Newmont Goldcorp Corporation
Newmont Goldcorp Corporation
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Global gold industry major Newmont has had a solid June 2021 qtr (Q2 21) with adjusted EBITDA up to $US1.59B from Q1 21’s $1.45B and free cash flow from continuing operations to $993M from $841M on attributable gold production easing to 1.45Moz from 1.46Moz.
The bottom line was an attributable net income from continuing operations up to $640M from $538M, with adjusted net income up to $670M from $594M, primarily due to higher sales volumes and higher average realized prices, partially offset by higher income tax.
Global gold giant Newmont is targeting more than 3Moz production over an initial 13-year life from H2 2023 after approving the development of its $US750-850M Ahafo North project in Ghana, rated the best unmined gold deposit in West Africa.
The project, 30km N of Newmont’s existing Ahafo South operations, will comprise four openpit mines and a stand-alone 3.7Mtpa mill expected to produce 275,000-325,000ozpa at AISC of $600-700/oz over the first five years.
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The strict world-leading protocols that have enabled Australia’s minerals industry to continue to operate through the COVID-19 pandemic comes under renewed attention following the positive test on a fly in, fly out worker that has resulted in the shutdown of Newmont’s 500,000ozpa Granites mine.
(COMMENTARY)
The strict COVID-19 protection and containment protocols adopted by the Australian minerals industry in response to the global pandemic are being tested by the detection of a positive infection that has triggered the shutdown of Newmont Australia’s Granites mine.
Global gold major Newmont has ordered a lockdown of its 500,000ozpa Granites mine in Australia’s Northern Territory after a fly in, fly out worker tested positive to COVID-19.
Gold industry leader Newmont’s net income for the Mar 2021 qtr (Q1 21) has plummeted to $US538M from Q4 20’s $806M, primarily due to the gains on the sales of its Kalgoorlie and Red Lake operations, and investment holdings in Continental Gold the previous year.
Global gold leader Newmont has awarded Lycopodium Minerals Africa the engineering and procurement management services contract worth up to $A62M for its greenfield Ahafo North project in Ghana.
Lycopodium, which has been working on Newmont projects in Ghana since 2003 including initial study and designs for Ahafo North, will undertake detailed engineering design and procurement services for the process plant and infrastructure.
Gold industry leader Newmont has further enhanced its world-class portfolio with the $US311M cash acquisition of the remaining 85.1% of GT Gold it does not already own and its advanced Tatogga Lake gold-copper exploration/development project in the Tahltan Territory of British Columbia, Canada.
Production restraints brought about by the Covid pandemic has been a major contributor to world gold industry leader Newmont’s Dec 2020 year (FY/CY 20) net income falling to $US2,666M from FY/CY 19’s $2,877M, but with adjusted net income rocketing to $2,140M from $970M.
The fall came despite revenue up 18% to $11,497M and adjusted EBITDA to $5,537M from $3,734M, with cash flow from continuing operations climbing to $4,890M from $2,876M and free cash flow to $3.588M from $1,413M.
The world’s leading gold company Newmont has exceeded its 2020 conversion target by replacing 80% of all depletion and maintaining its position with the largest gold reserves up 6Moz to 94.2Moz attributable, with measured/indicated gold resources of 69.6Moz and an inferred 31.6Moz.