has been moved to a 'go slow, water first' approach with 2012-2013 spending cut from $2.9 billion to $850 million. Management also flagged a possible future impairment if Conga cannot proceed on its current plan.

    Nov 1, 2012
  44. 2012-Q2

    Newmont Quarterly Report for Q2 Ended Jun 30, 2012

    Newmont Mining's second quarter 2012 results show a sharp earnings decline driven by lower copper volumes and prices, higher costs, and a larger tax burden, even as gold prices rose. Net income attributable to Newmont stockholders fell to $279 million ($0.56 per diluted share) in Q2 2012 from $387 million ($0.77) in Q2 2011, and for the first half, it declined to $769 million ($1.53 diluted) from $901 million ($1.80). Consolidated sales fell 7% in the quarter to $2,229 million, as a 56% drop in copper sales (driven by Batu Hijau lower-grade stockpile processing) offset a 1% rise in gold sales. Realized gold prices rose 6% to $1,598 per ounce, while costs applicable to sales per gold ounce rose 17% to $681, compressing the gold operating margin roughly flat at $917 per ounce but leaving copper margins at only $0.50 per pound versus $2.44 a year earlier. Cash generation weakened materially. Cash flow from continuing operations was $964 million in the first half, down 31% year over year, largely due to lower Batu Hijau cash flow and working capital build in inventories and stockpiles. Capital spending on an accrual basis rose to $1,576 million from $1,097 million, reflecting major growth projects including Akyem, Conga, and Tanami. Management reduced the 2012 capital expenditure outlook to $3.3-3.6 billion and cut Conga spending for 2012-2013 from $2.9 billion to $850 million after a "go slow, water first" decision. Total debt increased to roughly $6.1 billion from $4.3 billion, following $2.5 billion of new senior notes issued in March 2012 and the repayment of the 2012 convertible notes. Cash and equivalents rose to $1,897 million, though $511 million is attributable to noncontrolling interests. The balance sheet and shareholder returns remain supported by a large cash position, a $3.0 billion revolving credit facility extended to 2017, and a quarterly dividend that rose to $0.35 per share, a 17% increase tied to the gold price. Risks highlighted in the filing include the Conga project's future, a Hope Bay care-and-maintenance drag of about $50 million more in 2012, the Holt royalty charge in discontinued operations, PTNNT divestiture and tax disputes in Indonesia, and multiple litigation matters in Peru and Indonesia. The company also narrowed its 2012 gold production outlook to 5.0-5.1 million ounces while maintaining its cost guidance.

    Jul 26, 2012
  45. 2012-Q1

    Newmont Quarterly Report for Q1 Ended Mar 31, 2012

    Newmont Mining's first quarter 2012 results show revenue up 9% to $2,683 million, driven by a 22% higher realized gold price ($1,684/oz), but net income attributable to Newmont stockholders fell to $490 million ($0.99 per basic share) from $514 million a year earlier. The decline was driven by a $71 million after-tax loss from discontinued operations (an additional charge on the Holt royalty), a $50 million Hope Bay care-and-maintenance expense, and higher exploration and advanced projects spending. Adjusted net income rose to $578 million ($1.17 per basic share) from $513 million, excluding the Holt charge, a $24 million impairment of marketable securities, and asset-sale gains. Operationally, gold output slipped 2% to 1.48 million ounces and copper production fell 42% to 57 million pounds, mainly from lower-grade stockpiles at Batu Hijau. Gold costs applicable to sales rose 11% to $620/oz and copper costs rose 78% to $1.98/lb, compressing copper operating margins. Cash generation weakened sharply: operating cash flow from continuing operations fell 38% to $613 million, primarily because of lower Batu Hijau cash flow and a $377 million working capital build. Capital spending on an accrual basis rose to $720 million, and investing outflows reached $855 million. Management reaffirmed its 2012 outlook for production, costs, and capital expenditures, which it sets at roughly $4.0 to $4.3 billion consolidated. The Conga project in Peru remains suspended, and management says it may reallocate capital elsewhere and could record an impairment if Conga does not proceed. The balance sheet changed materially. In March 2012 Newmont issued $2.5 billion of senior notes (3.5% due 2022 and 4.875% due 2042) and used the proceeds, along with a revolver draw, to retire the $517 million 2012 convertible notes and settle $362 million of forward-starting swaps. Total debt rose to about $6.15 billion from $4.31 billion at year-end, while cash climbed to $2.61 billion. Newmont also raised its quarterly dividend to $0.35 per share from $0.15 a year earlier, a gold-price-linked payout. Investors should weigh the strong realized prices against rising unit costs, lower copper volumes, Conga uncertainty, and the higher leverage.

