Newmont Earnings: Elevated Gold Prices a Tailwind
No-moat gold miner Newmont’s 2024 second quarter was similar to our expectations and our estimates are broadly unchanged. We continue to forecast 2024 attributable gold sales volumes of about 6.9 million ounces. While attributable sales volumes of about 1.6 million ounces for the quarter and 3.3 million ounces for the first half are tracking modestly lower, sales are likely to be higher in the second half. Higher grades at its Tanami, Penasquito, and Ahafo mines, along with increased production at Boddington, and at its 38%-owned Nevada Gold Mines and 40%-owned Pueblo Viejo joint ventures with no-moat Barrick, are the main drivers. Likely lower production at Lihir and Cadia partially offset.