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Mining News July 26, 2022 04:45:00 PM

Newmont Raised Annual Cost Forecasts for 2022

Paul Ploumis
ScrapMonster Author
Newmont produced 1.5 million attributable ounces of gold and 330,000 attributable gold equivalent ounces from co-products.

Newmont Raised Annual Cost Forecasts for 2022

SEATTLE (Scrap Monster): Newmont Corporation announced results for the second quarter 2022. The company delivered solid second quarter production and free cash flow results, though revenue missed estimates.

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Newmont produced 1.5 million attributable ounces of gold and 330,000 attributable gold equivalent ounces from co-products. The company generated $1.0 billion of cash from continuing operations and $514 million of free cash flow. The rising costs and falling metal prices impacted adjusted EBITDA, which dropped to $1,149. Newmont reported adjusted net income of $0.46 per share.

The company raised its annual cost forecast and warned that inflationary pressures would persist into 2023. Newmont expects prices for raw materials to witness 20-30% spike in the second half of the year. It foresees tight labour market to persist into 2023. On account of the above, the company hiked its annual forecast for all-in sustaining costs (AISC) from $1,050 per ounce earlier to $1,150 per ounce.

Commenting on the results, Tom Palmer, President and Chief Executive Officer, Newmont said that the company remains well-positioned to safely manage through the evolving and unprecedented challenges facing the industry.

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