This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Newmont Announces First Quarter Operating And Financial Results

Newmont Mining Corporation (NYSE: NEM) (“Newmont” or the “Company”) today reported first quarter 2014 financial and operating results.

“We are building on the momentum we established in 2013 with strong cost and production performance in the first quarter of 2014,” said Gary Goldberg, President and Chief Executive Officer. “Our team drove down all-in sustaining costs by $82 million compared to the prior year quarter through sustainable cost and efficiency improvements. We are also delivering on our commitment to improve mining fundamentals, which led to a 40 percent increase in gold production at Tanami compared to the prior year quarter. We are confident we can maintain this trajectory as the year progresses, as evidenced by our updated outlook for lower costs and higher production for Africa.”

Highlights for the first quarter

  • Achieved reported net income attributable to shareholders from continuing operations of $117 million, or $0.23 per basic share, and adjusted net income 1 of $108 million, or $0.22 per basic share;
  • Generated cash from continuing operations of $183 million;
  • Generated cost savings of $82 million in gold all-in sustaining costs 2 (“AISC”), which equates to $1,034 per ounce, down 8 percent from the prior year quarter;
  • Realized costs applicable to sales (“CAS”) of $751 per ounce of gold and $2.71 per pound of copper, a decrease of 1 percent and an increase of 19 percent, respectively, over first quarter last year;
  • Delivered 1.2 million ounces and 24 thousand tonnes of attributable gold and copper production, with higher gold production coming from our Australia/New Zealand and Africa operations;
  • Improved AISC outlook 3 by 13 percent, and production outlook by 2 percent in Africa; and
  • Declared a second quarter dividend of $0.025 per share in accordance with the Company’s gold price-linked dividend policy 4.

First Quarter Financial Results

The Company reported attributable net income from continuing operations of $117 million, or $0.23 per basic share, compared with $314 million, or $0.63 per share in 2013. The Company reported adjusted net income of $108 million, or $0.22 per basic share, compared with $353 million, or $0.70 per basic share a year earlier. Improved production and stable operating costs relative to the prior year quarter were offset by declines in average realized gold and copper prices of approximately 21 percent and 20 percent, respectively. Reduced spending on exploration, advanced projects, and sustaining capital also led to $82 million in lower gold AISC this quarter.

1 of 11

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs