Newmont’s Q322 results were closely in line with our prior expectations (see our note, Q3 forecasts refined, published on 14 October). Although revenue was 5.6% below our forecast for the quarter (in part on account of provisionally priced sales at the end of Q2, but also on account of the timing of shipments from Penasquito), this was roughly balanced by costs (in US$m), which were 4.8% lower, to result in pre-tax profits that were within 1.0% (or US$3m) and adjusted net income that was within 4.1% (or US$9m) of our prior forecasts. At the same time, Newmont’s Q3 dividend was held at US$0.55/share for the quarter which, among other things, augurs well for future payouts at the current gold price.
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