    Apr 26, 2012
  46. 2011-Q3

    Newmont Quarterly Report for Q3 Ended Sep 30, 2011

    Newmont Mining's third quarter 2011 Form 10-Q shows a strong top line driven by record gold prices, but earnings quality was pressured by non-operating charges and rising costs. Sales rose 6% to $2,744 million in Q3 and 9% to $7,593 million for the first nine months, supported by an average realized gold price of $1,695/oz in the quarter (up roughly 39% year over year). Net income attributable to Newmont stockholders fell 8% to $493 million ($1.00 per basic share) in Q3, and 5% to $1,394 million for the nine months. The decline reflects a $174 million impairment of marketable equity securities (mainly Paladin Energy, acquired with Fronteer), a valuation allowance that pushed the Q3 effective tax rate to 36%, and a $136 million loss from discontinued operations (the Holt property royalty) in the second quarter. On an adjusted basis, which excludes those items, net income rose 19% to $635 million ($1.29 per share) in Q3. Operationally, the picture is more mixed. Consolidated gold production fell 10% in Q3 to 1.52 million ounces, and copper production fell 35% to 102 million pounds, as Batu Hijau processed lower-grade stockpiles and Yanacocha and Nevada saw lower grades and leach placement. Costs applicable to sales rose to $622/oz for gold (up 32% year over year) and $1.10/lb for copper. Management maintained its 2011 gold production outlook of 5.1-5.3 million attributable ounces, but lowered regional guidance for North America and South America, signaling operational pressure. Capital expenditures are running high, with the nine-month accrual-basis spend at $1,913 million and full-year guidance of $2,700-3,000 million, reflecting growth projects (Akyem, Conga, Tanami Shaft) and the Fronteer acquisition ($2,259 million). Balance sheet and cash flow changed notably. Cash fell to $2,135 million from $4,056 million at year-end 2010, due to the Fronteer acquisition, heavy capex and $321 million in dividends. Total debt rose to $4,237 million, though the 8 5/8% debentures were repaid and a $2,000 million debt issuance is planned for the first half of 2012. Operating cash flow from continuing operations remained solid at $2,666 million for nine months (up 14%). The Board also adopted an enhanced gold price-linked dividend policy that could lift the annual dividend to $4.70 per share at gold prices above $2,500/oz. The Q4 2011 dividend was set at $0.35, a 17% increase over Q3. Investors should weigh strong price leverage against rising unit costs, declining volumes, and an unfavorable U.S. IRS ruling under review.

    Oct 27, 2011
  47. 2011-Q2

    Newmont Quarterly Report for Q2 Ended Jun 30, 2011

    Newmont Mining's Q2 2011 10-Q shows a quarter of solid operating and price-driven earnings, overshadowed by a large balance-sheet transformation. Second-quarter sales rose 11% to $2,384 million on higher realized gold ($1,501/oz vs. $1,200) and copper ($3.78/lb vs. $2.33) prices, despite gold ounces sold falling about 10% and copper pounds sold falling about 38%. Net income attributable to Newmont stockholders was $387 million ($0.78 per share), flat year over year, as higher prices and a lower tax rate (22% vs. 34%) were offset by a $136 million after-tax loss from discontinued operations (the Holt property royalty), Fronteer acquisition costs, and weaker volumes. Adjusted net income rose to $445 million ($0.90 per share) from $377 million. The main investor story is the Fronteer Gold acquisition, completed April 6, 2011, for a purchase price of $2,259 million. It brought the Long Canyon project in Nevada and was funded largely from cash, which fell from $4,056 million at year-end 2010 to $1,855 million at June 30. Total assets rose to $28,638 million, and deferred tax liabilities nearly doubled to $2,735 million, largely from the acquisition. Operating cash flow of $1,401 million was pressured by a $540 million working-capital build, and capital spending of $1,020 million (cash basis) is expected to accelerate in the second half, against full-year guidance of $2.7 to $3.0 billion. Management maintained 2011 production and cost guidance and raised the dividend to $0.30 per share for Q3 under its gold price-linked policy. Key risks include copper volume declines at Batu Hijau, rising costs (costs applicable to sales per ounce up about 20%), the Indonesian PTNNT divestiture and related litigation, and the Holt royalty, which carries an open-ended sliding-scale exposure to gold prices. Debt increased modestly on a net basis as the company refinanced, with total debt of $4,310 million, and the new $2.5 billion revolver was put in place. Overall, the quarter shows strong price leverage and a larger, more capital-intensive asset base, with execution on the growth pipeline and cost control as the key watch items.

