Newmont misses quarterly profit estimates, Penasquito ramp-up underway
Newmont on Thursday fell short of Wall Street estimates for third-quarter profit, as the world's largest gold miner struggled with weak production after a strike at its Mexico mine had shuttered operations since June.
Denver, Colorado-based Newmont's quarterly attributable gold production fell 13.4% to 1.29 million ounces from 1.49 million ounces a year earlier, primarily due to lower production at the Penasquito mine in Mexico, as well as the Akyem and Ahafo mines in Ghana.
Newmont reached a resolution with the National Union of Mine and Metal Workers of the Mexican Republic on Penasquito earlier this month and expects to reach full operating capacity at the mine by the end of the fourth quarter.
Last year, Penasquito produced around 566 000 oz of gold.
Newmont lowered its 2023 gold production forecast to 5.3-million ounces from between 5.7-million and 6.3-million ounces in the previous quarter.
The company, however, raised its all-in-sustaining cost (AISC) for gold, an industry metric that reflects total expenses associated with production, for the full year to $1 400 from $1 150 to $1 250.
On an adjusted basis, the company posted a net income of 36 cents per share for the July-September quarter, compared with the average analyst estimate of 43 cents.
In October, Newmont brought out Australia's Newcrest for A$26.2-billion ($16.5 billion) in one of the biggest global buyouts in 2023.
"We look forward to closing the transaction on November 6 and providing our first integration update on the combined business in the first quarter of 2024," CEO Tom Palmer said in a statement.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
