Newmont Corp. reported that its adjusted net income amounted to $834 million in the second quarter of 2024 as compared to $630 million in the previous quarter.
Adjusted EBITDA increased 16% to $2.0 billion for the quarter, compared to $1.7 billion for the prior quarter.
Meanwhile, Newmont’s attributable gold production decreased 4% to 1.607 million ounces quarter on quarter primarily due to lower production at Cerro Negro. Operations were suspended following a fatal accident on April 9. Operations at Cerro Negro safely resumed on May 24, 2024.
Second quarter results were also impacted by lower production at Lihir due to heavy rainfall impacting mine sequencing, as well as lower production at Akyem due to lower grades as a result of the ongoing stripping campaign. These impacts were partially offset by higher production at Porcupine, Brucejack and Peñasquito.
Average realized gold price was $2,347, an increase of $257 per ounce over the prior quarter. The company is on track to deliver 2024 guidance for production, costs and capital spend as it anticipates a sequential increase in production towards the fourth quarter of the year.
Last year, Newmont completed the acquisition of another gold miner Newcrest for approximately $15 billion. It also 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.
Theodor Lisovoy, Editor in Chief, Rough&Polished
