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Newmont Announces Third Quarter 2013 Results

Stocks in this article: NEM

Newmont Mining Corporation (NYSE: NEM) (“Newmont” or the “Company”) today reported attributable net income from continuing operations of $429 million, or $0.86 per share, up 7% from $400 million, or $0.81 per share in the third quarter of 2012. Third quarter results benefited from the sale of the Company’s investment in Canadian Oil Sands Limited for approximately $587 million, resulting in a pretax gain of $280 million. Adjusted net income 2 was $227 million, or $0.46 per share, compared with $426 million, or $0.86 per share, for the prior year quarter. Results for the third quarter of 2013 were favorably impacted by higher production from Nevada and Other Australia/New Zealand operations. Improved production and stable operating costs relative to the prior year quarter were offset by declines of 20% and 13%, respectively, in gold and copper prices.

Third Quarter Highlights 3

  • Consolidated spending 1 down $700 million year to date, or 13% compared to the first nine months of 2012;
  • All-in sustaining costs 4 (“AISC”) of $993 per ounce, down 16% from the prior year quarter;
  • Gold and copper costs applicable to sales 5 (“CAS”) of $649 per ounce and $2.63 per pound, down 6% and up 11%, respectively, from the prior year quarter;
  • Attributable gold and copper production of 1.284 million ounces and 34 million pounds, up 4% and down 3%, respectively, from the prior year quarter; attributable gold and copper sales of 1.261 million ounces and 35 million pounds, up 4% and down 5%, respectively, from the prior year quarter;
  • Revenue of $2.0 billion, a decrease of 20% from the prior year quarter;
  • Cash flow from continuing operations of $443 million, a decrease of 23% from the prior year quarter;
  • Average realized gold and copper prices of $1,322 per ounce and $3.10 per pound, down 20% and 13%, respectively, from the prior year quarter;
  • Sold investment in Canadian Oil Sands Limited for $587 million resulting in a pretax gain of $280 million; and
  • Fourth quarter gold price-linked dividend of $0.20 per share 6 based upon the average London P.M. Gold fix of $1,326 per ounce for the third quarter.

“Our efforts to improve costs and efficiencies are gaining momentum, and we have reduced consolidated spending by $700 million year to date,” said Gary Goldberg, President and Chief Executive Officer. “Strong third quarter production was driven by our Australia / New Zealand operations. Our Nevada operations are also overcoming first half challenges. We remain focused on delivering value over volume at our existing operations as well as profitable growth at our new ones – a great example is Akyem in Ghana where we recently achieved commercial production.”

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