MINING REFINING

Newmont lifts Q2 gold production, reaffirms guidance

Thu July 25 2024

Newmont has reaffirmed its full year production guidance after lifting second quarter profit on the back of improved production and higher prices. The numbers: The world’s biggest gold miner reported net income of US$834 million ($1.27 billion) for the June quarter, with attributable gold production rising to 1.61 million ounces from 1.24 million ounces a year earlier.

It realised an average gold price of US$2,347 per ounce in the quarter, up from US$1,965 per ounce a year earlier.

The context: Newmont reaffirmed its full-year gold production target of 6.9 million ounces despite announcing it would sell its deferred payment rights linked to the Batu Hijau mine in Indonesia for US$153 million.

The miner has previously announced the sale of the Fruta del Norte gold mine in Ecuador to Lundin Gold, and outlined plans to achieve at least US$2 billion through divestment of non-core assets.

Newmont acquired Australia’s top gold miner Newcrest in a $26 billion deal late last year to cement its place

Source: https://www.capitalbrief.com/