Newmont Corporation (NEM) is a leading mining company primarily engaged in the production of gold, with additional operations in copper, silver, lead, and zinc mining . The company operates 17 mining sites, including significant interests in Red Chris and Nevada Gold Mines (NGM) . Gold is the primary product, and the company reports its production in gold equivalent ounces, reflecting contributions from other metals . Newmont's financial performance is closely tied to the fluctuating prices of these metals, influenced by global economic factors . The company is strategically focused on advancing projects, research and development, and exploration to enhance its operations and resource base .
- Gold Production - Engages in the extraction and processing of gold, which is the primary product and main revenue contributor.
- Copper Production - Involves mining and processing copper, providing a significant additional revenue stream.
- Silver Production - Extracts and processes silver, contributing to the company's diverse metal portfolio.
- Lead Production - Engages in the mining of lead, adding to the company's range of metal products.
- Zinc Production - Involves the extraction and processing of zinc, further diversifying the company's metal offerings.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Tom Palmer ExecutiveBoard | President and Chief Executive Officer | Chair of ICMM CEO Advisory Group on Social Performance; Vice Chair of WGC | Tom Palmer has been CEO since October 2019. He has extensive leadership experience in mining, focusing on safety, profitability, and sustainability. | View Report → |
Karyn Ovelmen Executive | Executive Vice President and CFO | None | Karyn Ovelmen joined Newmont in May 2023. She has held CFO roles at Flowserve, LyondellBasell, and Petroplus, and has extensive experience in financial leadership. | |
Natascha Viljoen Executive | Chief Operating Officer | None | Natascha Viljoen will assume full COO responsibilities on March 1, 2024, succeeding Robert Atkinson. She has extensive experience in mining operations and sustainability. | |
Peter Toth Executive | Executive Vice President and Chief Development Officer | None | Peter Toth joined Newmont in July 2022. He oversees strategy, corporate development, and external relations, with over 25 years of leadership experience in the resources industry. | |
Bruce R. Brook Board | Senior Independent Director | Director at CSL Limited, Incitec Pivot Limited, and Djerriwarrh Investments | Bruce R. Brook has been a director since 2011 and chairs the Audit Committee. He has extensive financial and governance expertise. | |
Emma FitzGerald Board | Independent Director | Director at Seplat Energy and UPM Kymmene oyj | Emma FitzGerald joined Newmont in 2021. She has extensive experience in energy and utilities and focuses on sustainability and governance. | |
Gregory H. Boyce Board | Non-Executive Chair | Chair of Lowell Institute for Mineral Resources; Trustee of Heard Museum | Gregory H. Boyce has been a director since 2015 and became Chair in 2021. He has over 44 years of experience in the energy and mining industries. | |
Harry M. Conger IV Board | Independent Director | None | Harry M. Conger IV joined Newmont in June 2024. He has extensive mining experience, including leadership roles at Teck Resources and Freeport-McMoRan. | |
Jane Nelson Board | Independent Director | Director of Corporate Responsibility Initiative at Harvard Kennedy School | Jane Nelson has been a director since 2011. She is a sustainability expert and chairs the Safety and Sustainability Committee. | |
José Manuel Madero Board | Independent Director | Board Member at Constellation Brands and Vector Casa de Bolsa | José Manuel Madero joined Newmont in 2021. He has extensive experience in mining and sustainability and serves on the Safety and Sustainability Committee. | |
Julio M. Quintana Board | Independent Director | Chairman of SM Energy; Director at California Resources Corporation | Julio M. Quintana has been a director since 2015. He has over 40 years of experience in the oil and gas industry and chairs Newmont's Leadership Development and Compensation Committee. | |
Maura J. Clark Board | Independent Director | Director at Nutrien and Fortis Inc. | Maura J. Clark joined Newmont in 2020. She has over 25 years of experience in energy and natural resources and serves on the Audit Committee. | |
Renée Médori Board | Independent Director | Chair of Petrofac Ltd; Chair of Audit Committee at Vinci SA | Renée Médori has been a director since 2018. She has extensive financial expertise and chairs the Audit Committee at Vinci SA. | |
Sally-Anne Layman Board | Independent Director | Director at Beach Energy, Imdex Limited, and Pilbara Minerals | Sally-Anne Layman joined Newmont in November 2023. She has over 30 years of experience in mining and finance and serves on the Safety and Sustainability Committee. | |
Susan N. Story Board | Independent Director | Director at Carrier Global Corporation and Dominion Energy | Susan N. Story has been a director since 2020. She has extensive experience in utilities and finance and serves on the Audit Committee. |
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Given the anticipated lower production from Lihir and Brucejack in 2025, resulting in an estimated gold production of 5.6 million ounces from the core portfolio , how does the company plan to address this decline and what measures are being taken to improve production levels at these operations?
