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Newmont Announces Third Quarter 2013 Results

Stock quotes in this article: NEM

As previously announced, Newmont has maintained its 2013 attributable gold production outlook of 4.8 to 5.1 million ounces and has revised its attributable copper production outlook to 135 to 145 million pounds. Newmont now expects to be at the low end of its previously announced 2013 outlook for gold CAS of $750 and $825 per ounce inclusive of stockpile write-downs. The Company continues to expect copper CAS of $4.05 and $4.40 per pound, respectively, inclusive of stockpile write-downs. Exclusive of stockpile write-downs, the Company continues to expect gold and copper CAS between $675 and $750 per ounce and $2.25 and $2.50 per pound, respectively.

2013 consolidated capital expenditure outlook has been reduced by $200 million to $2.0 to $2.2 billion or to $1.7 to $1.9 billion on an attributable basis. Consolidated sustaining capital outlook has been reduced by $100 million to $1.2 to $1.3 billion, or to $1.0 to $1.1 billion on an attributable basis.

As previously announced, Newmont’s Board of Directors approved a fourth quarter dividend in accordance with the Company’s gold price-linked dividend policy of $0.20 per share based upon the average London P.M. Fix of $1,326 per ounce for the third quarter.

Operations

North America

North America AISC for the third quarter were $772 per ounce, down 24% over the prior year quarter. AISC were favorably impacted by a 16% reduction in gold CAS per ounce, attributable to lower royalties, higher by-product credits, and higher production, and a 38% reduction of sustaining capital expenditures per ounce.

Nevada – Attributable gold production in Nevada was 468,000 ounces at CAS of $527 per ounce during the third quarter. Gold production increased 2% from the prior year quarter due to higher leach production from Emigrant and Carlin North Area as well as higher grade and throughput at Juniper Mill and Phoenix, partially offset by lower grade and recovery at Mill 5 and lower throughput and recovery at Mill 6 and the Twin Creeks Autoclave. CAS per ounce decreased 20% from the prior year quarter due to higher ounces produced, higher by-product credits, and lower royalties. AISC at Nevada were $722 per ounce, down 29% over the prior year quarter.

The Company is maintaining its 2013 attributable gold production outlook of between 1.7 and 1.8 million ounces at CAS of $600 to $650 per ounce.

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