Newmont Reports Second Quarter 2024 Results

About this update from Newmont Corporation

[{"type":"text","content":"DENVER / Jul 24, 2024 / Business Wire /  Newmont Corporation (NYSE: NEM, ASX: NEM, TSX: NGT, PNGX: NEM) (Newmont or the Company) today announced second quarter 2024 results and declared a second quarter dividend of $0.25 per share. \"Newmont delivered a solid second quarter, producing 2.1 million gold equivalent ounces and generating $594 million in free cash flow,\" said Tom Palmer, Newmont's President and Chief Executive Officer. \"We continued to advance our divestiture program and, to date, have announced $527 million in proceeds this year. With this momentum, we completed $250 million in share repurchases and repaid $250 million in debt. As we head into the second half of the year, we remain confident in our ability to continue executing on shareholder returns, meet our full year guidance and deliver on our commitments.\" Q2 2024 Results1 Announced monetization of Batu Hijau contingent payments; expect to receive $153 million in cash proceeds in the third quarter, in addition to $44 million of cash associated with contingent payments Expect to achieve at least $2 billion in gross divestiture proceeds from high-quality, non-core asset sales Since our last earnings release, repurchased 5.7 million shares at an average price of $43.34 for a total cost of $250 million, of which $104 million was repurchased during the second quarter and $146 million was repurchased in July 2024 Reduced nominal debt by $250 million for a cash cost of $227 million Delivered $539 million in total returns to shareholders through share repurchases and dividend payments in the second quarter2; declared a dividend of $0.25 per share of common stock for the second quarter of 20243 Produced 1.6 million attributable gold ounces and 477 thousand gold equivalent ounces (GEOs)4 from copper, silver, lead and zinc, including 38 thousand tonnes of copper; primarily driven by production of 1.3 million gold ounces from Newmont's Tier 1 Portfolio5 Generated $1.4 billion of cash from operating activities, net of working capital changes of $(263) million; reported $594 million in Free Cash Flow6 Reported Net Income of $857 million, Adjusted Net Income (ANI) of $0.72 per share and Adjusted EBITDA of $2.0 billion for the quarter6 Achieved $100 million in synergies during the second quarter, for a total of $205 million to date from the Newcrest acquisition; on tra...

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