SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : Mining News of Note

 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: LoneClone who wrote (165008)4/25/2022 1:49:30 PM
From: LoneClone  Read Replies (1) of 166667
 
Newmont Announces First Quarter 2022 Results

ca.finance.yahoo.com

Fri, April 22, 2022, 4:00 a.m.·22 min read

Newmont announces solid first quarter results; well-positioned to deliver a strong second half and long-term value from top-tier mining jurisdictions

DENVER, April 22, 2022--( BUSINESS WIRE)--Newmont Corporation (NYSE: NEM, TSX: NGT) (Newmont or the Company) today announced first quarter 2022 results.

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 on strategy to consolidate ownership in prolific mining districts with acquisition of Yanacocha's minority interest stake; increasing ownership in Sulfides project to 100 percent through 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 $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

    ___________________________

    *Non-GAAP metrics; see pages 12-26 for reconciliations.
    **See discussion of outlook and cautionary statement at end of release regarding forward-looking statements.
    ***See cautionary statement at the end of this release, including with respect to future dividends and share buybacks.
    ****The acquisition of the remaining 5% interest in Yanacocha from Sumitomo Corporation is expected to close in Q2 2022.


    FIRST QUARTER 2022 FINANCIAL AND PRODUCTION SUMMARY


    Q1'22

    Q4'21

    Q1'21

    Average realized gold price ($ per ounce)

    $

    1,892

    $

    1,798


    $

    1,751

    Attributable gold production (million ounces)


    1.34


    1.62



    1.46

    Gold costs applicable to sales (CAS) ($ per ounce)

    $

    890

    $

    802


    $

    752

    Gold all-in sustaining costs (AISC) ($ per ounce)

    $

    1,156

    $

    1,056


    $

    1,039

    GAAP net income (loss) from continuing operations ($ millions)

    $

    432

    $

    (61

    )

    $

    538

    Adjusted net income ($ millions)

    $

    546

    $

    624


    $

    594

    Adjusted EBITDA ($ millions)

    $

    1,390

    $

    1,599


    $

    1,457

    Cash flow from continuing operations ($ millions)

    $

    689

    $

    1,299


    $

    841

    Capital expenditures ($ millions)

    $

    437

    $

    441


    $

    399

    Free cash flow ($ millions)

    $

    252

    $

    858


    $

    442


    Attributable gold production1 decreased 8 percent to 1,344 thousand ounces from the prior year quarter primarily due to lower mill throughput at CC&V, Tanami, Porcupine and Nevada Gold Mines, lower ore grades milled at Peñasquito, Pueblo Viejo, Éléonore and Porcupine, and a build-up of in-circuit inventory. These decreases were partially offset by higher ore grade milled at Boddington and higher production at Yanacocha due to the acquisition of Buenaventura's 43.65% ownership in February 2022.

    Gold CAS totaled $1.2 billion for the quarter. Gold CAS per ounce2 increased 18 percent to $890 per ounce from the prior year quarter primarily due to lower ounces sold, higher direct operating costs, a draw-down of in-circuit inventory and lower by-product credits at Yanacocha.

    Gold AISC per ounce3 increased 11 percent to $1,156 per ounce from the prior year quarter primarily due to higher CAS per ounce.

    Attributable gold equivalent ounce (GEO) production from other metals increased 10 percent to 350 thousand ounces primarily due to higher ore grade milled at Peñasquito and Boddington.

    CAS from other metals totaled $251 million for the quarter. CAS per GEO2 increased 29 percent to $717 per ounce from the prior year quarter primarily due to higher allocation of costs to other metals at Peñasquito.

    AISC per GEO3 increased 22 percent to $997 per ounce primarily due to higher CAS per GEO.

    Net income from continuing operations attributable to Newmont stockholders was $432 million or $0.54 per diluted share, a decrease of $106 million from the prior year quarter primarily due to lower gold sales volumes, higher CAS, a pension settlement charge of $130 million, the loss recognized on the sale of the La Zanja equity method investment in 2022 compared to a gain on the sale of TMAC in 2021 and higher reclamation and remediation charges. These decreases were partially offset by higher average realized metal prices, unrealized gains on marketable and other equity securities in 2022 compared to unrealized losses in 2021 and lower income tax expense.

