Newmont reports Q3 EPS 36c, consensus 63c

Reports Q3 revenue 2.5B, consensus $4.1B. Attributable gold production1 decreased 13% to 1,291 thousand ounces from the prior year quarter primarily due to lower production at Penasquito, Akyem and Ahafo. In addition, lower than planned production was delivered from the non-managed joint venture at Pueblo Viejo. This unfavorable impact was partially offset by higher production at Yanacocha. Gold sales were largely in line with production for the quarter. “Newmont generated $1.0 billion of cash from continuing operations during the third quarter and continued to execute on our long-term strategic plan. As we look ahead to the closing of the Newcrest transaction, we are excited about the long-term value it will bring to both sets of stakeholders and our combined workforce. This transaction strengthens our position as the world’s leading gold company and sets the standard in safe, profitable and responsible mining. We look forward to closing the transaction on November 6th and providing our first integration update on the combined business in the first quarter of 2024.”