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DENVER — Newmont Mining Corp. reported a profit, completion of two key Nevada projects, and the 50 percent acquisition of a new project in its second-quarter financial results, released late July.

The company delivered a net income attributable to stockholders of $274 million, or $0.51 per diluted share, representing an $84 million increase from the prior year quarter.

Adjusted net income was $144 million or $0.26 per diluted share, down 43 percent compared to the same quarter last year. For the third consecutive quarter, the company announced a dividend of $0.14.

Revenue decreased 11 percent to $1.7 billion primarily because of lower production. The decrease was partially offset by higher average gold prices.

Production in the second quarter totaled 1.2 million ounces of gold. Higher production is expected in the second half of the year as the company reaches higher grades at select sites and increases processing at Carlin.

During the second quarter, Newmont completed two mineral projects in Nevada and continues studies related to a second phase at Long Canyon.

“We continued to add lower cost production by completing our Twin Underground and Northwest Exodus projects safely, on budget and ahead of schedule,” said Gary Goldberg, Newmont president and CEO.

Commercial production from the Twin Creeks underground project began July 1. The project was completed on schedule and below guidance for $42 million. The extension adds higher grade and lower-cost production, allows the processing of stockpiled ore, and extends process life to 2030, Newmont reported in its July 26 earnings call. The internal rate of return is expected to be 20 percent.

Northwest Exodus at Carlin was completed ahead of schedule and on budget. The expected internal rate or return is more than 40 percent. The project allows lower-cost production at Carlin and provides a platform for future growth and technology, the company reported in its earnings call.

Newmont began shipping concentrate from its Cripple Creek & Victor operation in Colorado to Carlin for processing in the second quarter. Volume shipped is expected to increase in the coming months, “which will improve recovery at both sites over time,” said Tom Palmer, chief operating officer.

The company also announced its intention to acquire a 50 percent stake from NOVAGOLD Resources Inc. for the Galore Creek project in British Columbia for $275 million. The agreement outlines a partnership with Teck Resources Ltd., which owns the remaining 50 percent, to conduct feasibility studies over the next several years. The project is described as a large undeveloped copper-gold project.

“Galore Creek holds the potential to support decades of profitable copper and gold production in a favorable mining jurisdiction, in line with our strategy to create long-term value for our stakeholders,” Goldberg said.

The company reported liquidity of $6 billion, keeping Newmont “well-positioned to maintain our capital priorities,” said Nancy Buese, chief financial officer. Capital priorities include investing in the next generation of operations to improve mine life, increase reserves and deliver value to shareholders.

The senior gold producer also updated investors regarding its other operations in North America, South America, Africa and Australia. Seventy percent of its operations and reserves are in North America and Australia.

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