Newmont announces solid first-quarter results; well-positioned to deliver a strong second half and long-term value from top-tier mining jurisdictions.
DENVER, CO (STL.News) Newmont Corporation (NYSE: NEM, TSX: NGT) (Newmont or the Company) today announced first quarter 2022 results.
Newmont Corporation First Quarter 2022 Highlights
- Produced 1.34 million attributable ounces of gold and 350 thousand attributable gold equivalent ounces from co-products
- Reported gold CAS* of $890 per ounce and AISC of $1,156 per ounce
- Remain on track to achieve full-year guidance ranges; full-year results continue to be back-half weighted
- Generated $689 million of cash from continuing operations and $252 million of Free Cash Flow
- Declared first quarter dividend of $0.55 per share, consistent with the previous quarter; $1 billion share repurchase program to be used opportunistically in 2022, with $475 million remaining
- Ended the quarter with $4.3 billion of consolidated cash and $7.3 billion of liquidity with a net debt to adjusted EBITDA ratio of 0.3x
- Credit rating upgraded by S&P Global Ratings to BBB+ from BBB with a stable outlook
- Advancing profitable near-term projects, including Tanami Expansion 2, Ahafo North, and Yanacocha Sulfides
- Executed a strategy to consolidate ownership in prolific mining districts with the acquisition of Yanacocha’s minority interest stake; increasing ownership in the Sulfides project to 100 percent through the acquisition of Buenaventura’s 43.65% interest and Sumitomo Corporation’s 5% interest
- Published 18th Annual Sustainability report, a transparent review of Environmental, Social, and Governance (ESG) performance
- Committed a $5 million contribution to support humanitarian efforts in Ukraine
- Ranked eleventh on Fortune’s Modern Board 25, a list of the most innovative boards of directors among S&P 500 companies; recognized for gender equality, nationality dispersion, and board independence
“Newmont delivered a solid first-quarter performance with $1.4 billion in adjusted EBITDA as we safely managed through the Omicron surge. The strength of our proven operating model and global portfolio in the world’s best mining jurisdictions is the foundation of Newmont’s clear and consistent strategy to create value and improve lives through sustainable and responsible mining. In April, we published our 18th Annual Sustainability Report, which provides a transparent look at our ESG performance and the issues and metrics that matter most to our stakeholders. As a values-based organization and the gold sector’s recognized sustainability leader, Newmont has a long history of leading change in our approach to ESG, and our core values are fundamental to how we run our business and where we choose to operate.”
– Tom Palmer, Newmont President, and Chief Executive Officer
NOTE 1: This is not the complete release. Visit the company website for full details.