    Adjusted net income4 was $546 million or $0.69 per diluted share, compared to $594 million or $0.74 per diluted share in the prior year quarter. Primary adjustments to first quarter net income include pension settlement charges, changes in the fair value of investments, the loss recognized on the sale of the La Zanja equity method investment, reclamation and remediation charges, settlement costs, a voluntary contribution made to support humanitarian efforts in Ukraine, and valuation allowance and other tax adjustments.

    Adjusted EBITDA5 decreased 5 percent to $1.4 billion for the quarter, compared to $1.5 billion for the prior year quarter.

    Revenue increased 5 percent from the prior year quarter to $3.0 billion primarily due to higher average realized gold prices and higher copper sales volumes, which were partially offset by lower gold sales volumes.

    Average realized price6 for gold was $1,892, an increase of $141 per ounce over the prior year quarter. Average realized gold price includes $1,883 per ounce of gross price received, the favorable impact of $17 per ounce mark-to-market on provisionally-priced sales and reductions of $8 per ounce for treatment and refining charges.

    Capital expenditures7 increased 10 percent from the prior year quarter to $437 million primarily due to higher development capital spend, which was partially offset by lower sustaining capital spend. Development capital expenditures in 2022 primarily include advancing Tanami Expansion 2, Yanacocha Sulfides, Ahafo North, Pamour and Cerro Negro District Expansion 1.

    Consolidated operating cash flow from continuing operations decreased 18 percent from the prior year quarter to $689 million primarily due to lower gold sales volumes and an increase in accounts receivable related to timing of cash receipts. These decreases were partially offset by higher average realized metal prices. Free Cash Flow8 also decreased to $252 million primarily due to lower operating cash flow and higher development capital expenditures as described above.

    Balance sheet and liquidity ended the quarter with $4.3 billion of consolidated cash and approximately $7.3 billion of liquidity; reported net debt to adjusted EBITDA of 0.3x9.

    Nevada Gold Mines (NGM) attributable gold production was 288 thousand ounces, with CAS of $899 per ounce and AISC of $1,086 per ounce for the first quarter. NGM EBITDA10 was $278 million.

    Pueblo Viejo (PV) attributable gold production was 69 thousand ounces for the quarter. Pueblo Viejo EBITDA10 was $80 million and cash distributions received for the Company's equity method investment totaled $49 million in the first quarter.

    COVID UPDATE

    Newmont continues to maintain wide-ranging protective measures for its workforce and neighboring communities, including screening, physical distancing, deep cleaning and avoiding exposure for at-risk individuals. The Company incurred incremental Covid specific costs of $17 million during the quarter for activities such as additional health and safety procedures, increased transportation and distributions from the Newmont Global Community Support Fund. The majority of the additional incremental Covid specific costs have not been adjusted from our non-GAAP metrics.

    PROJECTS UPDATE11

    Newmont’s project pipeline supports stable production with improving margins and mine life. Newmont's 2022 and longer-term outlook includes current development capital costs and production related to Tanami Expansion 2, Ahafo North, Yanacocha Sulfides, Pamour and Cerro Negro District Expansion 1. Additional projects not listed below represent incremental improvements to the Company's outlook.

  • Tanami Expansion 2 (Australia) secures Tanami’s future as a long-life, low-cost producer with potential to extend mine life beyond 2040 through the addition of a 1,460 meter hoisting shaft and supporting infrastructure to process 3.3 million tonnes per year and provide a platform for future growth. The expansion is expected to increase average annual gold production by approximately 150,000 to 200,000 ounces per year for the first five years and is expected to reduce operating costs by approximately 10 percent. Capital costs for the project are estimated to be between $850 and $950 million with a commercial production date in 2024. Development costs (excluding capitalized interest) since approval were $333 million, of which $49 million related to the first quarter of 2022.

