Newmont Corporation has declared a third-quarter dividend of $0.25 per share.
Concerning its third quarter 2024 results, Newmont President and CEO Tom Palmer said: “In the third quarter, Newmont delivered 2.1 million gold equivalent ounces and generated $760 million in free cash flow from our world-class portfolio.”
He added: “We continue to make meaningful progress on our non-core divestment program with the two transactions announced in the quarter, which are expected to deliver up to $1.5 billion in combined gross proceeds. Our divestiture progress and strong free cash flow generation have positioned us to continue reducing debt and repurchasing shares, creating significant and lasting value for our shareholders.”
Highlights of Q3 2024 results:
Announced an agreement to sell the Akyem mine in Ghana for up to $1 billion in cash, as well as an agreement to divest the Telfer mine and 70 per cent interest in the Havieron project in Western Australia for up to $475 million of gross proceeds
Continue to expect to receive at least $2 billion in gross divestiture proceeds from high-quality, non-core asset sales, in addition to the 527 million dollars in cash already received from other investment sales since the beginning of 2024
Since the last earnings release, repurchased 9.4 million shares at an average price of $53.16 for a total cost of $500 million, of which $198 million was repurchased during the third quarter2; $750 million of share repurchases completed since the program announced in February 2024
Newmont’s Board authorised an additional $2 billion share repurchase program to be executed at the Company’s discretion, utilising open market repurchases to occur from time to time throughout the next 24 months
Delivered $786 million in total returns to shareholders through share repurchases and dividend payments2; declared a dividend of $0.25 per share of common stock for the third quarter of 20244
Since the last earnings release, reduced nominal debt by $233 million for a cash cost of $210 million, of which $150 million was purchased during the third quarter and $83 million was purchased in October 2024; $483 million of debt retired year-to-date in 2024
Produced 1.7 million attributable gold ounces, primarily driven by the production of 1.4 million gold ounces from Newmont’s Tier 1 Portfolio5, as well as 430 thousand gold equivalent ounces (GEOs)6 from copper, silver, zinc, and lead, including 37 thousand tonnes of copper
Generated $1.6 billion of cash from operating activities, net of working capital changes of $(209) million; reported $760 million in Free Cash Flow
Reported Net Income of $924 million, Adjusted Net Income (ANI) of $0.81 per diluted share and Adjusted EBITDA of $2.0 billion
Achieved $500 million annual synergy run-rate following the Newcrest acquisition, reaching Newmont’s commitment more than a year ahead of schedule
Positioned to meet Newmont’s 2024 production guidance; expect to deliver attributable production of 1.8 million gold ounces at an All-In Sustaining Cost (AISC) of $1,475 per ounce in the fourth quarter
Partnered with MKS PAMP to launch a traceable mine-to-market gold bar; for sale through the largest U.S. wholesaler, providing consumers direct access to Newmont’s gold and demonstrating a commitment to transparent sourcing
