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    Newmont Corporation (NEM)

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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 .

    1. Gold Production - Engages in the extraction and processing of gold, which is the primary product and main revenue contributor.
    2. Copper Production - Involves mining and processing copper, providing a significant additional revenue stream.
    3. Silver Production - Extracts and processes silver, contributing to the company's diverse metal portfolio.
    4. Lead Production - Engages in the mining of lead, adding to the company's range of metal products.
    5. Zinc Production - Involves the extraction and processing of zinc, further diversifying the company's metal offerings.
    NamePositionExternal RolesShort 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.

    1. 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?

    2. 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?

    3. 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?

    4. 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 ?

    5. 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?

    Program DetailsProgram 1Program 2
    Approval DateFebruary 2024 October 2024
    End Date/DurationFebruary 2026 October 2026
    Total additional amount$1 billion $2 billion
    Remaining authorization$552 million Not specified
    DetailsOffsets dilution from stock awards and provides shareholder returns Executed at company's discretion
    YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
    2026$1,000 Senior Notes5.30 11.7% = (1,000 / 8,550) * 100
    2029$700 Senior Notes2.80 8.2% = (700 / 8,550) * 100
    2030$650 Senior Notes3.25 7.6% = (650 / 8,550) * 100
    2030$N/ASenior Notes2.25 N/A
    2032$N/ASenior Notes2.60 N/A
    2034$1,000 Senior Notes5.35 11.7% = (1,000 / 8,550) * 100
    2042$1,000 Senior Notes4.875 11.7% = (1,000 / 8,550) * 100
    CustomerRelationshipSegmentDetails

    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)

    NameStart DateEnd DateReason for Change
    Ernst & Young LLP (EY)September 3, 2014 PresentCurrent auditor.
    PricewaterhouseCoopers LLP (PwC)N/ADecember 31, 2014 Decision by the Audit Committee to rotate the independent registered public accounting firm.

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    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.

    Newmont Reports Q1 2025 Financial & Operational Highlights
    NEM
    Earnings
    Share Buyback
    Dividends
    M&A
    • 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 .
    1 minute ago