  • Ahafo North (Africa) expands our existing footprint in Ghana with four open pit mines and a stand-alone mill located approximately 30 kilometers from the Company’s Ahafo South operations. The project is expected to add between 275,000 and 325,000 ounces per year with all-in sustaining costs between $600 to $700 per ounce for the first five full years of production (2024-2028). Capital costs for the project are estimated to be between $750 and $850 million with a construction completion date in late 2023 and commercial production in 2024. Ahafo North is the best unmined gold deposit in West Africa with approximately 3.5 million ounces of Reserves and more than 1 million ounces of Measured, Indicated and Inferred Resources and significant upside potential to extend beyond Ahafo North’s current 13-year mine life. Development costs (excluding capitalized interest) since approval were $95 million, of which $28 million related to the first quarter of 2022.

  • Yanacocha Sulfides12 (South America) will develop the first phase of sulfide deposits and an integrated processing circuit, including an autoclave to produce 45% gold, 45% copper and 10% silver. The project is expected to add average annual production of 525,000 gold equivalent ounces per year with all-in sustaining costs between $700 and $800 per ounce for the first five full years of production (2027-2031). Total capital costs for the project are estimated at $2.5 billion, with an investment decision expected in late 2022 and a three year development period. The first phase focuses on developing the Yanacocha Verde and Chaquicocha deposits to extend Yanacocha’s operations beyond 2040 with second and third phases having the potential to extend life for multiple decades.

  • Pamour (North America) extends the life of Porcupine and maintains production beginning in 2024. The project will optimize mill capacity, adding volume and supporting high grade ore from Borden and Hoyle Pond, while supporting further exploration in a highly prospective and proven mining district. An investment decision is expected in the second half of 2022 with estimated capital costs between $350 and $450 million.

  • Cerro Negro District Expansion 1 (South America) includes the simultaneous development of the Marianas and Eastern districts to extend the mine life of Cerro Negro beyond 2030. The project is expected to improve production to above 350,000 ounces beginning in 2024, while improving all-in sustaining costs to between $800 and $900 per ounce. Capital costs for the project are estimated to be approximately $300 million. This project provides a platform for further exploration and future growth through additional expansions.

  • ________________________________________________

    1 Attributable gold production for the first quarter 2022 includes 69 thousand ounces from the Company’s equity method investment in Pueblo Viejo (40%).
    2 Non-GAAP measure. See end of this release for reconciliation to Costs applicable to sales.
    3 Non-GAAP measure. See end of this release for reconciliation to Costs applicable to sales.
    4 Non-GAAP measure. See end of this release for reconciliation to Net income (loss) attributable to Newmont stockholders.
    5 Non-GAAP measure. See end of this release for reconciliation to Net income (loss) attributable to Newmont stockholders.
    6 Non-GAAP measure. See end of this release for reconciliation to Sales.
    7 Capital expenditures refers to Additions to property plant and mine development from the Condensed Consolidated Statements of Cash Flows.
    8 Non-GAAP measure. See end of this release for reconciliation to Net cash provided by operating activities.
    9 Non-GAAP measure. See end of this release for reconciliation.
    10 Non-GAAP measure. See end of this release for reconciliation.
    11 All-in sustaining costs are presented using a $1,200/oz gold price assumption. Project estimates remain subject to change based upon uncertainties, including future impacts Covid-19 and other cost pressures, supply chain disruptions and availabilities, commodity price volatility and other factors, which may impact estimated capital expenditures, AISC and timing of projects. See end of this release for cautionary statement regarding forward-looking statements.
    12 Consolidated basis.

    OUTLOOK

    Newmont’s outlook reflects increasing gold production and ongoing investment in its operating assets and most promising growth prospects. Outlook includes current development capital costs and production related to Tanami Expansion 2, Ahafo North, Yanacocha Sulfides, Pamour at Porcupine and Cerro Negro District Expansion 1.

    Newmont continues to develop our mine plan utilizing a $1,200 per ounce gold price assumption. However, due to sustained higher gold prices over the last two years, Newmont’s 2022 outlook assumes an $1,800 per ounce revenue gold price for CAS and AISC to reflect higher costs from inflation, royalties and production taxes. In 2022, an additional 5% of cost escalation is incorporated into our direct operating costs related to labor, energy, and material and supplies. 2022 and longer-term outlook assumes a $30 per ounce impact from production taxes and royalties attributable to higher gold prices. Outlook assumes operations continue without major Covid-related interruptions. Newmont continues to maintain wide-ranging protective measures for its workforce and neighboring communities, including screening, physical distancing, deep cleaning and avoiding exposure for at-risk individuals, which are expected to impact AISC per gold equivalent ounce by approximately $10 per ounce. If at any point the Company determines that continuing operations poses an increased risk to our workforce or host communities, it will reduce operational activities up to, and including, care and maintenance and management of critical environmental systems. Please see the cautionary statement for additional information.

