High Gold Price Drives Newmont’s Earnings

SEATTLE (Scrap Monster): Newmont Corporation announced fourth quarter and full-year 2019 results.

The company’s gold production totaled 6.3 million attributable ounces of gold in 2019, in line with the guidance provided earlier. The company reported net income of $2.9 billion and adjusted EBITDA of $3.7 billion. The revenue for the full year was up by 34% to $9,740 million. The cash from continuing operations was $2.9 billion, whereas the free cash flow totaled $1.4 billion. Newmont Corporation reported 100.2 million ounces of Gold Mineral Reserves.

In Q4 ’19, the company delivered net income from continuing operations attributable to Newmont stockholders of $537 million or $0.66 per diluted share. The EBITDA surged higher by nearly 70% over the previous year to $1.3 billion. The quarterly revenues surged higher by 45% to $2,967 million. The company produced 1.83 million ounce of gold, considerably higher by 27% when compared with the corresponding quarter in 2018.

ALSO READ: Newmont to Own World's First Autonomous Gold Mine

Newmont maintained stable production outlook of 6.4 million ounces in 2020. It expects to realize $1.4 billion in cash proceeds through divestitures during the first quarter of the current year.