Newmont (NEM) 27 Apr 232023 Q1 Earnings call transcript

Good morning, and welcome to Newmont's First Quarter 2023 Earnings Call. [Operator Instructions] Please note, this event is being recorded.

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

Thank you, operator. thank joining and earnings first everyone, call. morning, you Newmont's for quarter Good by Brian will Atkinson other I'm the Rob Today, joined call. the and to questions our leadership end of available members executive Tabolt, team be and all answer at of with along

I note statement our Before and SEC our to begin, our can which website. please filings, be cautionary refer found on

production gold and lead continues the industry in sustainability, to returns. shareholder profitable Newmont safety,

world-class practices. With long-term importantly, all of of our our underpinned our of to sustainability by assets, commitment Our model, of a we our balanced, our proven remain to solid stakeholders. first performance value a strength to portfolio operating quarter to strong delivering combined capital the on and is safely unmatched allocation our quality with team leading assets, disciplined approach the and most track outlook, continue values-driven

of ounces in zinc, During million in X.X QX. the XXX,XXX ounces and provided EBITDA the $X lead line and and for quarter, silver, all with equivalent expectations Newmont first generating in adjusted copper, we gold February gold billion nearly produced from

half continue track we We the for second production year remain be ranges. expect weighted full the to firmly gold will on year our to XX% achieve this guidance to and

With growth most sheet shareholders. our price $X.X cycle our we return maintain providing billion as sustain in to in business and balance total profitable the throughout liquidity, to cash the investment-grade to an we continue our financial strength projects continue to invest

shareholder our the that a Through commitment demonstrating dividend our of and our quarter $X.XX confidence first to share, declared in both business. we have framework, per ongoing we established dividend returns

deliver world-class Triple cash Newmont's we further portfolio on interest of the track an we remain million proceeds. in incremental During portfolio to $XXX $XXX our from of of generating with the production industry's first strong Flag, best sale assets. And rationalized continued quarter, year. in full part margins and potential productivity the deliver Newmont's key of to cost of this A improvements efforts stable million

have Our safety, time and we core leaders are embedded over ourselves on our values how sustainability, daily where and operate They choose fundamental long at conduct generations Newmont. of and to are inclusion a through how basis. run multiple business, we of and a been developed responsibility. they Together, to we integrity, period

opportunities, Sustainability month, Last week, our XXth detailed providing Newmont our third a outlining economic Contribution our our and issue Annual annual of overview transparent and at launched sustainability Royalties we look our Taxes will and Annual and tax second Report approach strategy climate And climate taking climate to these next and and reports to report, to risks our and an contributions. values-driven management detail most Report Newmont's sustainability company's scenarios planning carbon are matter to are a to our various our our we robust business. the footprint. and Each reduce strategic the our areas specific of of actions that set of around part change stakeholders

improve to have the have could in or on a on achieved to safety that supporting the events. that illness-free completed Newmont's At interactions must than leading this field times were begins focus the a workplace. incidents fatal that we disciplined, not direct in reduction a in we in culture. of systems This one injury quarter, place be leaders practices core with our the And prevent XX% highlight fatality, our consequences in the and more fundamentals. we driving of this commitment to the call focused QX, same very critical year, and laser to and by is quarter at In first maintain all controls sustainability To XXX,XXX our experienced dedicated been workforce safety last without improvement of significant the fatalities. work compared place what we potential potentially

build Last selected recognized partner set nominees, lead the members practices. a teams those for team three categories: Annual Safety and high-quality acknowledging through winners safety. our safety in and safe month, safe standard up, XX individuals of team in Awards, that we over of we and several our CEO From pool

proud to our demonstrated We to recognize are be really dedication and each able every members the team day. by

proud heritage also are We with as of a purpose. organization values-driven clear our a

governance We to have and our requires and transparency. achieving purpose that learned commitment accountability strong a

part been since disclosing our performance that Newmont sustainability commitment, As has of XXXX.

XXXX of workplace, highlights today, focus safe one one industry Among the this safe important Newmont. ensures healthy at the and differences sustainability a values our that report key equitable the feels that mining most everyone and our slide on shown is working areas creating from for is safe, and

directly make and these across following year, Over leaders, me and not immune is being to it issues the XX what we this understand listening that operational scrutiny better the last significant To is can workforce Newmont with last and we appointed and into to behaviors. sexism, response Parliamentary leader bullying industry the our disappointed Australian changes its lasting tasked senior that that our workplace. a reporting a to under has inquiry mining sustainable manage in And address to vital eliminate to behavior make meaningful I'm experienced I change. so to is place workplaces come of in is racism, world. West acknowledge taking months, that harassment the unacceptable

thoughtful last and extent, assisting interviews, the more provided root X,XXX us in in experiences people these feedback cause XXX have focus few than the Over one-on-one nature and behaviors more and understanding groups our through organization. months, of than personal XXX

take listen from the provided an report. drive in systems, our we We our helping actions behaviors our will of the transparent This symbolic emerging ask our that in remain that to us and process annual behaviors. acknowledgment improvements in in these workplaces. is the and leadership sustainability can a changes of themes our these in conversations Andrew our change identify required overview sustainable will

financial our Then operations through wrap I'll key and projects, of a a with acquisition on of up to it proposed our along turn each brief our Brian over take then now of Newcrest. to with I'll Rob and development update highlights. quarterly us review

