Newmont Corporation has announced fourth-quarter and full-year 2022 results, as well as its 2023 and longer-term outlook.

The miner says it achieved its 2022 guidance and safely delivered on its commitments.

· Produced 6.0 million gold ouncesand 1.3 million gold equivalent ounces from copper, silver, lead and zinc; achieved original production guidance range set in December 2021

· Gold all-in sustaining costswere $1,211 per ounce, in line with the updated guidance range despite global cost pressures throughout the year

· Generated $1.1 billion in free cash flow*after $2.7 billion of meaningful reinvestment into the business to advance our most profitable near-term projects

· Safely delivered on our commitments and remained focused on fatality risk management; recognized as the Top Miner in the 2022 Dow Jones Sustainability Index for our unwavering commitment to leading ESG practices

Announced 2023 and Longer-Term Outlook; Underpinned by Strong Gold Production and Improving Costs

· As previously signaled, 2023 production guidance is expected to be between 5.7 and 6.3 million gold ounces; steadily improves longer-term, driven by strong production from world-class assets and an unmatched project pipeline

· Gold all-in sustaining costsare expected to be between $1,150 and $1,250 per ounce in 2023; incorporates an additional 3% of cost inflation compared to 2022, which is expected to be largely offset by Full Potential cost efficiencies

· Sustaining capital spend of $1.0 to $1.2 billion in 2023; remaining steady across the five-year period

· Development capital spend of $1.2 to $1.4 billion in 2023;meaningful reinvestment to strengthen our global portfolio

2023 Dividend Payout Range Established Within Industry-Leading Framework

· Provides a sustainable base dividend of $1.00 per share; at base reserves price of $1,400 per ounce

· Incremental dividend payout of $0.40 to $0.80 per share; calibrated at $1,700 per ounce and incorporating free cash flow impacts from industry-wide inflationary pressures and a period of meaningful reinvestment

· Annualised dividend payout range of $1.40 to $1.80 per share;subject to quarterly approval by Board of Directors

· Declared fourth quarter 2022 dividend of $0.40 per share; set at the midpoint of the 2023 dividend payout range

Mr Tom Palmer, President and Chief Executive Officer of Newmont, said: “Newmont safely delivered on our commitments in 2022 and finished the year from a position of strength, meeting our full-year production guidance and generating $4.6 billion in adjusted EBITDA and $1.1 billion in free cash flow.

As we look ahead to 2023 and beyond, we expect to steadily increase production and improve costs from our balanced, global portfolio of world-class assets and robust project pipeline. We remain committed to our disciplined and balanced approach to capital allocation, allowing us to maintain an investment-grade balance sheet while steadily reinvesting in the business and providing superior returns to shareholders through our industry-leading dividend framework.

With more than 100 years of history and experience, Newmont is well-positioned to continue safely delivering industry-leading results, while remaining grounded in our values and driven by our purpose to create value and improve lives through sustainable and responsible mining.

Credit: classfmonline