Newmont Posted 6% Dip in Attributable Gold Production

SEATTLE (Scrap Monster): Denver-based Newmont Corporation announced full year and fourth quarter 2020 results.

The company’s attributable gold production in 2020 recorded 6% decline over the previous year, primarily on account of placing Yanacocha and Cerro Negro into care and maintenance. Also, lower ore grade mined at Ahafo and the sale of Red Lake and Kalgoorlie also impacted production. Meantime, the attributable gold production for the fourth quarter decreased 11 percent to 1,630 thousand from the prior year quarter.

Newmont generated record $4.9 billion of cash from continuing operations and $3.6 billion of free cash flow. The company ended the year with $5.5 billion of consolidated cash and $8.5 billion of liquidity. It declared fourth quarter dividend of $0.55 per share, thus making the total declared dividend for 2020 as $1.45 per share. In addition, the company achieved best safety performance in its history.

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Commenting on the results, Tom Palmer, President and Chief Executive Officer said that the record results during the previous year have helped the company to lead the industry in shareholder returns, invest in organic growth and maintain financial flexibility. Having completed 100th year of operations, it will remain focused on delivering superior operational performance, while creating value.