Q3 2024 Newmont Corporation Earnings Call Transcript
Key Points
- Newmont Corp (NEM) produced nearly 1.7 million ounces of gold and 430,000 gold equivalent ounces from copper, silver, lead, and zinc in the third quarter.
- The company generated $1.6 billion in cash flow from operations and $760 million in free cash flow.
- Newmont Corp (NEM) has advanced its noncore divestment program, expecting up to $1.5 billion in combined gross proceeds from recent transactions.
- The company achieved its $500 million synergy run rate target from its acquisition of Newcrest, focusing on G&A, supply chain, and full potential program.
- Newmont Corp (NEM) approved an additional $2 billion share repurchase program, bringing total authorization to $3 billion, and returned $786 million to shareholders through share repurchases and dividends.
- Newmont Corp (NEM) reported its fifth fatality in less than a year, highlighting ongoing safety challenges.
- The company anticipates lower than previously expected gold production from Lihir and Brucejack in 2025, impacting overall production forecasts.
- Higher sustaining capital expenditures are expected, particularly for tailings work at Cadia, which may increase costs.
- The company is experiencing significant labor cost inflation, particularly in contracted labor, impacting overall cost structure.
- Newmont Corp (NEM) faces challenges in achieving productivity targets at certain operations, including Cerro Negro, affecting operational efficiency.
Good morning, and welcome to Newmont's Third Quarter 2024 Earnings Call. (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 my executive leadership team, including Natascha Viljoen and Karyn Ovelmen, and will all be available to answer your questions at the end of the call. Please note our cautionary statement and refer to our SEC filings, which can be found on our website.
Before we discuss our third quarter performance, I would like to take a moment to remember (inaudible), who tragically lost his life at our Eleonore operation late last month. We recognize that this is our fifth fatality in less than a year. And we are working diligently to strengthen and improve our safety systems, along with the key safety tools that we use in
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