Why Gold Miner Newmont Shares Are Falling Today



Newmont Corp (NYSE:NEM) shares are trading lower after the company reported fourth-quarter FY23 results.

Revenue increased 24% Y/Y to $3.957 billion, above the consensus of $3.45 billion. Revenue rose Y/Y on higher sales volumes and higher realized gold prices.

Gold production rose 7% Y/Y to 1.741 million ounces, led by the addition of the Newcrest operations in November 2023, partially offset by lower production at Peñasquito, Boddington, and Akyem.

Gold Costs Applicable to Sales (CAS) rose 16% to $1,086 per ounce, and gold All-In Sustaining Costs (AISC) rose 22% Y/Y to $1,485 per ounce. The average realized gold price rose 14% Y/Y to $2,004 per ounce.

Adjusted EBITDA rose to $1.384 billion from $1.161 billion a year ago. Adjusted EPS of $0.50, beating the consensus of $0.46.

Capital …

Full story available on Benzinga.com


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