Newmont lifts full-year profit on higher gold prices
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The news: Newmont, the world’s biggest gold miner, has reported a jump in full-year profit on the back of higher production and rising prices.
The numbers: The company booked a USD3.35 billion ($5.2 billion) profit for 2024, up from a USD2.5 billion loss a year earlier. Its adjusted net income for the December quarter was USD1.40 per share, compared with analysts' average estimate of USD1.08 per share.
The context: Newmont, which acquired Australia’s Newcrest in 2023 to cement its place as the world’s top gold miner, produced 6.8 million gold ounces for the year, and 1.9 million gold equivalent ounces from copper, silver, lead and zinc.
It has also benefited from rising gold prices, with a December quarter average realised price of USD2,643 per ounce, compared with USD2,004 per ounce a year ago. Gold prices currently trade at an all-time high after having risen over the past few quarters as uncertainties surrounding the US presidential election and the Middle East tensions fuelled demand for the safe-haven asset.
The company said it has also reduced debt by USD1.4 billion over the last 12 months.
The source: ASX