    For a more detailed discussion and outlook presented at a $1,200 per ounce gold price assumption, see the Company’s 2022 and Longer-Term Outlook released on December 2, 2021, available on www.newmont.com. The attributable site-level production for Yanacocha and attributable development capital guidance below accounts for the acquisition of Buenaventura's 43.65% interest in Yanacocha, as announced on February 8, 2022. All other guidance metrics remain unchanged from the Company's 2022 and Longer-Term Outlook as announced on December 2, 2021.

    Five Year Outlook (+/- 5%): $1,800/oz Gold Price Assumption

    Guidance Metric ($M) (+/- 5%)

    2022E

    2023E

    2024E

    2025E

    2026E

    Gold Production* (Moz)

    6.2

    6.0 - 6.6

    6.2 - 6.8

    6.2 - 6.8

    6.2 - 6.8

    Co-Product Production** (Mozs)

    1.3

    1.4 - 1.6

    1.4 - 1.6

    1.4 - 1.6

    1.4 - 1.6

    Total GEO Production (Mozs)

    7.5

    7.5 - 8.1

    7.7 - 8.3

    7.7 - 8.3

    7.7 - 8.3

    Gold CAS ($/oz)

    820

    740 - 840

    700 - 800

    700 - 800

    700 - 800

    Co-Product GEO CAS ($/oz)

    675

    600 - 700

    500 - 600

    500 - 600

    500 - 600

    Total GEO CAS ($/oz)

    800

    710 - 810

    640 - 740

    640 - 740

    640 - 740

    Gold AISC ($/oz)

    1,050

    980 - 1,080

    920 - 1,020

    920 - 1,020

    920 - 1,020

    Co-Product GEO AISC ($/oz)

    975

    900 - 1,000

    800 - 900

    800 - 900

    800 - 900

    Total GEO AISC ($/oz)

    1,030

    950 - 1,050

    880 - 980

    880 - 980

    880 - 980

    Sustaining Capital* ($M)

    925

    825 - 1,025

    825 - 1,025

    825 - 1,025

    825 - 1,025

    Development Capital* ($M)

    1,400

    1,300 - 1,500

    1,100 - 1,300

    400 - 600

    100 - 300

    Total Capital* ($M)

    2,325

    2,225 - 2,425

    2,025 - 2,225

    1,325 - 1,525

    1,025 - 1,225


    *Attributable basis; **Attributable co-product gold equivalent ounces; includes copper, zinc, silver and lead

    Consolidated Expense Outlook

    Guidance Metric ($M) (+/- 5%)

    2022E

    Exploration & Advanced Projects

    450

    General & Administrative

    260

    Interest Expense

    225

    Depreciation & Amortization

    2,300

    Adjusted Tax Rate a,b

    30%-34%


    a The adjusted tax rate excludes certain items such as tax valuation allowance adjustments.
    b Assuming average prices of $1,800 per ounce for gold, $3.25 per pound for copper, $23.00 per ounce for silver, $0.95 per pound for lead, and $1.15 per pound for zinc and achievement of current production and sales volumes and cost estimates, we estimate our consolidated adjusted effective tax rate related to continuing operations for 2022 will be between 30%-34%.

