Newmont Gold Output Saw Huge Boost in Q3

SEATTLE (Scrap Monster): Newmont Corporation announced third quarter 2022 results. The miner reported increased gold production during the quarter.

According to company press release, the attributable gold production increased 3% from the prior year quarter to 1.487 million ounces of gold in Q3 this year. The higher production was mainly on account of higher ore grade milled at Ahafo, Akyem and Boddington. Meantime, the attributable gold equivalent ounce production from other metals recorded 5% dip to 299,000 ounces, due to lower ore grade from Penasquito mine.

Newmont reported gold Costs Applicable to Sales (CAS) of $968 per ounce and All-In Sustaining Costs (AISC) of $1,271 per ounce during the quarter. The cash from continuing operations totalled $466 million. Meantime, lower metal prices and timing of sales impacted adjusted net income and adjusted EBITDA which stood at $0.27 per share and $850 respectively. The company ended the quarter with $3.1 billion of consolidated cash and $6.7 billion of liquidity.

Commenting on the results, Tom Palmer, President and Chief Executive Officer, Newmont said that it delivered solid Q3 production, thus building momentum for stronger production in Q4 this year. The company remains well-positioned to the ongoing challenging market environment, he added.

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