Newmont Corporation has announced that its revenue for the 2023 full year was almost flat at $11.8 billion compared to $11.9 billion for the prior year. For the year, the company reported a loss of $2.48 billion.
Its overall performance was affected by several challenges, including $1.9 billion in impairment charges, $1.5 billion in reclamation charges, and $464 million in transaction and integration costs.
Newmont's gold production was down 7% to 5.55 million ounces compared to 5.96 million ounces a year earlier, primarily due to lower production at Peñasquito, Akyem, Merian and Boddington. Average realized gold price for the year increased $162 per ounce to $1,954 per ounce compared to the prior year.
Last year, Newmont completed the acquisition of another gold miner Newcrest for approximately $15 billion. Recently it announced plans to sell six non-core assets, including its Éléonore mine in Quebec, the Musselwhite and Porcupine mines in Ontario, the Coffee project in the Yukon Territory and its 70% stake in the Havieron joint venture in Western Australia.
"2023 was a transformational year for Newmont, and for all of our stakeholders," said Tom Palmer, Newmont's President and Chief Executive Officer.
"With the acquisition of Newcrest now complete, our principal focus for 2024 is to integrate and transform our leading portfolio of Tier 1 assets into a unique collection of the world's best gold and copper operations and projects. With stable production and structured reinvestment throughout the year, we are strongly positioned to deliver on our commitments in 2024 and set the stage for meaningful growth in 2025 and beyond."
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
