Newmont gold production increased 3%
(Kitco News) - Newmont gold posted its second-quarter results and the attributable gold production increased 3 percent to 1,495 thousand ounces from the prior year's quarter. The firm suffered slightly due to lower gold prices during the quarter. Net income from continuing operations dropped to $379 million vs $640 million a year earlier.
The firm produced 1.5 million attributable ounces of gold and 330 thousand attributable gold equivalent ounces (GEO) from co-products, an increase of more than 130 thousand total gold equivalent ounces from the first quarter. The average realized gold price for the quarter was $1,836/oz vs last quarter's $1,892/oz.
The firm generated $1.0 billion of cash from continuing operations and $514 million of Free Cash Flow (97 percent attributable to Newmont).
Elsewhere the company updated its full-year guidance for development capital spending to $1.1 billion. Provided trends on development capital costs and timeline related to Tanami Expansion 2 and Ahafo North
Newmont declared a second-quarter dividend of $0.55 per share, consistent with the previous seven quarters. There is also a $1 billion share repurchase program to be used opportunistically in 2022, with $475 million remaining.
Tom Palmer, Newmont President, and Chief Executive Officer "Newmont delivered a solid second quarter performance, producing 1.5 million gold ounces and generating $514 million in free cash flow. Through our industry-leading portfolio of assets and projects, our proven integrated operating model, our balanced and disciplined approach to capital allocation, and our values-driven commitment to our purpose of creating value and improving lives through sustainable and responsible mining, Newmont remains well-positioned to safely manage through the evolving and unprecedented challenges that face our industry and the world at large."