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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.
| 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?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Standard Chartered | Purchaser of gold and other metals | All | 2024: $4,833 million (26% of total sales) <br> 2023: $1,659 million (14% of total sales) <br> 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) <br> 2023: $2,583 million (22% of total sales) <br> 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) <br> 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.
- Q1 2025 Financial Results: Reported net income of $1.9B, adjusted EBITDA of $2.6B, and adjusted net income of $1.25 per share .
- Robust Operational Performance: Delivered a record free cash flow of $1.2B while producing 1.5Moz of gold and 35kt of copper .
- Dividend Declaration: Announced a dividend of $0.25 per share to reinforce shareholder returns .
- Successful Divestitures: Executed divestiture initiatives generating over $2.5B in net cash proceeds, as part of a program expected to yield up to $4.3B in total gross proceeds .
- Capital Allocation: Completed $755M in share repurchases and retired $1.0B in debt .
- Strong Liquidity: Maintained a cash balance of $4.7B while upholding a commitment to financial discipline and predictable dividends .