Newmont posts lower first-quarter profit
The world’s biggest bullion miner, Newmont, on Friday reported lower first-quarter adjusted earnings on the back of lower sales volumes. Adjusted net income was $546-million, or $0.69 a diluted share, compared with $594-million, or $0.74 a diluted share, in the prior-year quarter.
The company generated $3-billion in revenue, which is a 5% increase on the prior-year quarter, owing to higher average realised gold prices and higher copper sales volumes, which were partially offset by lower gold sales volumes.
The average realised price for gold was $1 892/oz – an increase of $141/oz over the prior-year quarter.
"Newmont delivered a solid first-quarter performance with $1.4-billion in adjusted Ebitda [earnings before interest, taxes, depreciation and amortisation] as we safely managed through the Omicron surge,” CEO Tom Palmer reported.
Attributable gold production decreased by 8% to 1.34-million ounces from the prior-year quarter, with lower mill throughput reported at CC&V, Tanami, Porcupine and Nevada Gold Mines, as well as lower ore grades milled at Peñasquito, Pueblo Viejo, Éléonore and Porcupine.
The miner reported an 11% increase in gold all-in sustaining costs to $1 156/oz.
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