Newmont Announces Q3 2023 Results: Declares Dividend and Progresses on Newcrest Acquisition

Third-Quarter Financial Highlights

Newmont, a prominent player in the mining sector, has released its third-quarter results for 2023, showcasing a stable performance amidst industry challenges. The company declared a quarterly dividend of $0.40 per share, affirming its financial health.

In this period, Newmont reported the production of 1.3 million ounces of gold, complemented by 58 kilotons of copper byproduct, setting the stage for an optimistic production outlook for the concluding quarter of the year.

Despite the operational challenges, including a strike at the Peñasquito mine, the company's sales applicable cost of gold stood at $1,019 per ounce, and all-in sustaining costs were at $1,426 per ounce. These figures underscore a performance boost, attributed to higher sales volumes compared to the preceding quarter.

Operational Cash Flow and Income

A notable financial metric was the $1.0 billion cash from continuing operations, contributing to a free cash flow of $397 million. The company reported a net income of $163 million, with an adjusted net income of $0.36 per diluted share, underpinned by consistent production volumes and robust gold prices.

Investment and Expansion News

Simultaneously, Newmont is progressing with strategic projects, including the full funding approval for the Pamur project and the declaration of commercial production at San Marcos. These milestones are part of the company's expansion strategies and commitment to realizing increased value from its assets.

Upcoming Acquisition of Newcrest Mining

The mining giant is also in the final stages of acquiring Newcrest Mining Limited, a significant move expected to close by November 6. This acquisition has passed all regulatory hurdles and secured necessary approvals, promising strategic growth and an enhanced asset portfolio.

Dividend Announcement Amid Forward-Looking Strategies

The Board of Directors has confirmed a $0.40 dividend per common share for the third quarter, within the annual forecasted range. This decision aligns with the company's policy of rewarding shareholders while maintaining a balanced approach to financial management and growth investment.

Newmont’s President and CEO, Tom Palmer, reflected positively on the quarter’s outcomes and the impending Newcrest transaction, emphasizing the strategic milestones the company is achieving in line with its long-term vision.

Market Position and Outlook

With these developments, Newmont solidifies its market position, focusing on sustainable mining practices and operational excellence. The industry, therefore, anticipates the upcoming acquisition and the potential impact of Newmont's strategies on the global mining landscape, particularly concerning gold production.

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