    2022 Site Outlooka


    Consolidated
    Production (Koz)


    Attributable
    Production (Koz)


    Consolidated CAS
    ($/oz)


    Consolidated All-In
    Sustaining Costs b
    ($/oz)


    Consolidated
    Sustaining Capital
    Expenditures ($M)


    Consolidated
    Development
    Capital Expenditures ($M)









    CC&V

    210

    210

    975

    1,200

    35



    Éléonore

    275

    275

    975

    1,150

    30



    Peñasquito

    475

    475

    650

    850

    125



    Porcupine

    340

    340

    875

    1,025

    40

    100

    Musselwhite

    200

    200

    875

    1,150

    50



    Other North America




















    Cerro Negro

    260

    260

    875

    1,095

    50

    75

    Yanacochac

    225

    210

    1,100

    1,375

    25

    475

    Merianc

    465

    350

    750

    860

    50



    Pueblo Viejod



    285









    Other South America




















    Boddington

    900

    900

    750

    860

    95

    10

    Tanami

    500

    500

    625

    960

    125

    275

    Other Australia









    15










    Ahafo

    650

    650

    875

    1,000

    85

    30

    Akyem

    400

    400

    725

    925

    40

    10

    Ahafo North











    340

    Other Africa




















    Nevada Gold Minese

    1,250

    1,250

    825

    1,050

    245

    70








    Corporate/Other




















    Peñasquito - Co-products (GEO)f

    1,000

    1,000

    670

    940



    Boddington - Co-products (GEO)f

    300

    300

    740

    890










    Peñasquito - Silver (Moz)

    29

    29





    Peñasquito - Lead (Mlbs)

    150

    150





    Peñasquito - Zinc (Mlbs)

    350

    350





    Boddington - Copper (Mlbs)

    110

    110






    a 2022 outlook projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of December 2, 2021. Outlook is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2022 Outlook assumes $1,800/oz Au, $3.25/lb Cu, $23.00/oz Ag, $1.15/lb Zn, $0.95/lb Pb, $0.75 USD/AUD exchange rate, $0.80 USD/CAD exchange rate and $60/barrel WTI. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved, except for Yanacocha Sulfides, Pamour and Cerro Negro District Expansion 1 which are included in Outlook. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Outlook. Assumptions used for purposes of Outlook may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. Outlook cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Outlook and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. Amounts may not recalculate to totals due to rounding. The attributable production guidance accounts for the acquisition of Buenaventura's 43.65% interest in Yanacocha, as announced on February 8, 2022. All other guidance metrics remain unchanged from the Company's outlook as announced on December 2, 2021. See cautionary at the end of this release.
    b All-in sustaining costs (AISC) as used in the Company’s Outlook is a non-GAAP metric; see below for further information and reconciliation to consolidated 2022 CAS outlook.
    c Consolidated production for Yanacocha and Merian is presented on a total production basis for the mine site; attributable production represents a 95% interest for Yanacocha and a 75% interest for Merian.

    d Attributable production includes Newmont’s 40% interest in Pueblo Viejo, which is accounted for as an equity method investment.
    e Represents the ownership interest in the Nevada Gold Mines (NGM) joint venture. NGM is owned 38.5% by Newmont and owned 61.5% and operated by Barrick. The Company accounts for its interest in NGM using the proportionate consolidation method, thereby recognizing its pro-rata share of the assets, liabilities and operations of NGM.
    f Gold equivalent ounces (GEO) are calculated as pounds or ounces produced multiplied by the ratio of the other metal’s price to the gold price, using Gold ($1,200/oz.), Copper ($3.25/lb.), Silver ($23.00/oz.), Lead ($0.95/lb.), and Zinc ($1.15/lb.) pricing.


    Three Months Ended March 31,

    Operating Results

    2022

    2021

    % Change

    Attributable Sales (koz)




    Attributable gold ounces sold (1)

    1,291

    1,361

    (5

    ) %

    Attributable gold equivalent ounces sold

    350

    327

    7

    %





    Average Realized Price ($/oz, $/lb)




    Average realized gold price

    $ 1,892

    $ 1,751

    8

    %

    Average realized copper price

    $ 4.84

    $ 4.20

    15

    %

    Average realized silver price

    $ 20.36

    $ 19.73

    3

    %

    Average realized lead price

    $ 1.06

    $ 0.88

    20

    %

    Average realized zinc price

    $ 1.75

    $ 1.06

    65

    %





    Attributable Production (koz)




    North America

    309

    413

    (25

    ) %

    South America

    198

    174

    14

    %

    Australia

    282

    269

    5

    %

    Africa

    198

    205

    (3

    ) %

    Nevada

    288

    303

    (5

    ) %

    Total Gold (excluding equity method investments)

