Newmont’s Q1 Report: Strength in Safety, Exploration, and Innovation
Thanks to higher gold prices,
“We continue to drive the business with our clear capital allocation priorities, which include reinvesting in our business through disciplined investments in exploration and organic growth projects, returning cash to shareholders, and maintaining our financial strength and flexibility,” said CFO Nancy Buese, adding that she expects the company to continue delivering strong results in the second quarter.
The company produced 1.5 million ounces of gold, along with 317,000 gold equivalent ounces in copper, silver, lead, and zinc.
The company’s asset portfolio includes nine mines, which executives project will produce 6 million ounces per year through at least 2030.
This article from Bloomberg may be of interest to subscribers. Here it is in full:
Copper may be flirting with record highs but the metal is far from peaking as the energy transition revs up, according to Newmont Corp. Chief Executive Officer Tom Palmer.
Futures hit $10,000 a metric ton on Thursday for the first time since 2011 as mines struggle to keep up with surging demand. Newmont, the world’s largest gold producer, is increasing exposure to copper through several “mega projects,” Palmer said on an earnings call. Even if just one materializes, copper will account for 15-20% of the company’s total output by the end of the decade, he said.
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