Newmont boasts record $3.1bn quarterly free cash flow
NYSE- and ASX-listed Newmont Corporation has reported record quarterly earnings and free cash flow in the three months ended March 31.
The group produced 1.3-million attributable gold ounces and generated an all-time record $3.1-billion in quarterly free cash flow.
Newmont president and CEO Natascha Viljoen says the quarterly performance was supported by the company’s enhanced capital allocation framework as well as the sale of equity investments worth $321-million in SolGold and Greatland Resources.
The company remains fully on track to meet its full-year guidance of 5.3-million attributable ounces for gold, nine-million ounces of silver and 30 000 t of copper.
Newmont’s net income amounted to $3.3-billion in the reporting quarter, while adjusted net income totalled $3.2-billion, or $2.90 apiece, and adjusted earnings before interest, taxes, depreciation and amortisation came to $5.2-billion.
The group generated $3.8-billion of cash from operating activities, net of working capital impacts of $202-million.
Notably, the company delivered $2.7-billion of shareholder returns through its share repurchase programme as well as dividend payments since its last earnings call.
Newmont doubled the size of its share repurchase programme with an additional $6-billion authorisation following the full execution of its prior programme under which is purchased $2.4-billion of shares.
The group declared a dividend of $0.26 apiece for the quarter under review.
Newmont started the second quarter of the year with $8.8-billion of cash on hand and $12.8-billion in total liquidity, with a net cash position of $3.2-billion.
The Colorado-based miner holds ownership of gold mines in the US, Canada, Mexico, Australia, Ghana, Argentina, Peru, Suriname and the Dominican Republic.
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