- Newmont (NEM +4.4%) saw record profits in Q3, with adjusted net income more than doubled to $697M, compared to $292M a year ago, on higher bullion prices after investors sought refuge in safe-haven assets due to the pandemic.
- Net income from continuing operations fell to $611M, from $2.3B, a year-ago quarter that included a $2.4B gain on the formation of Nevada Gold Mines.
- Generated $1.6B of cash from continuing operations and $1.3B of free cash flow.
- Revenue increased 17% Y/Y to $3,170M, primarily due to higher average realized gold prices, partially offset by lower gold sales volumes
- Average realized gold price jumped 30% to $1,913 per ounce during the quarter, while attributable gold production fell 6% to 1.54 million ounces.
- Announced second dividend raise this year, with a 79% increase in January and a further 60% increase now.
- Newmont: Still A Screaming Buy, wrote an author on Seeking Alpha.