Analyst Note
| Kristoffer Inton |Following the restart of all five mines that had been suspended because of the COVID-19 pandemic, Newmont delivered a solid third quarter. Attributable gold production of 1.54 million ounces was down 6% over the prior-year quarter but up 22% sequentially. Gold all-in sustaining costs saw similar trends, with third-quarter AISC of $1,020 per ounce up 3% from 2019 but down 7% from the second quarter. With production and costs largely restored to normal operating levels, Newmont was able to send the massive year-over-year increase in gold prices to the bottom line, with EBITDA of $1.7 billion more than 50% higher than last year.