Newmont (NEM) 22 Feb 242023 Q4 Earnings call transcript

Good morning, and welcome to Newmont's Fourth Quarter 2023 Earnings -- 2024 Guidance 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.

Good morning, everyone, and thank you for joining our call today. statement found to on cautionary which SEC our be can our note and our refer filings, Please website.

to we'll Today, leadership I'm call. be and of team, executive questions available all including [indiscernible] the joined and Karyn the by end answer your my at Ovelmen,

through X Through colleague, XXXX Officer leave and and both like also sustainable endure. for Throughout values a fatality of has [indiscernible] X operations Rob maintenance, our situations, in will including Rob and major navigated and community the in he found protected Rob blockade a very Atkinson early care order at vaccine ], a [indiscernible] will guided year. challenges: acknowledge our pandemic, moment best the achieving past our visible when I'd Rob closures last to our In Newmont Newmont. driven Rob May, resolving management take long-term Rob risk that value performance. through periods friend also X challenges, to leadership, an [ his Chief of implementation. Operating years, represented fatality-free strike years our program, unjustified solutions the

have be Over heading support months, thorough X time family. [indiscernible] [indiscernible] more the with U.K. will to a back the before accountabilities finishing made last handover to us and with conducted [indiscernible] up to spend

a old, our [ XX remember a moment ] is a operation fatal started, great that [indiscernible]. [indiscernible] the brother December best sadness was partner, valued it like year. get with and years to our colleague. [ last I'd at incident take a to friend a Before [indiscernible], recently Brucejack news XX Adam we regarding and I share acquired uncle, colleague only tragic our ]

understand [indiscernible] we Our condolences of loved it maintain the times at fully everyone is need in industry time, unacceptable. go to [indiscernible] to during again a place is them. and ones our controls sense Newmont. manage it safety Adams who works the of fatality and all when fatal the to totally comes how difficult We reminded are in important to this at that be critical risk to out

been just Newmont new system. with have of on management X the the conduct Newmont across not a sites, we making our a time fatality all the laser reset operations safety So focus to implementation risk

This reset verification management managers manager risk directors, by and our training line [indiscernible] leaders includes work critical our safety training delivered process. our and leaders, general our on control our our fatality standards,

which being We share all Dave at our them industry unit. managed is are also concluding into from learned [ Director widely operations globally mining our our of of led Wood the ], by thorough the peers. We investigation tragic incident Managing our this business this investigation lessons with apply and Africa

workforce, at of health to every return at person that locations loved each to and to we is our ones families safe are and shift. important the commitment Nothing safety more working home every an well Newmont all their create the determined and of our and and environment end with across

our in performance to Turning XXXX.

solid we sustaining a X.X produced summary, in the ounces outlook line the an stand-alone revised putting gold issued million fourth with the Newmont of In we that of the quarter, of year finished at [indiscernible]. at resolution all-in ounce. $X,XXX us strike following with costs

lead to billion with in improve nearly shareholders. to a of and the our upon $X.X deliver liquidity produced shareholders this XXXX enabled with billion. year value It expect beyond, the a us year. In and $X.X and ounces of course performance over ] gold Natasha assumes adjusted we end EBITDA on above how we $X [ I delivering expand performance focus This and will XXX,XXX silver, meaningful gold, to to addition equivalent million the returned zinc from in copper, on to

and we do collection gold to last of I copper like that, world's the a operations [indiscernible] into our following best before and unique how we're transforming But projects describe business year's would

a When key we in announced our commitments. binding built outlined year, powerful we May X around proposition value acquire to agreement [indiscernible] last

and the First, sustainability sector Newmont's position set recognize new strengthened to sustainability as gold standard the leader.

