Summary by Moomoo AI
Newmont delivered solid Q2 2024 results with $594 million in free cash flow and $857 million in net income. The company produced 1.6 million attributable gold ounces and 477 thousand gold equivalent ounces from other metals, generating $1.4 billion in operating cash flow. Average realized gold price reached $2,347 per ounce.Gold CAS increased 9% to $1,152 per ounce and AISC rose to $1,562 per ounce compared to Q1, primarily due to lower sales volumes and higher sustaining capital spend. The company continued advancing its divestiture program, announcing $527 million in proceeds year-to-date, including the monetization of Batu Hijau contingent payments for $153 million.The company maintained strong shareholder returns, completing $250 million in share repurchases and repaying $250 million in debt. A quarterly dividend of $0.25 per share was declared. Newmont remains on track to deliver 2024 guidance for production, costs and capital spend, with production expected to increase sequentially in the second half, weighted towards Q4.
