Gold mining major Newmont is turning inward, choosing to return cash to shareholders rather than chase new acquisitions, even as improved results bolster free cash flow generation.

“Our focus is internal. And the best use of our capital is to buy back Newmont stock,” CEO Tom Palmer said on a quarterly conference call, in response to a question about merger-and-acquisition (M&A) appetite. “That is where you will see us spend our time and attention.”

Newmont has been active on the M&A front over the past two years, acquiring Newcrest Mining for $17-billion and subsequently shedding assets to streamline its portfolio.

On a question regarding potential future copper deals, Palmer signalled that growth in the red metal would come from within – not from the market.

“We have copper-producing assets in Red Chris, Boddington and Cadia,” he said. “And we have a magnificent organic project pipeline. The next cab off the rank is likely to be the Red Chris block cave, which is a copper/gold mine.”

During the June quarter, Newmont produced 1.5-million ounces of gold and 36 000 t of copper, remaining in line with its full-year guidance. The strong production supported robust financial results, including $2.4-billion of cash flow from operations after working capital, and an all-time record for quarterly free cash flow of $1.7-billion, of which more than $1.5-billion, or 90%, was generated by core managed operations.

The strength of the quarter allowed Newmont to maintain its capital return commitments. The company declared a second-quarter dividend of $0.25 a share, marking the eighth consecutive quarter at that level.

Since the April earnings call, the company has repurchased $750-million in stock, bringing 2025 repurchases to $1.5-billion. In total, Newmont has bought back $2.8-billion in shares since February 2024. The board has now approved an additional $3-billion share repurchase programme, lifting the total authorisation to $6-billion.

Palmer downplayed any disruption from the exit of CFO Karyn Ovelmen, saying the company’s finance leadership team remained strong and experienced. Interim CFO Peter Wexler is “very capable", Palmer said, adding that the group would “not miss a beat” during the transition.

While the timing of Ovelmen's resignation was "unfortunate", the leadership respected her decision and Palmer thanked her for her contributions to Newmont over the last two years.

“I think we have got a real opportunity to think about the next CFO that we bring in for the next exciting chapter of Newmont,” he said, describing the process as part of a natural leadership evolution.

Palmer stressed that there would be no changes to Newmont’s financial policies or capital allocation strategy, and that the miner remained on track to meet its 2025 commitments, including returning capital to shareholders.

He also used the call to formally congratulate Natascha Viljoen on her promotion to president and COO, a move announced in May. “Natascha has consistently demonstrated strong leadership and a deep commitment to safe and disciplined operational delivery,” he said.

The expanded role will give her a balance of strategic and operational responsibilities and reflects Newmont’s long-standing focus on leadership development.