Summary by Moomoo AI
Newmont Corporation reported strong Q3 2024 financial results, with net income from continuing operations attributable to stockholders surging to $873 million ($0.76 per share), up from $157 million in Q3 2023. Sales increased 85% to $4.61 billion, driven by higher gold prices averaging $2,518 per ounce and contributions from newly acquired Newcrest operations. Gold production reached 1.57 million ounces while gold equivalent production from other metals totaled 430,000 ounces.The company continued executing its portfolio optimization strategy, entering binding agreements to sell the Telfer operations to Greatland Gold and the Akyem operations to Zijin Mining. These divestments are part of a broader initiative to optimize six non-core assets and a development project. A loss of $115 million was recorded in Q3 related to assets held for sale.Looking ahead, Newmont maintained strong liquidity of $7.1 billion, including $3.0 billion in cash. The Board declared a Q3 dividend of $0.25 per share and authorized an additional $2 billion share repurchase program, demonstrating confidence in the company's financial strength. The integration of Newcrest assets is progressing well, with synergies being realized across operations.
