Newmont Corp.'s Attributable Gold Output Soared 20%

SEATTLE (Scrap Monster):  Newmont Corporation announced solid first quarter 2020 results. Also, the company announced strong production results from its operating mines.

The company delivered net income from continuing operations attributable to Newmont stockholders of $837 million or $1.04 per diluted share. The adjusted net income was $326 million or $0.40 per diluted share during the quarter. The EBITDA surged higher by 63% to $1,118 million. The revenue increased by 43% from the prior year quarter to $2,581 million. The consolidated cash flow from continuing operations and free cash flow totalled $939 million and $611 million.

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During the first quarter of 2020, the company produced 1.5 million attributable ounces of gold, significantly higher by 20% over the prior year quarter. The gold costs applicable to sales (CAS) increased by 11% to $781 per ounce. Newmont’s all-in sustaining costs (AISC) surged higher by 14% year-on-year to $1,030 per ounce.

Tom Palmer, President and Chief Executive Officer stated that the company has announced several proactive steps to ensure safety of its employees and the communities in which it operates. The diversified asset portfolio and the resilient team delivered solid performance in Q1 2020. The robust balance sheet of the company provides significant financial flexibility for continued capital allocation, he added.