Q1 2025 Newmont Corporation Earnings Call Transcript
Key Points
- Newmont Corp (NEM) reported a record first quarter free cash flow of $1.2 billion, driven by strong operational performance and favorable gold prices.
- The company successfully completed its divestment program, generating over $2.5 billion in after-tax cash proceeds this year, which strengthens its balance sheet.
- Newmont Corp (NEM) achieved a notable decrease in the frequency of significant potential safety events, reflecting improvements in its safety culture.
- The company is on track to meet its full-year guidance, with first-quarter production of 1.5 million ounces of gold and 35,000 tonnes of copper.
- Newmont Corp (NEM) has completed approximately $2 billion in share repurchases from its $3 billion program, demonstrating a commitment to returning capital to shareholders.
- The company anticipates increased working capital needs in the second quarter due to the timing of cash tax and interest payments.
- Newmont Corp (NEM) expects sustaining capital expenditures to increase in the second quarter, particularly at Cadia, which may impact cash flow.
- The divestment of noncore assets means future financial results will no longer include production and associated free cash flow from these operations.
- There is ongoing uncertainty regarding tariffs and their potential impact on the company's cost structure, particularly in consumables and labor.
- The company is in an investment cycle with higher unit costs, and there is a focus on improving margins and leveraging the full strength of its portfolio.
Hello, and welcome to the Newmont first-quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Tom Palmer, President and Chief Executive Officer. Please go ahead.
Thank you, operator. Hello, everyone, and thank you for joining our call.
Today, I'm joined by Karyn Ovelmen, our Chief Financial Officer; and Natascha Viljoen, our Chief Operating Officer; along with the rest of my executive leadership team. And we'll all be available to answer your questions at the end of the call. Please note our cautionary statement and refer to our SEC filings, which can be found on our website.
We have begun the year with a strong operational performance, which in turn has driven a robust financial performance. These results enabled us to generate record first quarter free cash flow and have kept us on track to deliver on our full year commitments.
And last week,
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