Cost discipline pays off for Newmont amid record cash generation
NYSE- and ASX-listed Newmont generated a record $1.6-billion in free cash flow in the third quarter of 2025 – its fourth consecutive quarter above the $1-billion mark – as strong operational performance and disciplined cost control prompted an improvement in its full-year cost and capital guidance.
The world’s largest gold producer reported net income of $1.8-billion and adjusted net income of $1.9-billion, or $1.71 a share, on the back of production of 1.4-million gold ounces and 35 000 t of copper. Adjusted earnings before interest, taxes, depreciation and amortisation rose 10% quarter-on-quarter to $3.3-billion.
Average realised gold price increased to $3 539/oz, while all-in sustaining costs averaged $1 566/oz on a co-product basis.
Newmont returned $823-million to shareholders during the quarter through dividends and share buybacks, declaring a $0.25-a-share dividend. The company has so far repurchased $3.3-billion of stock under its $6-billion authorisation.
Balance sheet strength improved with $5.6-billion in cash, $9.6-billion in total liquidity, and a near-zero net debt position following a $2-billion debt reduction. Moody’s upgraded Newmont’s credit rating to A3 with a stable outlook.
CEO Tom Palmer said the company’s cost savings programme was delivering tangible results. "We are making significant progress on the cost savings initiatives announced at the beginning of the year, enabling us to meaningfully improve our 2025 guidance for several cost metrics, while maintaining our outlook for production and unit costs in a rising gold price environment."
Palmer, who will retire at year-end, said he was confident Newmont would continue to perform strongly under incoming CEO Natascha Viljoen, who takes the helm in early 2026.
Commercial production at the Ahafo North project in Ghana is expected to be declared before the end of October, adding profitable gold output over an initial 13-year mine life.
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