Second, to industry's copper the and portfolio most of the world-class create gold favorable [indiscernible] mining jurisdictions. strongest in

Third, to in continue to balanced $XXX $X portfolio capital million and realize billion allocation. disciplined, from And to deliver of a approach finally, over synergies annual driving cash optimization.

integration operations important transaction well. operating team will be year commitments and new very After into X my demand focus delivering be enter for closing this transformation, of as integration and [indiscernible] the the critically been and of progressing in our on myself I'll the last November on leadership accountable model our this key And year, XXXX. has X we executive these

work, support together today, strategy. key our X To this deliver enhance announced ability earlier actions we our that clear will on consistent and to

will to and entirely consist high-quality X X from assets Tier exposure copper industry-leading emerging organic X plan our significant we gold districts. in it growth forward, First, point And year. operations pipeline. Tier divest project of will but a From noncore our this and to portfolio have and world-class this

Second, getting we our a today to value. sustainable appropriately work provided doing and our deliver expand to XXXX of projects the we're sequence clear and picture margins X-year outlook,

provides, acquisition. across our that productivity improvements to are Newcrest these entire simplicity in million improvements portfolio committed the clarity, and a commitment and the Tier synergy Third, $XXX And have portfolio. deliver with from focus we our further over and cost the X above

per base to billion program. share rate $XXX of XXXX. million share consisting improvement repurchase a annual We shareholder announced of run and finally, we the by annualized $X a framework, dividend new And this end return balanced a expect hit of [indiscernible]

located Tier copper, it world's And gold Newmont in the mining go-forward favorable features. X, restrictions. and on most operations focused X is and has key portfolio Our projects

Tier portfolio. Tier all half the X XX contains it world First, guidelines X representing in the Newmont of the operations,

district X in will a operating British operations Second, we ]. it Newmont unmatched most a sector projects. top [ has has in it large-scale an X reserves for the X And industry's next a and to the Tier our that at fourth, for Tier portfolio, district gold Tier clear emerging is the opportunity has development third, And foundation be with organic underpinning growth. each pipeline path X resources. X least of Columbia, have create which And robust of

largest can a perspective, buy ]. gold resource have than quality larger the peer. No than has can we forward, nearest base we have gold of that To world copper this base nearest the depth the and base an gold [ put in other our has Going the And reserve our and industry. the gold industry's resources into gold also Newmont XX% portfolio resource reserve offer largest almost QX in these base numbers producing peer. copper resource XX% large Newmont

exciting and into are outlook But the I'll Later on, year provide some more how little of us. framing ahead. color gold, back about ahead Newmont's I'd opportunities copper bit we first, give like insight to a longer-term the and step

assets. XXXX the X which ], of Those Éléonore. unique full our at did that integrity brought of were with inherent labor in number a [indiscernible] issues design impacting the are number at original behind capability [ the certainly now in Penasquito reflect wildfires challenges, events, XXX-day us. not of Canada reduction asset dispute The and equipment

looking emerge the solutions. the that on am of seek we proud to decisions protect took of we rather to events, of interest short-term the our As these experience other than long-term I side company

with operating happy underlying I'm also our the not level performance. However, of

improve fixed opportunity to improve and and plans the [indiscernible] our reliability compliance have our to throughputs equipment to We to mine improve mill our recoveries.

transforming expansion and in performance, our culture, for returns. new Newmont margin teams, focus to 'XX operations safely strong be our operating and on So laying and will our operating model the groundwork integrating new portfolio sustainable

morning, the production last assess the of have kilometer and the this chart. concrete we capital top second lessons This or very this half well XXX shaft of expansion of X.X the extended the also the overbreak year, meters Finally, to completed and cost gave date the milestone In and announced incorporate project our providing of at the as home. the of known completion for that run bottom learned project. [indiscernible] we lining deep we top the the the the the half as the condition for half into opportunity cost conditions shaft schedule of ground increase us

the a work we subsequent lower landed included this section options cost methodology we on This the address an before reviews it assessed update method. schedule today. a at and third-party decision critically the shaft. overbreak key line informed provided number of of the have to was safely We that [indiscernible] And and

chosen time [indiscernible] a political the Although for cost, with to is safe quality come. I'm and many, have the sharp with years that the to confident not that construction extension body is service [indiscernible] many will happy we am ensure I rely of of necessary and

what and we our you over you, year. to it ensure So Over our with in to that, Natasha this are I'll operational deliver through priorities XXXX walk to Natasha. that doing on commitments to hand we

