Newmont released its first quarter earnings results last Thursday, demonstrating that the company continues delivering strong operating performance and profitability – exceeding market expectations – in spite of the year-over-year drop in the gold price.
The strong first quarter allowed the company to pay down an additional $200 million in debt, as well as help fund construction of the Long Canyon project in Nevada, which will add profitable production in a prospective new gold district.
Highlights from the quarter include:
- $229 million in adjusted net income compared to $121 million in the prior year’s quarter
- $628 million in operating cash flow and $344 million in free cash flow
- Gold and copper all-in sustaining costs of $849 per ounce and $1.73 per pound, respectively, compared with $1,034 per ounce and $3.67 per pound, respectively, in the first quarter of 2014
- Production volumes in line with guidance, and gold production matching the first quarter of 2014, despite the sale of three operations
For more information about Newmont’s operations and results, please visit our website.