Rob. you, to Over

the world-class our the I team I of visited status the Since traveled North Tanami, year, President, three Mia American and Thank the expansion achieving with progress review Bernard Ahafo Porcupine Africa. Thornton, of you, Senior Australia at also President Vice in Éléonore, at reviewing the team. President Musselwhite experienced to in Ghana start productivity and in leadership Canada, our underground good our each the Vice of Vice project create Dave John, Senior our Wessels. firsthand as are to we of safe four whilst spent And person on safely site are very under our our delivering and to sites I Gous, just our one morning, Tom And I our Subika described, and environment regions plans, Senior working of Newmont. leaders to their continually for our each asset working inclusive and with this everyone. at see our leadership a mine our at with traveled improvements and operations. regional to North focused project to Underground

So the turning to next slide.

team more million tonnes maintenance program and our largely from $XXX to years million from ongoing to mill a track processing, with capacity Let's filtering hard X.X to circuit, improving availability. an of four as further impressive begin processing update annual continues with quarter, to implementation synergies first optimizing performance increase XXXX. improvements support in the America. flotation deliver due debottlenecking in potential the and And in result, from putting With Peñasquito support the than last XX million over has strong mill at our operations alone, networks. an work schedules us our full as processed South of been tonnes direct well Peñasquito's mill as the on Peñasquito ore

And polymetallic the in at completely production fourth lower due to mine in quarter, it continues large with communicated expectations we pit whilst was had compared the as when to Mining Chile sequence line the this mine. gold very previously Colorado that planned. was

built in sequence, also, to Chile this at be the been This has quarter. inventory was the of of Peñasquito strong as delivered the concentrate ounces in equivalent and higher zinc goods was coal grades this to concentrate XX,XXX the due second a And will Linked quarter being at finished in quarter, shipments. pit. from end $XXX Colorado result gold generating sold million that lead up planned note and on realized timing please revenue the revenue silver, since production

half to the Also grades grades XXXX. in we silver due planned second decline and XX% QX, gold silver, grades offset around the the ounces resulting in compared expectation gold lead equivalent and full to gold with to QX by higher sequence zinc and both expect lower planned in mining will that the

XX% expect weighted and to Peñasquito production at We coal this the be year. to around second half of gold

increase to of the injection technology when in Yanacocha benefits our to programs. Peru. to beginning Turning realize first results is XX% operations our in start our more our quarter. second with the Production expected use delivered re-leaching combined continued leach-only from in than quarter we the leaching steady by

anticipate Merian, in our year, add progression in expected begun planned guidance, from is this district combination and wave team at this of this and of Argentina, another throughput. will ore Marcos first result track sustained quarter in higher lower in tonnes Negro. high-grade with and ounces of quarter on from And and Merian site stripping quarter. San of year. weighted being half solid in We mill productivity increase ore beginning a mined to XX% production the underground Cerro Negro the will higher production our third around the be finally, the mining layback each our to processed in Gold of improvements next delivered Cerro the expansions At the steadily the has as the second to tonnes to reflected grade pit due waste rates being

ramp year, million the performance. the Boddington steady half And to material the South and fourth planned the production being completing the tonnes amount we strong momentum second in the total delivering gold up continued Now maintain production pit plant. deliver during also processing to quarter, steady of site per first gold its delivered is to And to the copper X-day quarter quarter, turning helping we improved mill. ahead, to the expect in whilst preventative and maintenance ore second from in by grades around we expected and mill grades shutdown increase stripping results planned a strong look the XX waste lower supported ore to Australia. as as despite of copper quarter,

as fully only Now late late February. unable in associated discussed, and XXXX to to for in during moving up with loads to supplies resulted extensive the route which of Tanami from XXXX, late normal of the in start wet Tanami track complete main weather record closure being And the Australia and territory the Northern December previously flooding transport Tanami. experienced the

in the last ability As of our to QX. our production milling closure key and earnings site [cessation] to for all during XX resulting of impacted depletion on road stocks days described the gold our call, site, weather during move and consumables wet of operations this

However, we mining these subsequent and quarters. second and in efforts, in successfully remained the during event than to Tanami Tanami the government to Northern expects responded this the agile course local the team in ounces mill. to repaired with Due and production the reduce more track. continuing our gold moved of operations XXXX on of ore track over in quarter. contractors and this reopened is event to was and from most of this downtime front double recover with being to maintenance the stockpiled territory forward Scheduled And partnership period,

future normal stocks continued shaft at to more on It's closure temporary our has we lining also in half XXXX. workforce. important consumable The cost expansion second improvements meters And addition the have site during access that despite main quarter, at track account the current team to to significant Tanami. key route progress of the second levels expansion ounce to project have in of than remains returned the note deliver completed and now accommodate our XXX to the to the operating and concrete of all our and

ratios throughout now to of production line quarter layback the will coming quarters in expectations with ore Strip remain the grade planned the previously due the as stripping our through. in gold And moving Africa. third stronger as next team first high commenced lower with Akyem second in to higher and the expected delivered year communicated. grades

that delivered a strong we and rates access the throughput solid quarter, Ahafo, to impacted Underground. underground Subika mining plant offset due high-grade partially to rehabilitation grades material at At lower planned a

ore During from conveyor failure of two crusher QX, to impacted transporting conveyor one that a the secondary experienced mills. systems site the the the

was However, to offset conveyor able the place any system to a put team to impact production. and in bypass

still with points range Subika annual to weighted As this of gold each on around over rates We Ahafo the to hassle year a expected additional to on to will the result, delivery draw of quarter the and the production high-grade guidance as we second track steady achieve anticipate up Underground. of the remains half increases mill mining its year. at due the ore XX% to more be production course the open higher

in to project on of can the of continues of from the total available And Ahafo photo Ahafo portion next transported North as important this well Ahafo civil and prepare North our progress necessary large for approximately construction Our have Ghana. we as to mining equipment with Ahafo land this construction. the South see in we slide, you a complex area XX% to phase develop