October, Newmont of assets, you, Thank XX the I've our the drive commitment impressed Tom, in by the and of Newmont's quality I leaders really from And profitable operational joining XX of managed to good dedication been safe operations. people the and have and morning. our Since visited production.

and I the delivery to XXXX. Now I'd a like begin, focused to on in team before value operational integration provide introduction brief

and global our can operating our to slide. model and knowledge technical each apply draw world-class scalable headed each experienced integrated the while operating enables managing see extensive within to empowering units, leader have this functional alignment global across team our where quarter, expertise by last on mentioned the operating regional operation. up unique local you we business As leadership Newmont lead a model, This also directors X on

restructured capability year, the also commissioning pipeline, team. through the They of have our on our This process of with a from the project focus in our an and dedicated setback industry-leading go-forward while safe spectrum of for To managed studies, portfolio, performance our of development. development, our and X our project including driving assets understanding working operations execution support delivery a is side, have noncore This thesis we organic productive team projects. project construction divestment. operations guiding in laser full strengthen we a of XX and block will project model across operating experts

efficiency to global As our are and XXXX. reliability work execution projects on from track in progressing we in deliver key portfolio, keeping our committed to X we and them

year result, with a integration As entering focus the targets. of and our are we delivery the on strong safe a

X Tier Boddington, our managed determined [indiscernible] full not delivery assets. Our by the success and of Cadia Ahafo, in largely XXXX of from impact Penasquito, operating be [ of Tanami, significant underestimating operations, the performance portfolio the the X ], will

Tier touch [indiscernible] X set X at up years. managed the operation. how very on operations deliver And and also Newmont clear ensuring on in and and this each the XXXX these integrate will are of to separately I how to next on some operations. this I will the key priorities new We're we telephone in stab integrity touch of

are lead, At delivering our progressing [indiscernible], current as our defective of to we replace maximize zinc Boddington, fleet higher deliver At metallic is focus North [indiscernible], productivity on with [indiscernible] in the our strong from [indiscernible] and in on our the to remain [indiscernible], track fully the South gear stripping the [indiscernible] autonomous grade we from the planned, second lag XXXX. at the stripping in [indiscernible] improved quarter silver, [indiscernible] poly continuing to gold the in rates. [indiscernible]

asset are and other we we [indiscernible] and [indiscernible] at the mine the of rectification next improving our commissioning are as and up progressing feed. decade underground. improving we Cadia, sync through to operation Tanami, Newmont all block important focused progress reliability. the on material work be simplifying will At decline for tailings the expansion some next deeper movement plan And

ground and full value extract through have on our teams deliver designing the phase at potential We initiatives the working opportunities actively coherent and Cadia, identified. to the diagnosis

production for ore as liberator at operated second priorities we the key integrated higher that due towards and to body model. Tanami the the grades into account, reach weighted we the into return full So of Ahafo pricing around sites at site these year will to anticipate [indiscernible] XX% taking be half Newmont rates the

touching I'm operation noncore briefly on in Australia. Telfer, a

phase we first In tailing while and in storage remediating the options restarted mill plant December, remediation quarter complete early for of fairly vitality on earnings [indiscernible] where the first and We our valves facility full we potential with our implies, provide And an commitments track on facility we'll update this work [indiscernible] are detected the fracs at of on to deliver a temporarily year. stopped focus and that to an February, further we on remediation management, call. respected evaluating work. risk the remind focused on work on

covered. expansion delevering in at projects within as XXXX just Tanami, ounces new On second to from are operationally, Tom bring we top X the key low-cost working the execution. include forward These projects

