Newmont Corporation has reported a robust second-quarter performance, bolstered by increased production and higher gold prices, prompting the company to reaffirm its full-year production guidance. The world’s largest gold miner announced a net income of US$834 million ($1.27 billion) for the quarter ending in June, marking a significant rise from the US$1.24 million ounces reported a year ago. Attributable gold production surged to 1.61 million ounces from 1.24 million ounces previously.
During the quarter, Newmont realized an average gold price of US$2,347 per ounce, up from US$1,965 per ounce in the corresponding period last year. Despite the sale of its deferred payment rights associated with the Batu Hijau mine in Indonesia for US$153 million, the company remains steadfast in achieving its full-year production target of 6.9 million ounces.
In a strategic move to streamline its portfolio, Newmont has divested non-core assets, including the recent sale of the Fruta del Norte gold mine in Ecuador to Lundin Gold. The company aims to generate at least US$2 billion from these divestments. Notably, Newmont’s acquisition of Australia’s leading gold miner Newcrest in a landmark $26 billion deal last year solidified its position as the world’s premier producer of gold.
This reaffirmation of guidance underscores Newmont’s commitment to sustaining growth amidst a dynamic market environment characterized by fluctuating gold prices and strategic asset realignments.
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