Newmont 2Q23 results - firmly below expectations
  
📉Newmont's revenues in 2Q23 underperformed both the consensus (-11%) and our forecasts (-10%), primarily due to lower gold sales volumes, although these were partially offset by higher realised prices for most of the metals basket. Meanwhile, AISC came higher than we had anticipated, which has amplified a negative effect on EBITDA (-16% vs. the consensus and - 20% vs. us)
   
⛏The company is on track to achieve its guidance of 5.7-6.3mnoz for FY23: gold production is set to remain unchanged YoY. Of note, Newmont expects gold AISC at $1,150-1,250/oz (18% lower vs. the 2Q23 level)
   
💰The company's BoD has declared a 2Q dividend of $0.40 per share, which implies ~0.9% yield
   
❗️On our numbers, Newmont’s 3Q23F EBITDA will likelyshow a moderate increase QoQ at spot, amid potential recovery in sales volumes

#NEM #gold   
https://metals-wire.com:3000/company/NEM_US/