America. North to across moving Now

strength leaders, made and support progress As call, due discussed during guidance to potential our tremendous integrated program. our the model proven operating last of North our operations from American have the our the from full earnings team of experienced our

mill a Starting to stability, pit At leach-only previous the grid. with to improved the enable strong in slightly to in oral levels as year, we lower the combined continue progress the compared planned. made planned daily site with our performance contributor CC&V, offsetting lower will the the workforce quarter operation And production compared Éléonore waste production generating driven mining by Global solid and fourth delivered throughout due with another rates quarter, Éléonore, than these stripping more remains improvements, quarter. to Hill have

combined activities of in to efficiency Musselwhite stopes. grade year. with nearly quarter rates the the production on the compared improvements when double of and second higher team to the half increased as the focused each stoping, expected with expose achieved grade fourth deliver delivered is anticipated lower mining And lift through in ore backfill to Musselwhite XX% quarter XXXX production

the offsetting we finally, an maintenance And continues as planned higher during mine, Pamour project impact to first in well on ore prepare Porcupine and delivered quarter. grade tonnes the XXXX. investment improved decision progress largely late for mill

verifications, its and absenteeism, XX% border the focus performance leading ore Canadian same are safety be operations greater increased leadership frequency on on to again ounces compared will And versus the mined American we these control in potential this have direct delivering event a post for due global improved also pleasing to just significant have tonnes to and year, potential in seen closely continued critical by also on very cut meters. the rate XX% each And quarterly consequence, Porcupine half in of our is also four restrictions. key improving and Éléonore, North and an labor our the improvements as increased our strong overall quarter processed a achieved X%. productivity of whilst comparison, our production sites results model practices managing teams of QX access power with XX% commitments. our proving highest terms tonnes is due improved that full Musselwhite for primarily These once And Collectively, and improvement culture a to to Canadian replicate true focus reliability delivered, and on an the last to our across development operating XXXX. vacancies ability the operations. testament

year. non-managed Finally, representing to our our joint combined Viejo in and XX.X% attributable two quarter, Gold guidance non-managed XX% our ownership full the Nevada production in XXX,XXX XX% production joint of the ounces first gold contributed of interest for of ventures, Mines Pueblo venture

to a Gold our workplace the As operation on in to stream in Pueblo joint full we and at a Mines. continuing and to and member team. Nevada have portfolio, which January managing safe and was JV of work the February, Gold XXrd of out senior met Newmont our Viejo. investigation Newmont's share highlighted a fatality at tactics again of core NGM. for ensure do this the our leaders most occurred forward investigation of to strategies, leaders in Nevada included also discuss key tragic are not The Gold And safety one underground productive safety venture future presentation occurred ensure executive and detailed of our joint with Newmont's these help as tragedies carried the fatality to occur look year ventures earnings interventions help and partner to partners, a nature at Mines Both Carlin by

over our I'll that, it to results. Brian. with financial you, Over Brian pass to And cover to

morning, Thanks, everyone. good Rob, and

from started of the year full our $X,XXX Newmont million Let's including get from $XXX driven our lead movements, to first with concentrate billion zinc unfavorable In the gold XX% at $X capital and financial at million Peñasquito. quarter, production of of revenue in highlights. a billion the ounce, partly copper, operations from of $XXX silver, realized shipments delivered includes of cash $X.X anticipated per coproducts; and price timing working which adjusted and million, $XXX of due EBITDA

with we our in to $XXX meaningful spend reinvestment decades our stated first of we for for be continue and quarter resilient to position As near-term the progress portfolio are a come. period of previously, currently as and profitable projects capital million to

capital portfolio, integral the we on contributing liquidity Flag, $XXX in to sold strong the of Additionally, of financial investment-grade This billion meeting reinvestment of strength which balance through rationalization generated shareholder balance our our quarter at and stake continues end cash the continued flexibility, profile of proceeds, sheet. sustainable Newmont's with to $X.X million while of and be strategy, the balancing an allocation part maintaining our returns. sheet Triple

quarter as first the previous of in driven to and to per results applicable favorable net previously royalties adjusted gains from Taking relatively impact this $XXX lower income Triple sales of at as sales related reminder, share, lower the higher lower gain total results as average the GAAP portfolio ongoing adjustments. line by to tax net a Peñasquito, operations environment $X.XX in as lower gold diluted million continuing $X.XX reported in related our mentioned we overall planned equity from interest or from both production prices. cost related production part our Adjustments realized into timing diluted the concentrate of inventory share. as the volumes, $X.XX higher to higher First well and production taxes. investments unrealized $X.XX $X.XX quarter a communicated. account, with And sale higher on of and was as also sales oil per despite including and optimization, price adjustments price, these from mark-to-market quarter and included These Flag include income impact earlier,

unit will pressures as margins and decline progresses, improving increases the we that our anticipate strengthening costs As position. production and year inflationary stabilized, financial

