Newmont reports record 96% jump in Q1 earnings
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The news: Newmont Corporation has reported first-quarter net income attributable to stockholders of USD3.2 billion ($4.4 billion), representing a jump from USD1.3 billion in the previous quarter, driven by an increase in sales and higher realised gold and silver prices.
The numbers: For the three months ended March, the miner posted adjusted net income of USD3.1 billion, or USD2.90 per diluted share, an increase from USD1.65 per share in the prior quarter.
Adjusted earnings before interest and tax reached USD5.1 billion, a record 96% jump from the previous quarter.
Cashflow from operating activities reached USD3.7 billion, an 86% increase from the prior year, alongside free cashflow of USD3.1 billion.
During the quarter, the company produced 1.3 million ounces of gold, 30,000 tonnes of copper, 9 million ounces of silver, 27,000 tonnes of lead and 62,000 tonnes of zinc.
The context: Newmont said that the stronger performance in the first quarter was driven by a net increase in sales resulting from higher gold and silver prices, which were priced USD4,900 and USD66.78 per ounce respectively.
However, the miner noted that these favourable impacts were partially offset by a higher income and mining tax expense, which resulted in a USD1.4 billion impact, as well as losses on the sale of assets following the completion of its divestment program in 2025.
The source: ASX
