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Newmont delivers its best quarter, ever

Oct 30, 2020

"This was the best quarterly financial performance in Newmont’s history. We also remain focused above all else on protecting the health, safety and wellbeing of our workforce and neighboring communities as the pandemic continues," said Tom Palmer, President and Chief Executive Officer.

“Capitalizing on the strength of our portfolio and higher gold prices, we delivered record third quarter adjusted EBITDA of $1.7 billion and free cash flow of $1.3 billion," said Palmer.

"As demonstrated by our second dividend increase this year, with a 79 percent increase in January and a further 60 percent increase in October, I am confident that our world-class portfolio is best positioned to generate industry-leading value and returns for our shareholders."

At Musselwhite, Materials Handling improves material movement from Musselwhite’s two main zones below Lake Opapimiskan. An underground shaft will hoist ore from the underground crushers, reducing haulage distances and ventilation costs. The project is 95 percent complete; however, full commissioning has been delayed amidst the Covid pandemic as Musselwhite operations were previously on care and maintenance. The company expects to commission the project upon completion of the Musselwhite conveyor system by the end of 2020.


  • Produced 1.5 million attributable ounces of gold* and reported CAS* of $756 per ounce and AISC* of $1,020 per ounce and produced 273 thousand attributable gold equivalent ounces from co-products
  • Generated $1.6 billion of cash from continuing operations and $1.3 billion of Free Cash Flow*
  • Reported $4.8 billion of consolidated cash with $7.8 billion of liquidity and a net debt to adjusted EBITDA* ratio of 0.4x
  • All sites operational with wide-ranging controls and safety protocols continuing to manage the Covid pandemic while placing the health, safety and wellbeing of our people and communities above all else
  • On track to finish 2020 strong and meet full-year guidance
  • Declared third quarter dividend of $0.40 per share, an increase of 60 percent over the prior quarter
  • Formed exploration joint ventures with Agnico Eagle Mines Limited in Colombia and Kirkland Lake Gold Inc. in Canada
  • Announced sale of royalty portfolio to Maverix Metals for total consideration of approximately $90 million
  • Achieved gender parity amongst independent non-executive Board Directors

Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.


Tags: Northern Ontario / Deals & Financial / Gold / All Articles