As in a XX% This first top confidence X% and financial the and in within the our quarter we and share share fourth basis, through to S&P position, on dividend with payers this quarter dividend our line framework yield the dividend returned remains or our dividend. dividend annualized per Newmont reflection business now will XX strong declared, framework introducing morning, October of per our have a dividend gold of quarters. we declared to in large-cap XXXX. $X.XX share for in the established of since $X.XX per our shareholders above sector have maintained this XXX. continues in set highest an within billion And a With dividends $X.X consecutive be

pass I'll it to And Tom. with that, back

February us nonbinding like over information. Newmont to negotiating were months, confirmed an the we the milestones Newcrest. update to Then but Thanks, appropriate Newcrest they access provide February and non-public nondisclosure submitted that information. Brian. provided After key To acquire agreement, I'd rejected our events on provide last this recap had proposal, an to XX, limited potential on three on that we advised a our to acquisition had access of proposal offered X, to Newcrest. briefly now

our experts, leadership of I, team and with executive part management matter of some my this along a As held key with meeting the Newcrest face-to-face subject process, team.

with which Newcrest information, issued this After each of way X.X Newcrest for to an additional the a under capital share. terms: to nonbinding the of acquire share proposal a we revised of Newmont reviewing Newcrest receive submitted by Board the following shareholders XXX% Australian arrangement scheme proposal would shares of

US$X.XX to of credits value and per franking Newmont right share dividend the to superior paid and the emerging. subject offer proposal of the have fund no shareholders to realize special would up best only that and Newcrest is to final,

to the XX, Board due to April diligence access us enable agreed then On proposal. to Newcrest confirmatory put forward to binding Newmont a grant

provided at that for ends been XX. midnight has due on Newmont period exclusivity four-week May a diligence

and combine gold senior two acquisition of Our would the new talent proposed of the responsible set gold the of safe, for sectors producers standard and assets and profitable mining.

the with years way a of has later. and share practices, history located XX commitments Newcrest to long jurisdictions. history, And our our and that which companies safety become would establishing that of part culture XXXX, world-class also mining heritage sustainability shared in addition a some subsidiary as have to leading strong assets Newmont shared is portfolios back in subsidiary Australian a complementary low-risk in a Newcrest,

established value acquisition the large-scale ore proposed our upon and through projects value it operating would through Our would a mines Columbia's deliver position prospective expense. and a and mobile shared workforce, triangle with and in would golden of Australia, that capabilities build district technology, strengthen and creating potential supply body highly combination development British optimization shared chain in efficiencies technical expertise

track we the operations. assets, at have years Goldcorp demonstrated would to we especially meaningful and of Newmont's from record and generate open large that profitability, underground pit performance, experience top last acquisition, improvements scale can world's Tier four our X leverage stability where over this successfully managing the transaction of and some the With

four closed the application delivered generated of program and this our on of ago than experts. years processing, achieved we for proven with model $X of April X/X matter an synergy and on XXXX, annual by of team was Goldcorp subject significantly our leaders operating Newmont experienced disciplined commitment we than our leveraging over initial million. fundamentals in just value exceeding XX, More billion focusing have of acquisition $XXX potential mining full synergies, Since and and the the more

large more this value, synergies. fleet our XX main XX further scope pit than on payload for in average tonnes driver to for the zero additional annual mine, Tier only the improvement. tonnes cost. per acquisition, moved with has asset XXX-tonne this X the translates of open generating have load $XXX per very increased been At as of year the in by large we next haul of to Peñasquito, million an million trucks XX material This Goldcorp

improvements, moved annual other XX% increased Peñasquito equipment. more total we load-and-hold have additional material compared at the with with Combined no by than XXXX to

Then turning around to circuits throughput at of worked this we delivering to the XXXX, grinding compared X% flow in to Peñasquito, flotation translates and operation. the plant increase then in processing to bottlenecks year and crushing, a annual have the free address understand which this $XXX complex polymetallic improvements operation, from million in each cash

of acquisition of X involved are operations, of of jurisdictions. also assets involve in our By Tier Goldcorp comparison, operations, into importantly, was new Columbia. Chris involved entry five Red And and a the one The with Lihir district a Tier new jurisdiction. the operations; only acquisition the five asset. two It and Golden of X new proposed three Newcrest of integration X would which Cadia Brucejack the Tier also the Peñasquito British but notably, new one representing Triangle integration

years value that we commitments proposition XXXX, and have the four our on In exceeded we the delivered April made. since

responsible our as We have leader. recognized industry's gold strengthened position the

our former over assets synergies. We annual Newmont of Goldcorp portfolio through integration into the in $X operating have delivering billion enhanced successful model our the

while Gold, closing, rationalization of with $X.X billion equity of the returns, divestments both noncore continued over these from the than within We have have optimized $X.X our delivered was and opportunistic of in proceeds and Lake, proceeds the divestments the Continental our XX years, of months KCGM the Notably, shareholders returning of last more share billion generating we $X the Red portfolio. on to led first completing capital over our the $X.X buybacks. portfolio, along acquisition four from billion also in over share billion industry

Finally, synergies, investments of the leading integration our beyond assets and goes assets Goldcorp far shareholder returns. successful the

the We Newmont's values, have led organization culture. Goldcorp experience the former purpose, and of with alignment

systems Newmont's fully and implemented safety processes. have We

entity's and lasting flow allocation new targets. our and Goldcorp the community integrated goals significantly capital in disciplined three Through generation former assets sustainability operate host learned have the forge benefited capability, cash and and combined We have our we to from have process, jurisdictions relationships. country free

at everyone So I'm provide able any in on as to not it engagement. details further Newcrest this a I is want proposal But time to work the with closing, be through to today's and live in as the that on of shareholders. we we we will determine diligence the and best process synergies, will call continue due disciplined be act interest clear our

Thank your I today. questions. And for with time operator the the that, to it up you over for open to lines turn now

