By Adriano Marchese
Newmont Corp. on Thursday said attributable gold production rose in the second quarter, nearly doubling profit in the period, as the company increased gold production. Here's what the gold-mining giant had to say:
"Attributable gold production increased 15% to 1.45 million ounces from the prior year quarter primarily due to higher production from sites that were placed into care and maintenance or experienced reduced operations in response to Covid[-19] during 2020, and higher ore grade milled and higher mill throughput at Boddington."
"Attributable gold equivalent ounce production from other metals increased 120% to 303,000 ounces primarily due to higher production at Penasquito as the site was placed into care and maintenance in the prior year and higher ore grade milled, mill throughput and recoveries at Boddington."
"Gold all-in sustaining costs improved 6% to $1,035 per ounce from the prior year quarter primarily due to care and maintenance costs in the prior year, partially offset by higher sustaining capital spend."
"Average realized price for gold was $1,823, an increase of $99 per ounce over the prior-year quarter."
For the full-year 2021, the company said it expects attributable gold production to reach 6.5 million ounces. In 2022, this is expected to be between 6.2 million and 6.7 million ounces, with the same range expected in 2023.
The company expects production to increase in 2024 and 2025, offering a guidance range of between 6.5 million and 7 million ounces for both years.
All-in sustaining costs are expected to be $970 an ounce in the full year, but are expected to fall in the following year to between $850 and $950 an ounce. Looking ahead to 2023, these are expected to fall again to between $825 and $925 an ounce, and in 2024 and 2025, the company said all-in sustaining costs will be between $800 and $900 an ounce.
Write to Adriano Marchese at firstname.lastname@example.org
(END) Dow Jones Newswires
July 22, 2021 08:16 ET (12:16 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.