Newmont Corporation Reports Significant Financial Growth in Q3 2024, Driven by Increased Gold Sales and Improved Prices

Newmont Corporation reported significant financial growth in its third quarter of 2024, with consolidated sales reaching $4,605 million, a substantial increase from $2,493 million in the same period of 2023. This growth was primarily driven by a surge in gold sales, which amounted to $3,945 million compared to $2,400 million in Q3 2023. The company’s net income from continuing operations soared to $875 million, up from $162 million year-over-year, while total net income rose to $924 million from $163 million.

The increase in revenue and profitability can be attributed to higher production levels and improved average realized prices for gold, which rose to $2,518 per ounce from $1,920 in the previous year. Consolidated gold ounces produced increased to 1,574,000 ounces in Q3 2024, up from 1,260,000 ounces in Q3 2023. Additionally, the average realized copper price also saw an increase, reaching $4.31 per pound compared to $3.68 in the prior year.

For the nine months ended September 30, 2024, Newmont reported total net income of $1,960 million, a significant rise from $681 million in the same period of 2023. The company’s net cash provided by operating activities from continuing operations was $3,807 million, up 78% from $2,138 million in the prior year. Free cash flow also improved, totaling $1,280 million compared to $392 million in 2023.

Strategically, Newmont completed the acquisition of Newcrest Mining Limited on November 6, 2023, for a total non-cash consideration of $13,549 million, enhancing its gold and metal reserves. The integration of Newcrest is ongoing, with preliminary fair value assessments still in progress. The company also announced agreements to sell its Telfer and Akyem reportable segments, expected to close in Q4 2024, as part of its portfolio optimization strategy.

Despite the positive financial results, Newmont recorded a loss of $115 million related to assets held for sale in Q3 2024, contributing to a total loss of $846 million for the nine months ended September 30, 2024. The company’s total liquidity at the end of Q3 2024 was $7.1 billion, reflecting a robust financial position.

Newmont's capital expenditures for the nine months ended September 30, 2024, totaled $2,472 million, with a focus on sustaining current production and developing new operations. The company has also authorized an additional $2 billion share repurchase program, further demonstrating its commitment to returning value to shareholders.