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Sep 30, 2022
Newmont Q3 2022 Earnings Report
Newmont's Q3 2022 earnings were announced, revealing stable production and progress towards full-year guidance.
Key Takeaways
Newmont Corporation reported solid third-quarter production of 1.49 million attributable ounces of gold. The company is on track to achieve full-year guidance, despite challenges from lower metal prices and timing of sales. Adjusted Net Income was $0.27 per share, and Free Cash Flow was $(63) million, impacted by one-time working capital payments and timing of concentrate shipments.
Produced 1.49 million attributable ounces of gold and 299 thousand attributable gold equivalent ounces (GEO) from co-products.
Reported gold Costs Applicable to Sales (CAS) of $968 per ounce and All-In Sustaining Costs (AISC) of $1,271 per ounce.
Generated $466 million of cash from continuing operations and reported $(63) million of Free Cash Flow.
Reported Adjusted Net Income (ANI) of $0.27 per share and Adjusted EBITDA of $850 million.
Newmont
Newmont
Forward Guidance
Newmont reaffirmed its 2022 outlook, projecting attributable gold production of 6.0 million ounces and co-product GEO production of 1.3 million ounces. The company anticipates gold CAS of $900 per ounce and gold AISC of $1,150 per ounce.
Positive Outlook
- Reaffirming the latest 2022 outlook.
- 2022E Consolidated Gold Production (Moz) 5.9
- Consolidated Co-Product GEO Production (Moz) 1.3
- Attributable Gold Production (Moz) 6.0
- Gold CAS ($/oz) 900
Challenges Ahead
- The company announced the delay of the full-funds investment decision for the Yanacocha Sulfides project in Peru.
- Impacts from the COVID-19 pandemic
- Russian invasion of Ukraine
- Inflation
- Commodities and raw materials prices