    1,275

    1,364

    (7

    ) %

    Pueblo Viejo (40%) (2)

    69

    91

    (24

    ) %

    Total Gold

    1,344

    1,455

    (8

    ) %





    North America

    299

    285

    5

    %

    Australia

    51

    32

    59

    %

    Total Gold Equivalent Ounces

    350

    317

    10

    %





    CAS Consolidated ($/oz, $/GEO)




    North America

    $ 995

    $ 736

    35

    %

    South America

    $ 921

    $ 791

    16

    %

    Australia

    $ 764

    $ 750

    2

    %

    Africa

    $ 871

    $ 758

    15

    %

    Nevada

    $ 899

    $ 745

    21

    %

    Total Gold

    $ 890

    $ 752

    18

    %

    Total Gold (by-product)

    $ 697

    $ 605

    15

    %





    North America

    $ 695

    $ 518

    34

    %

    Australia

    $ 833

    $ 935

    (11

    ) %

    Total Gold Equivalent Ounces

    $ 717

    $ 555

    29

    %





    AISC Consolidated ($/oz, $/GEO)




    North America

    $ 1,230

    $ 957

    29

    %

    South America

    $ 1,123

    $ 1,063

    6

    %

    Australia

    $ 974

    $ 1,104

    (12

    ) %

    Africa

    $ 1,106

    $ 950

    16

    %

    Nevada

    $ 1,086

    $ 868

    25

    %

    Total Gold

    $ 1,156

    $ 1,039

    11

    %

    Total Gold (by-product)

    $ 1,036

    $ 953

    9

    %





    North America

    $ 954

    $ 763

    25

    %

    Australia

    $ 976

    $ 1,404

    (30

    ) %

    Total Gold Equivalent Ounces

    $ 997

    $ 819

    22

    %


    (1)

    Attributable gold ounces from the Pueblo Viejo mine, an equity method investment, are not included in attributable gold ounces sold.

    (2)

    Represents attributable gold from Pueblo Viejo and does not include the Company's other equity method investments. Attributable gold ounces produced at Pueblo Viejo are not included in attributable gold ounces sold, as noted in footnote 1. Income and expenses of equity method investments are included in Equity income (loss) of affiliates.


    NEWMONT CORPORATION

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (unaudited, in millions except per share)




    Three Months Ended
    March 31,


    2022


    2021





    Sales

    $

    3,023



    $

    2,872






    Costs and expenses




    Costs applicable to sales (1)


    1,435




    1,247


    Depreciation and amortization


    547




    553


    Reclamation and remediation


    61




    46


    Exploration


    38




    35


    Advanced projects, research and development


    44




    31


    General and administrative


    64




    65


    Other expense, net


    35




    39




    2,224




    2,016


    Other income (expense):




    Other income (loss), net


    (109

    )



    (39

    )

    Interest expense, net of capitalized interest


    (62

    )



    (74

    )



    (171

    )



    (113

    )

    Income (loss) before income and mining tax and other items


    628




    743


    Income and mining tax benefit (expense)


    (214

    )



    (235

    )

    Equity income (loss) of affiliates


    39




    50


    Net income (loss) from continuing operations


    453




    558


    Net income (loss) from discontinued operations


    16




    21


    Net income (loss)


    469




    579


    Net loss (income) attributable to noncontrolling interests


    (21

    )



    (20

    )

    Net income (loss) attributable to Newmont stockholders

    $

    448



    $

    559






    Net income (loss) attributable to Newmont stockholders:




    Continuing operations

    $

    432



    $

    538


    Discontinued operations


    16




    21



    $

    448



    $

    559






    Weighted average common shares (millions):




    Basic


    793




    801


    Effect of employee stock-based awards


    1




    1


    Diluted


    794




    802






    Net income (loss) attributable to Newmont stockholders per common share




    Basic:




    Continuing operations

    $

    0.54



    $

    0.67


    Discontinued operations


    0.02




    0.03



    $

    0.56



    $

    0.70


    Diluted:




    Continuing operations

    $

    0.54



    $

    0.67


    Discontinued operations


    0.02




    0.03



    $

    0.56



    $

    0.70


    (1) Excludes Depreciation and amortization and Reclamation and remediation.

















