Q2 2024 Newmont Corporation Earnings Call Transcript
Key Points
- Newmont Corp (NEM) delivered solid operational performance, keeping on track to achieve 2024 guidance.
- The company generated $1.4 billion of cash flow from operations and $594 million in free cash flow in Q2.
- Newmont Corp (NEM) achieved $100 million in synergies in Q2, bringing the run rate to $205 million since acquiring Newcrest.
- The company retired $250 million in debt and returned approximately $540 million to shareholders through dividends and share repurchases.
- Newmont Corp (NEM) remains confident in achieving a $335 million synergy run rate by the end of the year, ahead of initial estimates.
- The company faced higher all-in sustaining costs of $1,562 per ounce, primarily due to lower production volumes and increased sustaining capital.
- Production at Cadia is expected to decline through the rest of the year due to transitioning mining to the next panel cave.
- Lihir's production decreased in Q2 due to heavy rainfall and soft ground conditions, impacting mine sequencing.
- The company anticipates significant reclamation spend in the second half of the year, which will be a working capital headwind.
- Newmont Corp (NEM) faces challenges in maintaining stable production levels at Telfer due to ongoing tailings dam issues.
Good morning and welcome to Newmont's second-quarter 2024. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Tom Palmer, President and Chief Executive Officer. Please go ahead.
Thank you, operator. Good morning, everyone, and thank you for joining our call. Today, I'm joined by our executive leadership team, including Natascha Viljoen and Karyn Ovelmen, and we'll all be available to answer your questions at the end of the call.
Turning to the next slide. Please note our cautionary statement and refer to our SEC filings, which can be found on our website.
Before I cover our results for the quarter, I'd like to take a moment to provide an update on the important work we are doing to reinvigorate our safety systems. Following the tragic loss of four of our colleagues over the last year, we initiated a comprehensive systematic review of our safety and risk management systems in order to
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