Newmont Corporation reported stronger-than-expected third-quarter earnings on Thursday, driven by higher gold prices and a rebound in copper production at its Cadia mine in Australia. The company's adjusted profit of US$2.20 per share exceeded analysts' estimates of US$2.05 per share, while revenue rose 15% to US$6.36 billion. Gold prices averaged US$4,204.59 per ounce during the quarter, up 17.6% from a year earlier, as investors sought safe-haven assets amid geopolitical tensions and inflation concerns.
Copper production at the Cadia mine surged 35% from the previous quarter to 23,000 tonnes, recovering from a prior disruption. Newmont's shares climbed 1.5% in extended trading following the earnings release. The company also announced plans to advance its Red Chris Block Cave joint venture in British Columbia, targeting a final investment decision in early 2027. The project is expected to produce 3 million ounces of gold and over 850,000 tonnes of copper by 2033.
Newmont amended its joint-venture agreement with Barrick Mining, adding new properties and agreeing to pay Barrick US$1.95 billion in the fourth quarter. CEO Natascha Viljoen stated that Newmont would not pursue a bid for Australian gold miner Northern Star Resources, citing alignment with the company's strategy. 'It is really hard to find anything better than what we have internally in our own operations,' Viljoen said.