Newmont Goldcorp Corporation
Newmont Goldcorp Corporation
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Gains on the sales of its Kalgoorlie Consolidated Gold Mines, Continental Gold and Red Lake interests, higher production from the acquired Goldcorp assets and higher realised gold prices have lifted gold giant Newmont’s March qtr (Q1) net income from continuing operations to $US837M, from $113M in the previous corresponding period.
Gold, silver and copper production from Evolution Mining’s 6 Australian operations fell in the Mar 2020 qtr (Q3 20) -- gold to 165,502oz from Q2 20’s 170,890oz, silver to 118,224oz from 137,262oz and copper to 4,832t from 5,572t.
However, C1 cash costs also eased to $A767oz from $778oz, AISC to $991oz from $1,069oz and all-in-costs to $1,069oz from $1,584oz. Mine operating cash flow increased 10% qtr-on-qtr (QoQ) to $257.4M, with net mine cash flow 11% better QoQ to $159.7M and free cash flow jumping 33% QoQ to $111.5M.
Despite easing Q3 20 production, Evolution has racked up some impressive cash flows, with more in the wings from its recent Canadian acquisition. By Mark Mentiplay
No 1 global gold producer Newmont has established a $US20M fund that will partner with local governments, medical institutions, charities and non-governmental organisations to help host communities, governments and employees combat COVID-19.
CEO Tom Palmer expects the new fund, which builds on Newmont’s other local contributions and programs, to be the catalyst for long-term resiliency and future community development.
Palmer says the health of its business is inextricably linked to the health of the communities hosting its operations.
Australia-based miner Evolution Mining has completed its $US375M acquisition of Newmont’s 13-year LoM Red Lake underground gold operation in W Ontario, Canada.
Evolution exec chairman Jake Klein says that in the absence of any material impact from the COVID-19 virus, Red Lake’s June 2020 qtr gold production is expected to be around 25,000oz. The company is accelerating underground development to over 1,000m per month, a big increase on the average 668m per month achieved in the Dec 2019 half.
Evolution Mining is expecting 25,000oz in the June 2020 qtr from the Red Lake gold operation it has just acquired from Newmont for $375M
Endeavour Mining has launched a mutually agreed, $C1B ($US690.7M), all-share takeover bid for fellow Canadian miner SEMAFO to create the biggest gold producer in Burkina Faso and Ivory Coast.
The amalgamation creates a leading West African gold company with 6 operations, including 4 cornerstone mines, with combined FY/CY2020 year estimated output of 1Moz+, making it bigger than Newmont Goldcorp and Barrick in West Africa.
Endeavour all-share bid for SEMAFO to create the biggest gold producer in Burkina Faso/Ivory Coast
The fall-out so far from the COVID-19 global pandemic has seen world leading gold company Newmont cut Mar 2020 qtr (Q1 20) expectations to about 1.4M from Q4 19’s 1.83Moz, but with co-product gold equiv output up to 325,000oz from 229,000oz.
The fall follows new measures instigated to combat COVID-19 that have seen the company put 4 of its operations in Argentina, Canada and Peru on care and maintenance -- Musselwhite, Eléonore, Cerro Negro and Yanacocha.
New moves by gold major Newmont to offset the global COVID-19 pandemic prompts 4 temporary mine closures and an expected Q1 20 prodn fall