    Jul 29, 2011
  48. 2011-Q1

    Newmont Quarterly Report for Q1 Ended Mar 31, 2011

    Newmont Mining's first quarter 2011 results show a strong operating and cash flow quarter, with net income attributable to Newmont stockholders of $514 million, or $1.04 basic per share, down from $546 million ($1.11) a year earlier. The decline is mainly explained by a $127 million non-recurring tax benefit booked in Q1 2010 and lower gold and copper sales volumes, which were offset in part by sharply higher realized prices. Sales rose 10% to $2,465 million, with realized gold at $1,382 per ounce (up 25% year over year) and realized copper at $4.00 per pound (up 20%). Adjusted net income was $513 million ($1.04 per share), versus $408 million ($0.83 per share) in the prior-year quarter, which better reflects underlying performance. Operating cash flow was a record $989 million. Operating volumes were weaker. Consolidated gold production fell 6% to 1.516 million ounces, and copper output fell 36% to 102 million pounds, largely from lower-grade stockpiles at Batu Hijau and weak leach production at Yanacocha. Costs applicable to sales per gold ounce rose 17% to $557, which pressures margins even at higher prices. The effective tax rate rose to 31% from 16%, and the company guided to a full-year 2011 rate of 28% to 32%. The balance sheet remains strong, with cash of $4.5 billion and total debt of about $4.4 billion. Subsequent to quarter end, Newmont closed the roughly $2.3 billion acquisition of Fronteer Gold on April 6, 2011, to gain the Long Canyon project in Nevada. Management also announced a gold price-linked dividend policy, with the first payout of $0.20 per share, and outlined a plan targeting about 7 million attributable ounces of annual gold production by 2017. Investors should weigh that growth upside against higher capital needs (2011 capex guidance of $2.7 to $3.0 billion), rising unit costs, and legal risks, including the Indonesian PTNNT divestiture disputes and the Newmont Canada royalty appeal.

    Apr 21, 2011
  49. 2010-Q3

    Newmont Quarterly Report for Q3 Ended Sep 30, 2010

    Newmont Mining's Q3 2010 10-Q shows a strong quarter driven by higher realized gold and copper prices. Sales rose 27% year over year to $2,597 million, and net income attributable to Newmont stockholders grew 38% to $537 million ($1.09 per basic share). For the first nine months, net income attributable to stockholders reached $1,465 million ($2.98 per share), roughly double the prior-year $739 million, which was helped by a $127 million one-time tax benefit in Q1 2010 and a $42 million gain on asset sales. Adjusted net income for the nine months was $1,319 million ($2.68 per share), versus $796 million ($1.64) a year earlier. Net cash from continuing operations rose 20% to $2,335 million, and cash ended the quarter at $3,951 million. The quality of earnings warrants attention. Costs applicable to sales per gold ounce rose to $483 for the nine months (from $419), and per-ounce amortization increased. Gold production was roughly flat year over year, and management cut 2010 copper production guidance to 565-605 million pounds from 610-670 million, while narrowing gold guidance to 6.3-6.5 million ounces. Total debt was $4,578 million, and capital expenditures guidance was lowered to $1,300-1,500 million. Net income was also affected by a $132 million Indonesian tax assessment against PTNNT (Batu Hijau), which the company intends to contest, and by ongoing legal disputes in Indonesia with PTPI and at Yanacocha and Midnite Mine. Overall, the filing shows a financially strong company benefiting from high metal prices and a growing balance sheet, while operating costs, lower production guidance in several regions, and Indonesian political and legal risk around Batu Hijau are the main issues investors should monitor.

    Nov 2, 2010
  50. 2010-Q2

    Newmont Quarterly Report for Q2 Ended Jun 30, 2010

    Newmont Mining's second quarter 2010 results show a strong rebound in profitability driven by higher metal prices and volumes. Sales rose 34% year over year to $2,153 million for the quarter (40% to $4,395 million for the first half), with average realized gold at $1,200 per ounce and copper at $2.33 per pound. Net income attributable to Newmont stockholders was $382 million, or $0.78 per basic share, versus $162 million ($0.33) a year earlier. Adjusted net income was $377 million ($0.77 per share), and the first-half figure of $786 million benefited from a $127 million tax benefit from an internal restructuring in Q1 2010. Operating cost pressures remain a concern. Costs applicable to sales per gold ounce rose to $492 in the quarter from $423, reflecting higher royalties, a stronger Australian dollar, and mining costs in Nevada tied to the December 2009 Gold Quarry geotechnical event. Boddington's ramp-up is lagging: 2010 gold guidance was cut to 750,000–825,000 ounces at $475–$550 per ounce (versus the original 800,000–875,000 at $375–$395), and management noted about 12% less contained gold than modeled. Interest expense more than doubled in the first half, and 2010 guidance was raised for exploration and interest costs. Balance sheet and cash flow are strong. Cash rose to $3.6 billion and net cash from continuing operations reached $1,481 million for the first half, up 67%. Total debt was about $4.6 billion, and capital expenditures of roughly $1.4–1.6 billion are planned for 2010. Partnership transactions at Batu Hijau reduced Newmont's direct ownership of PTNNT and generated noncontrolling-interest cash flows, while Indonesian divestiture and tax matters remain open items to monitor.

    Jul 28, 2010