[indiscernible] North, of case. underground. on we to at and gold first and block is the along are the aligning wire first with us progress new cave And [indiscernible] shaft both focus continuing have our Cadia to copper, up and infrastructure, ore construct allow to stockpiling. the where the the Two lower good ramp construction infrastructure stripping and Our let for the other crushing recover projects section on mine, ore the we of we combined just making of Ahafo and accessing start as supporting where to

districts make When this mine with any per year out of we'll and would we Tier [indiscernible], one it new of capable mining of and by is world's very a measure. of underground producing potential ounces top to be the XXX,XXX and exciting around beyond the gold as combined gold which X have [indiscernible] XXXX, [indiscernible]

focus delivering integration we ounce. of year, million we Now X.X gold all-in as our the silver, Tier lead, Combined around equivalent bringing an this molybdenum. with this to per X.X together, the of gold and produce ounces expect zinc ounces copper, sustaining on cost significant X size from all and $X,XXX and of portfolio million

to full potential from delivery improve synergies X portfolio. unit and compared with improvements due the steady [indiscernible] of the lowest Our expected to XXXX coming Tier [indiscernible] are and cost managed to Newmont's production

these in Our to delivery continue stage with with capital levels commitments strongly performance world-class benchmark structured future as stable deliver pre-acquisition to in XXXX we our meaningful the and balanced remains reduction a to And setting focus and reinvestment, with we disciplined growth assays and XXXX, line our proof are and beyond. reinvestments to and positioned allocation. integrate on capital spending a approach the in

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

we the bit are has provide go-forward off now XXXX that color foundation from our as Building portfolio. are the a in opportunities around of seeing Natasha we I'd like Natasha. establishing Thanks, covered. to

we Phase operations supported of And their by grades expected parallel, forward fully Chile will At Ahafo in the Tier whole the strong in today the stripping and optimize potential both silver, gold second our Boddington, forward grades Colorado bring We Cadia, new throughput. to as block in will improvement are mature At higher strong all time program our the starting we frame continue to At autonomous that gold performance assets. and new this higher in cave X XXXX, and and North we lead only the Newmont copper reliability pit leveraging underground higher gold prolific ounces XXa. fleet. industry's and we and and of to this that grades full Tanami, and online doing are are our production Penasquito, will gold open XXXX. currently and of will second at deliver up reach bringing efficient in the out underground expansion balancing Ahafo depth a with whilst the to XXXX forward ore proportion improve of the At body copper we completion Penasco provide from access is for beyond. plan stripping ore gold from production At the finally, in a pit. potential [indiscernible] bring the simplifying pit, to commission strong building zinc Ahafo, will and our new with district South, our mine, from low-cost ounces coming open doing

and $XXX identified clear and we As the our in I operations above improvements sight mentioned with into productivity line commitments. million Tier have managed X our cost additional a portfolio, of earlier, synergy of over

everything taking account. So into

growing from improvements both X expansion combined Boddington the grades Tanami with at production driven to both Cadia the Ahafo new we next and [indiscernible] of of and [indiscernible]. completion Penasquito, at higher by North, and expect the completion the binding the at Over ounces second years, deliver the gold laybacks

of a bringing to along down X deliver all-in by Newmont with And on gold a to portfolio Tier this and improving on our top production molybdenum will go-forward significant lower and silver, per amount produce by $X,XXX of ounce copper, costs we expect zinc production, portfolio. costs, with higher focus metal this sustaining lead, diversified XXXX. with improving our Driven global

are to we strategy, ensure capital project that with our bringing approach For allocation with disciplined applying and are aligned our forward also to we methodical are development work remaining efficiently capital, our pragmatic a priorities. opportunities

billion large spend has for $X.X bring and all closed average We year of on an forward have expect competition investment been execution our wave driving development healthy projects per pipeline. in the next to [indiscernible] out capital, profitable we organic project of