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With the expected annual sustaining capital spend of around $1.8 billion over the next few years due to critical tailings work at Cadia , how will this significant expenditure impact the company's free cash flow and capital allocation priorities?
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Considering the escalation in labor costs, particularly contracted labor, contributing to higher than expected direct costs and G&A spend , what strategies are being implemented to manage these cost pressures and improve margins?
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Given the focus on optimizing the go-forward portfolio of 11 managed operations and three projects in execution , how does the company prioritize potential new projects like Wafi-Golpu, especially when the current projects are already consuming significant resources ?
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Having achieved the initial synergy run rate target of $500 million , are there additional synergies or cost-saving opportunities that the company is pursuing to enhance shareholder value, particularly in light of the higher than expected costs and production challenges?
Research analysts who have asked questions during NEWMONT Corp /DE/ earnings calls.
Daniel Major
UBS
4 questions for NEM
Lawson Winder
Bank of America
4 questions for NEM
Anita Soni
CIBC Capital Markets
3 questions for NEM
Daniel Morgan
Barrenjoey
3 questions for NEM
Hugo Nicolaci
Not Stated in Transcript
3 questions for NEM
Matthew Murphy
BMO Capital Markets
3 questions for NEM
Tanya Jakusconek
Scotiabank
3 questions for NEM
Alistair Harvey
JPMorgan Chase & Co.
2 questions for NEM
Joshua Wolfson
RBC Capital Markets
2 questions for NEM
Alexander Hacking
Citigroup
1 question for NEM
Andrew Bowler
Macquarie Group
1 question for NEM
Fahad Tariq
Jefferies Financial Group
1 question for NEM
Josh Wolfson
RBC Capital Markets
1 question for NEM
Kate McCutcheon
Citigroup Inc.
1 question for NEM
Michael Parkin
National Bank Financial
1 question for NEM
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Standard Chartered | Purchaser of gold and other metals | All | 2024: $4,833 million (26% of total sales) 2023: $1,659 million (14% of total sales) 2022: $4,179 million (35% of total sales) |
JPMorgan Chase | Purchaser of gold and other metals | All | 2024: $2,317 million (12% of total sales) 2023: $2,583 million (22% of total sales) 2022: $1,503 million (13% of total sales) |
Royal Bank of Canada | Purchaser of gold and other metals | All | 2024: $1,897 million (10% of total sales) 2023: $1,765 million (15% of total sales) |
Toronto Dominion Bank | Purchaser of gold and other metals | All | 2023: $1,630 million (14% of total sales) |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Newcrest Mining Limited | 2023 | Newmont’s acquisition of Newcrest Mining was valued at approximately $19 billion and executed via a court-approved scheme of arrangement, with Newcrest shareholders receiving 0.400 Newmont shares per share plus a special dividend of $1.10 per share. The deal strategically combines a world-class portfolio of Tier 1 gold and copper assets with anticipated pre-tax synergies of $500 million annually, enhancing global market positioning. |
Yanacocha | 2022 | Newmont consolidated its position in Yanacocha to 100% by acquiring Buenaventura's 43.65% stake for $300 million (plus contingent payments and royalties) and completing the repurchase of Sumitomo’s 5% interest for $48 million. This acquisition refocused the asset with a view toward portfolio optimization despite challenging market conditions and project investment uncertainties. |
Recent press releases and 8-K filings for NEM.
- Newcore Gold has increased its 2024–2025 drill program to 45,000 metres at the Enchi Gold Project after securing a $10 million cash position from warrant exercises.
- Phase 1 infill drilling (25,097 m in 207 RC holes) at Sewum, Boin, Nyam and Kojina Hill achieved 98.5% hole success in intersecting gold mineralization to support resource conversion.
