What drove the sharp rise in Newmont's operating profit in Q3 2024?

Newmont's operating profit for Q3 2024 was $1.04 billion. The company's operating profit saw a significant increase due to several key factors:

1. Higher Gold Prices: Gold prices have been on an upward trend, which has directly impacted Newmont's revenue. The company's revenues for the second quarter were $4.61 billion, up 64% from the previous year, primarily due to higher year-over-year production and realized gold prices. This trend in gold prices has likely continued into Q3 2024, further boosting Newmont's operating profit.
2. Increased Production: Newmont's attributable gold production in Q2 2024 was 1.61 million ounces, which was 30% higher than the prior-year quarter's figure. This increase in production, coupled with higher gold prices, has led to a significant rise in operating revenues and, consequently, operating profits.
3. Efficient Operations and Cost Management: Newmont's operational efficiency and cost management have also contributed to the increase in operating profit. Despite higher production costs, such as costs applicable to sales (CAS) for gold, which were $1,152 per ounce, up 9% year over year, the company has managed to maintain profitability due to effective cost control measures.

In summary, the sharp rise in Newmont's operating profit in Q3 2024 can be attributed to higher gold prices, increased production, and efficient operations. These factors have collectively contributed to the company's financial performance during the quarter.