Markets. Jackie [Operator first from from comes Przybylowski Instructions] question The BMO Capital

taking information the very my want I'm going could I don't Thanks you've ask you much for question that apologize if and mentioned But to Newcrest to more just acknowledge that because I on give transaction. about anyway.

for all a thoughts time still when of sort of your exclusivity about the you it's line assets? Let's sort closing integration for say, the talk you little and period the transaction schedule finished intact what by can the and due be shareholders, would the the where approved be of diligence on earliest is bit would

respecting I need the ability the best whilst that the able -- can, that being for Jackie. to answer tend question to on restrictions I as Thanks, comment.

and and diligence it that of We will first and due information diligence through so foremost, our understanding assessing for of is capability core disciplined four that we'll process but Newmont. in in remain making certainly, judgments And decisions. a go that we -- weeks, is and period due exclusivity terms

teams. and the capability have part our is of -- operating model technical operating We of our a

have team comes diligence, And very so experienced work. very we due who to strong when are it a in doing this

judgments, and Newmont due diligence process exercise on and through well that full organization Jackie. then of So will this force work sorry, work we're we diligently they -- that applying assuming and the the make will our

Go I'm Sorry, didn't I interrupt. mean go ahead. sorry, Sorry, to sorry, ahead.

Sorry, Jackie.

-- reached the were approvals regulatory the be Assuming binding States got We've and work well, to that a would Canada. Guinea, then the through. there we and Australian, progresses we New agreement, United the Papua

a progress. really dependent close little bit future ultimately, That's and pathways in approval it so work moving becomes still of understanding to is upon those and And the an into that.

So that months through takes steps. those a work normally to few

strengths of that are of of which strengths of Australia of is in rationale in an real terms the one In there already -- and the strategic deal one of real infrastructure many, and we the Canada. operating an model and this have

think you General have full already Australia. meals managers a if an business me. and about of report exercise, unit we out So operating to integration

a an legal relations have and and sustainability team. team, a HR team, We finance technical team a team, external

was in She down currently becoming had Jundee, integration we operations had in involves an Tanami, KCGM. has So two over Australia, part Waihi Mia's team. of Boddington Zealand, we New had we had When RSVP we in Tanami. I Boddington, Australia and

we're scalable Canada, exactly plays American Victor where same in team. reporting circumstance Bernard additional to able Wessels Cripple terms leadership to North have of Musselwhite, already his and So and we through Porcupine, the Éléonore, in accommodate being operations, Creek out

So again, into Brucejack comfortably organization. and that fit very can Red scalable Chris

Lihir, what President in in New as Hijau. is nine for Senior managing Newmont we're external we very Indonesia for some based the successfully in and I new the For ago I I with analogies Indonesia, or the operation. between think Indonesia. many, Guinea about Vice we years Papua how and how many with Batu And about Lihir years Hijau Indonesia PNG and when very jurisdiction, over similar Jakarta, to think a relations there Batu joined think are did

about that integration. some you of Jackie, gives flavor how we hopefully, So think

talked time at or gone on, gets you'd perspective. modeling the I I'm closing. from expect that fair the third this thinking back. a frame? thought But about as a I Tom, talked has think Is of that 'XX early that like media you of when just be was this kind year-end or mid-XXXX No would transaction I pushed process earliest when that's initially, sort helpful. mean, the --

you think far the Yes, ball of we're of through best as Jackie, frame a the the work can appropriate -- approval hands approval processes, what into too those that's it's think I working future you articulated. I time than those but shorter the It's into look crystal still in process. just

Okay.

as maybe follow-up a And helpful. or That's question. Okay. related a just question

light Can this well. order investment about to a in you're potentially to you've for looking Sulfides I in make mentioned on positive late what Newcrest maybe going projects in talk for this decision bit decision as your previously, a your decision portfolio sanction sanctioning What you the investment about of or of you're You got 'XX. you've independently be transaction or talked potential what know Pamour like little Yanacocha Newcrest today? And looking transaction? either that for in decision

Maybe of Thanks, an layback existing Jackie. Yes. I'll Pamour a specifically to I open is mean pit. talk Pamour.

the really Porcupine. supplement in closure the So and is Hollinger's middle mill out of it's Pamour grade of as we're the really ore move the underground in the as across that ore deplete part ore Timmins ore grade of lower Pamour, replacement the to plans, terms a of it's to -- of provision dewatering already then through -- on high we of we Hollinger --

very it’s replacement So investment a pit layback straightforward open decision.

some fleet start in We terms of items the are fronts of to We the comes just through some to pit long the diligent year. able that reaching at in get out good lead end that. process the as working at getting on water coming of a of working -- the full ground towards got early

-- to independent more So profitably. it that of we years in anything natural there else that mine come of veins that maybe progression run continues our It’s assuming of for will meet hurdle to that sits and Porcupine sort decision enable to rates, just happening. the many

project Yanacocha Dean And the care Dean have putting 'XX and a through got that Development decision is or of that, in dedicated maintenance including, and have with still Peru, it made we half Peru. got be to into Gehring, diligently process there. second Sulfides, team to working we all the still and Chief to through Yanacocha understanding Sulfides with not on options for focused Officer the presenting

that of mind. that team already a is happening Dean will is also that maybe work externally, a to So independent in timeframe through with that that continue process

successful to if of where to our the reinvestment business would allocation we generally, I look portfolio with combined we XX to a acquisition, in where More first a shareholders. if portfolio. situation point we true were same track the integration and to the be an that balance working strategy a were resequence of in strength to sheet, terms would so record returns capital projects steady our we we And that work Goldcorp we the our to did and apply strategy in rationalized to the were of that within be stayed the would our you through in leading months

successful. work has approach at how mantra our of apply volume transaction been which Newmont value philosophy we key decade is The over would this value a over if a for have well volume over been and would

Tanya from We Jakusconek Scotiabank. now have

my going taking I so circle Newcrest just Thank acquisition. morning, can to on potential Tom if for just the am you back Good much I questions. everybody.

not needed? Just Mexican check that also well do that not wanted you, to as is we require for or approval with

No, I needed, Mexican approval don’t believe Tanya. is there

operating. think the they I are in it’s jurisdictions which

am Peter, don’t believe I I looking just So to that…

Tom. I too, don’t believe

Yes.

