On Wednesday, Newmont released third-quarter earnings results demonstrating continued strong performance, including a 148 percent improvement in operating cash flow, and a 15 percent reduction in injury rates compared to the third quarter of 2014.
During the three-month reporting period ending in September, Newmont delivered a ninefold increase in free cash flow compared to the previous year. Year to date, the Company has generated $941 million in free cash flow, and continued to self-fund profitable projects, pay healthy dividends and further reduce debt. Newmont has reduced its net debt by 32 percent from the prior year quarter and has among the lowest net debt to EBITDA ratios in the gold sector.
Highlights from the quarter included:
- Improving gold all-in sustaining costs (AISC) by 16 percent to $835 per ounce compared to $995 per ounce in the prior-year quarter
- Delivering a 67 percent improvement in adjusted EBITDA, or $758 million in the third quarter, compared to $455 million in the prior-year quarter
- Producing 1.34 million ounces of attributable gold – a 16 percent increase over the prior-year quarter – and tripling copper production to 48,000 tonnes
- Investing in the Tanami expansion project in Australia and advancing its Turf Vent Shaft, Cripple Creek & Victor expansion, and Merian and Long Canyon Phase 1 projects
- Maintaining a third-quarter dividend of $0.025 per share
For more information about Newmont’s operations and results, please visit our website.
This blog contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Such statements may include without limitations statements about future financial outlook and future results at Tanami. Estimates or expectations of future events or results are based upon certain assumptions, which are subject to risks and uncertainties and may prove to be incorrect. Investors are encouraged to read the Cautionary Note relating to forward-looking statements on page 19 of the related earnings press release at this link. This blog also contains certain non-GAAP measures, such as free cash flow, adjusted EBITDA, AISC and adjusted Net Income. Investors are encouraged to refer to the reconciliations of non-GAAP metrics to the closest GAAP metric on pages 8–17 of the same press release at the link above.