Market Updates
Higher Gold Prices Fail to Lift Newmont Earnings
Scott Peters
23 Apr, 2022
New York City
Newmont Corporation said first quarter 2022 revenues increased 4.5% to $3.02 billion, net income declined 20% to $448 million, and diluted earnings per share fell to 56 cents from 72 cents a year ago.
Gold costs applicable to sales per ounce increased 18% to $890 from $752 a year ago and including all-in sustaining costs rose 11% to $1,156 from $1,039.
Capital expenditures in the quarter increased about 8% from a year ago to $437 million and free cash flow fell to $252 million from $442 million a year ago.
Attributable gold production fell 8% from a year ago to 1.34 million ounces primarily due to lower mill throughput at CC&V, Tanami, Porcupine and Nevada Gold Mines, lower ore grades milled at Pe
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