Newmont Corporation (NEM) Q3 2022 Earnings Call Transcript

Newmont Corporation (NYSE:NEM) Q3 2022 Earnings Conference Call November 1, 2022 10:00 AM ET

Company Participants

Tom Palmer - President & Chief Executive Officer

Rob Atkinson - Executive Vice President & Chief Operating Officer

Nancy Buese - Executive Vice President & Chief Financial Officer

Daniel Horton - Vice President, Finance & Treasurer

Dean Gehring - Executive Vice President & Chief Technology Officer

Conference Call Participants

Jackie Przybylowski - BMO Capital Markets

Lawson Winder - Bank of America

Fahad Tariq - Credit Suisse

Tanya Jakusconek - Scotia Bank

Anita Soni - CIBC

Mike Parkin - National Bank

John Tumazos - Very Independent Research

Operator

Good morning, and welcome to Newmont's Third Quarter 2022 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. Please note, this event is being recorded.

I'd now like to turn the conference over to Tom Palmer, President and Chief Executive Officer. Please go ahead.

Tom Palmer

Thank you, Operator. Good morning, and thank you for joining Newmont’s third quarter 2022 earnings call. Today, I'm joined by Rob Atkinson and Nancy Buese, along with other members of our executive team. And we will be available to answer questions at the end of the call. Before I begin, please note our cautionary statement and refer to our SEC filings, which can be found on our website.

Newmont delivered a solid third quarter, and we remain well-positioned to respond to the challenging market environment that our industry faces today. As we have done for more than 100 years, Newmont continues to leverage our leadership, collective experience and the strength of our global portfolio with the size and scale to build a resilient and sustainable future. Supported by our clear long-term strategy, we continue to focus on doing what we do best, delivering stable production from our responsibly managed portfolio of world-class assets, while investing in our future and creating value for all of our stakeholders.

During the third quarter, Newmont produced 1.5 million ounces of gold and nearly 300,000 gold equivalent ounces from copper, silver, lead and zinc, as improved productivity and higher grades helped to offset the typical wet season impacts we experience every third quarter at our operations in the Southern Hemisphere.

We remain on track to achieve our full year guidance ranges as we build momentum for strong production in the fourth quarter. We continue to reinvest into our business, advancing our near-term projects, including the construction of the production shaft at Tanami and the development of our new mine, Ahafo North, along with the layback of the Porcupine and the first wave of District expansions at Cerro Negro.