Newmont Corp. Produced 1.34 Million Attributable Ounces of Gold in Q1

These declines were partially offset by higher ore grade milled at Boddington and higher production at Yanacocha.

SEATTLE (Scrap Monster): Newmont Corporation announced results for first quarter 2022.

The company produced 1.34 million attributable ounces of gold and 350,000 attributable gold equivalent ounces from co-products. The 8% year-on-year dip in attributable gold production was mainly due to lower mill throughput at CC&V, Tanami, Porcupine and Nevada Gold Mines, lower ore grades milled at Peñasquito, Pueblo Viejo, Éléonore and Porcupine, and a build-up of in-circuit inventory. These declines were partially offset by higher ore grade milled at Boddington and higher production at Yanacocha.

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Newmont reported gold CAS of $890 per ounce and AISC of $1,156 per ounce, registering 18% and 11% increase respectively from the prior year quarter.

The net income from continuous operations attributable to Newmont stockholders was $432 million or $0.54 per diluted share, down by $106 million from the prior year quarter. The adjusted net income dropped from $594 million or $0.74 per diluted share in Q1 2021 to $546 million or $0.69 per diluted share in first quarter this year. The adjusted EBITDA too were down by 5% to $1.4 billion during the quarter.

The company announced that it is well-positioned to deliver a strong second half and long-term value from top-tier mining jurisdictions.