Multinational gold miner traveling well despite soft than expected earnings
Gold major Newmont Mining has declared a third quarter dividend of US25c per share after reporting attributable production of 1.67 million ounces in the third quarter at all-in-sustaining-cost of $1611 per ounce.Forecast production in the fourth quarter of 1.8Moz at AISC of $1475/oz means the miner is "positioned" to meet 2024 guidance of about 6.9Moz.Newmont ended the September quarter with $3 billion of consolidated cash, with total liquidity put at about $7.1 billion.
It also said it had achieved a $500 million annual synergy run rate following the Newcrest acquisition, reaching its commitment "more than a year ahead of schedule".In terms of the overall performance versus market consensus, Bloomberg's collation of 15 analyst notes showed Newmont's EPS of 81c was slightly below consensus of 85c.Sales totalling $4.61 billion were also slightly below consensus of $4.
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