Newmont Corp. Produced 1.34 Million Attributable Ounces of Gold in Q1

SEATTLE (Scrap Monster): Newmont Corporation announced results for first quarter 2022.

The company produced 1.34 million attributable ounces of gold and 350,000 attributable gold equivalent ounces from co-products. The 8% year-on-year dip in attributable gold production was mainly due to lower mill throughput at CC&V, Tanami, Porcupine and Nevada Gold Mines, lower ore grades milled at Peñasquito, Pueblo Viejo, Éléonore and Porcupine, and a build-up of in-circuit inventory. These declines were partially offset by higher ore grade milled at Boddington and higher production at Yanacocha.

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Newmont reported gold CAS of $890 per ounce and AISC of $1,156 per ounce, registering 18% and 11% increase respectively from the prior year quarter.

The net income from continuous operations attributable to Newmont stockholders was $432 million or $0.54 per diluted share, down by $106 million from the prior year quarter. The adjusted net income dropped from $594 million or $0.74 per diluted share in Q1 2021 to $546 million or $0.69 per diluted share in first quarter this year. The adjusted EBITDA too were down by 5% to $1.4 billion during the quarter.

The company announced that it is well-positioned to deliver a strong second half and long-term value from top-tier mining jurisdictions.