Okay.

you mentioned. it’s other that So four only

Thanks. That’s Okay. helpful.

Just votes to for shareholders plus you vote, the XX deal I one want have Just of with. to then the And sure point, just Newcrest need and confirm and last shareholder that X/X just country Newmont? that X to on make right. XX those

bit break checking team, Tanya. Tanya, the this, just little on you with a

just are the So wise. we checking percentage

it’s X is and believe circle X/X So believe the we will that we Newcrest, XX plus that We And back case. it’s for incorrect, is case. that. clarify the Newmont. for that’s If

We whole, half I second I to low were just for the wanted, I the for know high for coproducts overall did some I bit QX supposed I know -- it the lower. a be how Newmont think through Newmont and for in a about Peñasquito the on year. year. me going how should that think XX% a at of want of about and just weighted think to I weighted we to year? the think want quite guide know just thinking are But the I should you guidance it. sorry I and Can just missed came I your And we coproduct Rob too -- talk so just just kind through But bit this on year. you of know talked I the have we coproduct? for were improvement about

in Certainly the high have half, no Boddington the of Then were the we into of guidance. -- certainly across at the Peñasquito copper Tanya, weighting, terms within the in changes part grades maybe be coproducts coproduct the I point in mine in where lower second. is there. and Boddington starting the if grades, look There’s first will Boddington, in

out XX copper half, half production production So second Boddington. of first XX copper

to then silver, lead second you about for And weighted the year second half. when we half to zinc. to half. look provided. XX-XX half at Silver XX-XX about Peñasquito and first for geo XX-XX half. lead The half to first within And first we ranges guidance Zinc, second second half the certainly are the that

that thank changes And Mexican could about just the you then are if what and how your thoughts I law And finally just into your thereof thoughts or and maybe please? ask you. reading

Yes, Maybe closely. the that call for be Mexico on might Tanya. not others thanks, as following

a last Congress the initiative so amendment the in framework mining approved that’s an industry. or Just legal the around in the a forming week Mexico an to for version

and a that So to Senate it’s and through further now got through for Congress in process the continues discussions. debate legislative

reform. uncertainty around of the some So scope the still there's

industry what the speculate Newmont. impacts So it's the specifically on difficult or on on to mining be might

in regular reform. and has doing Mexican the Mexico. been monitoring working So through of of an on our important what's the that but its matter chamber, industry certainly also we're this through going way in through, It's of with our that initiative proposed process, as mining who behalf taken legal working is reviews closely this lead mining process the

that And promotes involved. open the And the companies, parties the we just mining initiative. this that so and with expect would analyzing some for the that's governments the all are Senate and communities, local constructive that's and not responsible municipal dialogue lawmakers and hope

opportunity debate to are stage greater greater So frameworks to when would of that promote safety and you transparency -- to discussion promote hope terms to in mining there job start it's and better have standards compliance that where active a is There social and the opportunities work on benefits. more that sector, is and some in provide expect very and competition, we review there this towards in an benefits economic reform.

debate looking improve hope would and I as a full in involved circumstances conducted with that, of to So group is and the stakeholders consequence. that Mexico

So a early go. days, way long to

a place critical is there our is in hope Our debate Mexico. takes that that and expectation

would And is tenure, have on be grandfathered whatever any cetera? your understanding that for changes in claims you effect et

understanding, our That's Tanya.

say, to that's through fully more sure I It's we -- future working make concessions we're current. but opposed -- more about to we about it's understanding, understand that. our As as

comes question of next Tariq from Fahad Suisse. Our Credit

of bit a the as color Do less is site Can talking some now? operations? Maybe across number more in have give the just improvements resolved to or first, little people labor related Both about Canadian operations. you Rob, were you more on Canadian availability. that right you -- the

also workforce for in that very to two strong recruitment focused areas, sure really able do work. we just our that successfully Yes, really and making been operations. across we're we've up the current do that are very turning three And

So very and management, dividend. significant a very a both strong lead off those focus paying absenteeism on are and

we situation year. this different So is vastly last year had the

So shape. we're good in

it Is that something the the sounds That's Canadian just improvements quarter? year-over-year, we're ASIC productivity like elevated. there Good. follow-up to good operations, of And then equation remains higher it on that's mining the missing? Okay. part maybe but CapEx a the as this of sustaining lots hear. milling operations, operations, Is

a first has and development without the meters movement, mentioned the the that, on in touch across very been is issue positive you I'll the Canada in performance et very, board terms also material that cetera. the doubt, of

into plant with as And that solution in So we're recovery, goes the pleased underground. et performance. very, very physical way cetera, losses, operates, the the our as which also the well

the Brian's very of across we're terms detailed So answers in the productivities. Board, some ASIC. But got the pleased with

thanks and Rob, you, Thank the for question, Yes. Fahad.