    NEWMONT CORPORATION

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (unaudited, in millions)




    Three Months Ended
    March 31,


    2022


    2021

    Operating activities:




    Net income (loss)

    $

    469



    $

    579


    Non-cash adjustments:




    Depreciation and amortization


    547




    553


    Net loss (income) from discontinued operations


    (16

    )



    (21

    )

    Charges from pension settlement


    130







    Reclamation and remediation


    57




    43


    Deferred income taxes


    (41

    )



    (25

    )

    Change in fair value of investments


    (39

    )



    110


    Stock-based compensation


    18




    17


    Other non-cash adjustments


    29




    (90

    )

    Net change in operating assets and liabilities


    (465

    )



    (325

    )

    Net cash provided by (used in) operating activities of continuing operations


    689




    841


    Net cash provided by (used in) operating activities of discontinued operations


    5







    Net cash provided by (used in) operating activities


    694




    841






    Investing activities:

    ?


    ?

    Additions to property, plant and mine development


    (437

    )



    (399

    )

    Contributions to equity method investees


    (52

    )



    (27

    )

    Payment relating to sale of La Zanja


    (45

    )






    Return of investment from equity method investees


    13




    18


    Proceeds from asset and investment sales


    9




    63


    Purchases of investments


    (4

    )



    (4

    )

    Other


    (3

    )



    (1

    )

    Net cash provided by (used in) investing activities


    (519

    )



    (350

    )





    Financing activities:

    ?


    ?

    Dividends paid to common stockholders


    (436

    )



    (441

    )

    Acquisition of noncontrolling interests


    (300

    )






    Repayment of debt


    (89

    )






    Distributions to noncontrolling interests


    (59

    )



    (54

    )

    Payments for withholding of employee taxes related to stock-based compensation


    (36

    )



    (28

    )

    Funding from noncontrolling interests


    32




    30


    Payments on lease and other financing obligations


    (19

    )



    (18

    )

    Other


    12







    Net cash provided by (used in) financing activities


    (895

    )



    (511

    )

    Effect of exchange rate changes on cash, cash equivalents and restricted cash


    3




    (2

    )

    Net change in cash, cash equivalents and restricted cash


    (717

    )



    (22

    )

    Cash, cash equivalents and restricted cash at beginning of period


    5,093




    5,648


    Cash, cash equivalents and restricted cash at end of period

    $

    4,376



    $

    5,626











    NEWMONT CORPORATION

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (unaudited, in millions)




    Three Months Ended
    March 31,


    2022


    2021

    Reconciliation of cash, cash equivalents and restricted cash:

    ?


    ?

    Cash and cash equivalents

    $ 4,272


    $ 5,518

    Restricted cash included in Other current assets

    50


    2

    Restricted cash included in Other non-current assets

    54


    106

    Total cash, cash equivalents and restricted cash

    $ 4,376


    $ 5,626






    NEWMONT CORPORATION

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (unaudited, in millions)






    At March 31,
    2022


    At December 31,
    2021


    ASSETS




    Cash and cash equivalents

    $

    4,272



    $

    4,992


    Trade receivables


    413




    337


    Investments


    72




    82


    Inventories


    956




    930


    Stockpiles and ore on leach pads


    800




    857


    Other current assets


    546




    498


    Current assets


    7,059




    7,696


    Property, plant and mine development, net


    24,070




    24,124


    Investments


    3,335




    3,243


    Stockpiles and ore on leach pads


    1,790




    1,775


    Deferred income tax assets


    227




    269


    Goodwill


    2,771




    2,771


    Other non-current assets


    661




    686


    Total assets

    $

    39,913



    $

    40,564






    LIABILITIES




    Accounts payable

    $

    491



    $

    518


    Employee-related benefits


    366




    386


    Income and mining taxes payable


    273




    384


    Lease and other financing obligations


    104




    106


    Debt







    87


    Other current liabilities


    1,183




    1,173


    Current liabilities


    2,417




    2,654


    Debt


    5,566




    5,565


    Lease and other financing obligations


    540




    544


    Reclamation and remediation liabilities


    5,848




    5,839


    Deferred income tax liabilities


    2,045



    Report TOU ViolationShare This Post
     Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext