Newmont Mining (NEM.US) benefited from strong prices in Q2, with a slight decline in gold production.

On July 25, Newmont Mining (NEM.US) released its financial results for the second quarter of 2024. According to the report, Newmont Mining's Q2 revenue was $4.4 billion, up 64.2% YoY, beating the market's expectation; adjusted net income was $834 million, up from $266 million in the same period last year; adjusted earnings per share (EPS) was $0.72, up from $0.33 in the same period last year, beating the market's expectation of $0.61.

The adjusted EBITDA reached $2 billion, up 116% YoY.

The total operating cash flow, excluding working capital, increased by 15% YoY to $1.7 billion, mainly due to the realized price increase of all metals in the second quarter.

Newmont Mining's gold production in Q2 was 1.6 million ounces, slightly down from the previous quarter due to operational disruptions. The company expects full-year production to decline in the second half of 2024 and to grow consecutively in the fourth quarter.

The average realized gold price was $23,470 per ounce, up $257 per ounce from the previous quarter. The cost per ounce of gold sold (COS) was $1,152, and the all-in sustaining cost (AISC) was $1,562.

The total operating cash flow, excluding working capital, increased by 15% YoY to $1.7 billion, mainly due to the realized price increase of all metals in the second quarter.

Guidance

Newmont Mining expects its full-year gold production to be about 6.93 million ounces, and expects its full-year cost per ounce of gold sold (COS) to be $1,050.