the our sold we line what expected earnings just you I Musselwhite, period. capital bit is if it as for think think in at look were higher sustaining release, with I for ounces largely to Musselwhite And that's our lower and the our relates for quarter. a

ASIC. that's what higher drove the So

You from now CIBC Soni have Anita Markets. Capital

I and strategy respect Newcrest. broadly to of first with is guess the question acquisition my

trying to asset were X the your to the or I million going and we in guess, plan? you your run are rationalization are to were that and I have -- was understand, add a, producer X you'd of or to there be your that they so would acquire and forward million-ounce ounces be you X would operations in talking when So million there ounces about some you how to scalable if Newcrest, that intention be basically understand that just assets

Anita, answer think I that the parts two to question.

to in scalable an at existing volume. XX operations and have and be We our of managed focus a do effectively. safely value X with the over that Newcrest able the and to live operating to and But with context integrate will model work on playbook be of specifically is our within Goldcorp still brought those back we certainly got operations look on We lot the operations we is XX proceeds. where But Newcrest inappropriate $X.X Red Lake, engagement. a billion divested first Gold months in KCGM, Newcrest experience our it's Continental to our comment at given the in manage

memory draw So capability transaction about as within we this years that experience of live over opportunity. about we value to and on potential diligence we think then we on portfolio And our our X rationalization, work synergies, due got this volume think through muscle we've that look experience and to upon. team

you can it's the over see I'm followed that last X with have live because front engagement. So bit a and I playbook being a But center. volume value years we being the vague know over hopefully,

Sure.

Okay. Remind Goldcorp the that transaction. did me of you divestitures the with

Red I think and... there were Lake just two, right?

Buriticá KCGM. in we Gold And had share in Continental XX% our Lake, Red project an the you as if interesting in So recall, Colombia.

And years. spent portfolio, X million those one of That of the noncore of X cleaning divestments in -- $XXX the the actually over up last XX Triple equity And proceeds we that's billion. the was then was months. $X.X first over within years the which pieces Flag that. completed last last last we So X brought the

Or next looking to If something done X I close, I'd transaction. then thought mean, do be, major do you be I last to deal I guess, ask. while? be would were years since would been about guess else, this question you'd the you it's And for I Okay. a think my

Thanks, Anita. this probably engagement. live -- I is a

focus involved if remain know we to -- in whether very, we very terms know or will in And our decisions that and this integrating not. on we come we deliver on some commitments, what's in for be successful, time transformational be is that. proceeds to This that And value. that's experience experience of if well we and synergies. disciplined our it have to We we all as -- we of were a have will delivering were off, transaction. it's knowing involved made the applying of would And delivering

ask one just more question. want I to Okay.

-- So the transaction, to related with little operations. on the this not but a bit more

were that did that price. higher royalties and in higher notice your result you costs mentioned as gold ASIC I So commentary of volumes a on lower

problem the of unit the that year cost not is pressure perspective, read that's perspective? see the course to world a inputs, But about necessarily is to about think the could volume we is from starting good and that over -- a have. that, we from So comment lower cost into the we're alleviating? how input some consumables Like should

days The impacts Northern consumables Anita. consumables, Thanks, the the cost QX was contributor That's base. in the XX main terms down Sure. territory. for explanation with weather for of in lower that Tanami the the to primarily that fact

QX said, XX% unit you by the the quarter. is first in As the weighting cost driven

then thinking March the around after the of inflation is we employees and X The and assumptions about our we consumables, we are XX% made remaining cost services, the is base of contracted next of next our months, labor, XX% holding the the both and energy. fuel made XX% true. year have end As at X the assumptions across look base, is cost months

any anything assumed. particularly on what yet. from we've different our We're but seeing So not that's not very closely, seeing watching alleviation assumptions that

Okay.

of good So this the at at [X.XX] at point? the year midpoint guidance ending range the up for for you're the

Still Yes. guidance, our as midpoint say. that on for of you track landing on

Barnes have now Securities. We Greg from TD

perhaps just wanted in and what ask culture improvements happen at on safety views I your Tom, there. to perspective, about the could NGM your that

Rob -- talk to NGM every Peter I'm weeks. at of kick Good going morning, off and couple spends Greg, to Rob will

ounces We have that period been important. and together is a always on XX had we comments Sage there's safety also -- is certainly around where improving we've as a can in of mean, -- it's I've an around working time my work some couple and how live safety, there's probably unease fatal chronic organization, very costs close of and we performance, I And often years less although we've in around so relationship accidents. through And fatality-free about a tragic mining Greg, a performance.

event still a we have, on And a could average days, significant vitality. every XX that potential bit

the spend fatality understand to sensor ones lot don't it's be the place. the risks don't So you in time chronic those manage. to operations your things be we and of controls that that We need ground in a critical and on need to a doing

of have of but don't on things to or what a may operation an venture, think knowledge it I do, that that the working relationship be at we NGM share. the bunch with in we look whether whole but don't we're thing ground we company joint be we we do with, that not So have manage, may happening we've and the do industry. we And as in-depth that's not with can whether best no that it same a a mining that got be

a anyone it it when you some But things to NGM about and give improving it or comes comes how do think be safety we else flavor whether Robert, maybe try when we of performance. supporting to the of

And very them at an we open awful of certainly shared lot terms systems that to There's have had past. the really open a And very that some of very the core, really very colleagues doing in Greg, lessons who have NGM. very good NGM our led a on and working lessons Thanks sharing are the of and to And to sharing we've that, shook the certainly which planning. Tom. been people has lot are that and much, with they're just we've hard we're those those. is tragedies in journey, we on have building developed, very, at work to those of the

