Newmont Corporation announced its third quarter 2024 results on October 23, 2024, reporting attributable gold production of 1,668 thousand ounces, a 4% increase from the prior quarter. The average realized gold price rose to $2,518 per ounce, up $171 from the previous quarter.
However, the company experienced an increase in costs, with Gold Costs Applicable to Sales (CAS) rising 5% to $1,207 per ounce and Gold All-In Sustaining Costs (AISC) increasing 3% to $1,611 per ounce. These increases were primarily attributed to higher direct costs at Lihir due to planned autoclave maintenance and increased contract services across the portfolio.
Net income attributable to Newmont stockholders was $922 million, or $0.80 per diluted share, with adjusted net income at $936 million, or $0.81 per diluted share. Free cash flow for the quarter was $760 million, a 28% increase from the prior quarter. The company also provided an outlook for Q4 2024, anticipating it to be the highest production quarter of the year, driven by improved grades at Peñasquito and Tanami, and increased throughput at Lihir.
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