- Phase 2 will focus on discovery drilling along strike and at depth, targeting higher-grade structures to underpin a Pre-Feasibility Study in Q4 2025.
- Tom Palmer will retire at the end of 2025 after leading Newmont since 2019 and will serve as a strategic advisor through March 2026.
- Natascha Viljoen, Newmont’s President and COO since 2023 with over 30 years of mining experience, will become CEO on January 1, 2026.
- Under Palmer, Newmont completed key strategic transactions, including the $17 billion acquisition of Newcrest and the Nevada Gold Mines joint venture.
- The announcement coincided with rival Barrick Gold CEO Mark Bristow’s abrupt resignation, marking notable industry leadership shifts.
- Former CFO Karyn Ovelmen departed earlier in 2025, and Peter Wexler has been appointed interim finance chief.
- Moody’s raised Newmont’s issuer credit rating to A3 from Baa1 with a stable outlook.
- The upgrade reflects Newmont’s improved credit profile, strengthened balance sheet, robust liquidity, and prudent financial management.
- Newmont closed Q2 2025 with $6.2 billion in consolidated cash and $10.2 billion of total liquidity.
- Capital allocation priorities remain focused on financial strength, steady reinvestment, and shareholder returns via dividends and share repurchases.
- On July 31, 2025, Newmont disposed of 29,213,186 shares of Orosur Mining at C$0.19 per share, generating C$5,550,505.34 in gross proceeds.
- These shares represented approximately 9.4% of Orosur’s issued and outstanding common stock immediately prior to the sale; Newmont now holds no shares of the issuer.
- Newmont may, depending on price, market conditions or other factors, seek to increase its beneficial ownership or control of Orosur securities in the future.
- Kobo entered into a Geoservices earn-in agreement on July 20, 2025, for a 74.06 km² permit application northeast of Abidjan, Côte d’Ivoire, targeting the Yakassé gold corridor.
- The company made an initial C$20,000 payment upon signing, will pay an additional C$10,000 on application approval, and must invest 295 million CFA F (≈ C$719,500) over four years to earn a 90% interest.
- Previous Newmont work (2007–2010) at Yakassé included over 3,500 m of RC drilling with notable intercepts such as 44.0 m at 2.32 g/t Au, demonstrating strong mineral potential.
- Over the first seven months of 2025, the materials sector is up 8%, ranking mid-pack among 11 sectors, with miners leading the gains.
- Newmont shares have risen over 60% year-to-date, driven by higher gold prices.
- With 100% of its revenue generated outside the U.S., Newmont benefits from a weaker dollar and improved export affordability.
- Executed sale agreements for Greatland Resources and Discovery Silver shares, generating ~$470 million in net proceeds.
- Now expects to generate $3.0 billion in after-tax cash proceeds from its 2025 divestiture program to support capital allocation priorities.
- Sold half of its Greatland stake in June 2025, realizing a 230% return; retains a 9.9% equity interest.
- Divested 100% of its Discovery shares in May and July 2025, achieving a 200% return; will hold no Discovery shares after July settlement.
- Natascha Viljoen has been promoted to President and Chief Operating Officer effective May 1, 2025, recognizing her leadership since 2023.
- In her new role, she will continue to report directly to CEO Tom Palmer and will lead the company’s global operations following the portfolio rationalization after the Newcrest acquisition.
- Q1 2025 Financial Highlights: Reported net income of $1.9B, adjusted EBITDA of $2.6B, and adjusted net income of $1.25 per share .
- Record Operational Performance: Delivered a free cash flow of $1.2B and produced 1.5Moz of gold with significant copper, silver, and zinc outputs .
- Successful Divestitures: Completed the sale of 6 noncore assets, generating over $2.5B in net cash proceeds, with the program expected to yield up to $4.3B in gross proceeds .
- Dividend Declaration: Announced a dividend of $0.25 per share to reinforce shareholder returns .
- Capital Allocation: Executed $755M in share repurchases and retired $1.0B in debt .
- Strong Liquidity: Maintained a cash balance of $4.7B while upholding financial discipline .
- Operational Priorities: Emphasized a strict safety culture, managed working capital impacts from tax payments, and advanced key projects like the half North ramp-up and Red Chris feasibility study .