Mines. Gold referred And there. shared on us bouncing But we committed what people turnover, had, that management discussions I major work are another just to system. what it they for to of when off worked the what's fatality could we've our was they about and done, certainly lot had have cetera, And changing very new Nevada But challenges, risk there. some they at we a et believe

We the the the importance importance our and leadership. felt have methodology of of terms in of prestarts, visible and shared engage

very things the and taken have And caring will on the our performance. duly a which be those We sure we have views I'm much are considered board. But absolutely conversations culture. shared on

views idea. on talk Rob, you safety And the about Newcrest, Tom culture if at can and perhaps have any. I your

into it's data think Yes. rooms is mine Thanks, due the like, confirmation do the We -- resource the pouring ground. -- diligence due stuff and something that Greg. models an on and is through of part getting part plans when and all the confirmatory diligence, about there's you the important of we going

people, in but also transaction be whether proceed what's technical on our leaders. So us acquisition other getting important it is a whether we potential senior for or might at, fair any about be ground it's Newcrest looking and our very with making we judgment the with value a

think diligence with senior site on as very So about due all we Gehring, the all Aaron Rob, like Francois Mia Wessels, operational the and team leaders. so folks Puna, my visits, Bernard Gous, Dean Hardy,

this safety an and the the ground, do, on we walking a in or operation of in engagement. other day you I due very would of spend our context day, within process of a And of operation, of to learn around part diligence due diligence say, a lot that live -- you a be whether we important culture culture. part in it any in senior diligence that process a but engagement As doing certainly having that particularly is terms due need the a leaders live the be spending

send can't safety rather our important of part that process, to on most engagement, due and and site -- decision-making a fundamental culture I particular it So this is that and diligence an we part safety of but process. specifically people our comment is senior

now Bank. We Mike Parkin have National of

quarter. All good my answered. have been Congrats the questions on

We question Anita -- Capital World line Markets. Soni on CIB have of CIBC from final the a

Australia. you that issues enough should in bit make more. important was call, conference the about into to delve probably that gentleman that that that I a can't the name, up appointed, But of but talk it your recall feel Western little you initiative. to has wanted his been do center talked it's about I just these I issues. So meeting secret Newcrest And I of the no to recall some head at we

yet were not. thinking just just of So if you But yourself, respect I'm more deal but sure understand see guys have would about I had want and -- some that just respect Newcrest operations, ultimately Australia. trying that wanted issues acknowledged around they company it's Obviously, any you propose in you but hot of that. far now in the context roll of or to and focused place some harassment results yielded their that approach to also work, I'm a at called how which that has the how I to improve in program larger thinking that you're in to work, a issues with how about sexual not see is you've

These year, I last person operation the our of you're important in, spending focus small Anita. over in working has the as the each who discussions. that Bates sites our directly question. time the Really, of one-on-one name been Alex for President Yes. are Vice And in issues remembering really and groups on is of who society. me Australian Thanks, those exist say, was Senior

else Alex and And we're the mining countries in countries world. issues engagements now and whether at the every we certainly and workplace, say around experiences exist has around consistency these the or work can in X completed world that it's our the that one because with of in the in. So his reflect I every that every and the in and stories personal operations every and confidence society

say and nights including very Saturday people to whose deliberately it. to experience. happens He work, and exists you to and power think rest behaving people a with operational needs back all because on and one, the the I'm work we he for workplace. representative change to every it So every asked shifts to other has we to in mining the understands behaviors workplace, change need of as When change the It's about ours, their need what on and to the operations workplace also shifts people privilege Alex It's change improve culture confident power with company of culture, do do the He privilege. and in order on group behavior. night us those of and result. is

lot the Alex, it's in middle-aged white world, a like look they lot like a mining typically, industry, And our certainly meat. Western in their

for Newcrest And about whether needs workplace. so whose When and creating of change, it change behavior our is for to within to integration, transaction I mining accommodation create company people and be or we're villages. terms about approach to ensure in it How work would caps. what our own on dissidence but safe terms any apply accommodation be our in setting understand work is to camps, respectful environments do behavior to do operations -- our have acceptable behavior we have we're is our more in skills any to it creating early clean other a be think who that expectations that the to going equipping behavior would potential things are same how I our we address of and leaders thinking what environments and those about with many operations who the accommodation for only to men cater in and mining work importantly, safe women those not operations, the inappropriate

issue the person billing any And of person that particular have through center we like. as we're we may present that of ensure the event any in supporting we the and terms harassment occurs. work do racism the that How at

same we Newcrest exactly to if the we of Newcrest be at were take that and applying actions a we're set the would develop acquiring in operations. that Newmont be looking So would at successful actions

do. So we that nothing specifically

of do. to of a of industry work do or to has a have work behavior improve The or to frankly, We the world. in places lot lot the do, work to society around that's a lot has

important the spent who thank Okay. work. mining Well, It's you time for definitely in woman work a one and field. that in sure. some There's for

Anita. question, the for Thanks

for I it think, questions? operator, is that

concludes question-and-answer I'd session. confirm. over like some to turn remarks. to the conference back Tom I can the Palmer Yes, This for closing

and everyone, all. rest thank day. and of operator, time please you, Thanks, your Thanks morning, this for your enjoy the

today's may can disconnect Please that call. confirm does I Thank and you joining. for you all day, lines. conclude have a now lovely your