- Newmont Mining (NYSE:NEM) -0.9% premarket despite posting better than expected Q4 earnings and an 8% Y/Y revenue increase.
- NEM reports Q4 gold production rose 1.4% Y/Y to 1.3M oz. with the average gold price rising 6.5% to $1,270/oz.; all-in sustaining costs rose 5.4% to $968/oz.
- For FY 2017, NEM produced 5.3M oz. of gold, up 8% Y/Y and in line with full-year guidance, at AISC of $924/oz.
- NEM raised its 2018 capex budget to $1.2B-$1.3B, compared to its December forecast of $900M-$1B, and forecasts gold production of 4.9M-5.4M oz. in 2018 and 2019.
- “We improved adjusted EBITDA by 12% to $2.7B and free cash flow by 88% to $1.5B on the back of lower cost production from newer mines and ongoing productivity improvements across the portfolio," the company says.