rigor [indiscernible] right we will is to most supported and and it by project best the the are with deepest to advanced and at that ensure the pipeline the value-accretive discipline the gold in time right opportunities industry order. and manage

ramped gold world-class projects we projects pipeline execution. behind in up X have copper currently X our in have We the

the have block with at and And cave sulfide cave and we Yanacocha. [indiscernible] underground look copper, those when [indiscernible] long-term beyond block further ore projects, Creek, the into opportunities Abiento. [indiscernible] exciting Norte we the X to at Moving developing then processing diversify Galore

years, more and with exposure meet significantly [indiscernible] we to mines, on production to creating copper a shortfall world Over to the provide tonne unparalleled Bridging expected continuing will next copper have organic metal this this around increase And to exposure [indiscernible] an significantly. to value. for gap copper can help XXXX. critical opportunity expect copper the in experience demand recycling Newmont its copper XX current is whilst this require trends, gold portfolio, our by on and exciting the XX enhanced million the processes, enduring based

strategy. to our I'll allocation to with that, balanced through And Karyn talk hand it capital over

you, Tom. Thank

turn, return capital our framework. in X through strategy shareholders cash with financial balanced flexibility of priorities: free business reinvest positioning return shareholder us goal generating to priorities necessary long-term allocation these the working in is to maintain the our by capital sustainable flow, underpinned to Our unison, in

intend sheet to first we sheet, all billion strong financial while balance up of investment-grade a of have Beginning flexibility, projects, of approximately returning shareholders. can cash-generative We to And to gross capital $X debt by $X with an liquidity the billion, priorities. ability maintain balance we steadily with million and our fund of the capital to including $X X maintaining cash. ensure

will we will and this strength from from then allocated approximately announced along million maintaining reducing X cash to financial to our cash proceeds first applied below. classified be Divestiture capital billion our morning, beginning have proceeds [ or The enhancing with of will currently priorities through As anticipated with be minimum our as lease operations, investments, flow balance free to assets debt and ]. allocation X.X $X flexibility. $X cycle

billion Our debt $X we proceeds achieve free which both -- cash to operations our I and target a of initial in to more is shareholders, intend to touch on will divestiture in minute. return detail flow return from

investments. to Moving sustainable

Tom into next operations life, billion X of as will growth warranty Natasha expect from friction an development returns. our the highest over we meaningful projects As invest the of mentioned, and capital [ generate low-cost average that we $X.X years, ]

approach our priority to our performance in I framework where of designed a generating in terms as not return right to through an and base amount dividend third return to our shareholder are be but allocation share free of capital be cash yet capital of have The balanced we repurchases. our shareholders, return shareholders we operational the and want to clear, increasing financial framework to capital is improves. we believe To to place flow return

a with that per of remain amount framework share, of share. $X.XX equates currently annualized $X base quarterly return begins and an dividend will dividend to per shareholder balanced Our an fixed

cash We from expect able free time. over to the pay base be to dividend flow

Historically, the is in the the been of a Board profile realization approval of Directors to Our and case the subject and flow of has free end expect to towards in from we basis. year, production second generation dividend as our be first be expected on our weighted our is quarterly and higher cash the synergy of half will year. XXXX the year that in half the back

payment will Newcrest. [indiscernible] and generation be in free [indiscernible] of of in first February. cash the addition, impacted the the duty acquisition by paid In fourth was of the flow quarter tax to XXXX related accrued in quarter

the our per dividend be cash of flexibility the share the quarters use balance fund ultimately will we funded to $X with base necessary, annualized dividend sheet the free to expected with through As flow.

our share repurchase $X Additionally, Board has program. billion authorized

flow debt prioritized we proceeds To flow earlier repurchase parameters our reiterate, defined the line intend As in divestments and satisfied, and our be shares and follows. are I will cash proceeds. asset free with from liquidity as free sale to cash

will and minimum balance, dollar first go our cash will debt applying be allocated repurchases. the maintaining will be The the third reducing towards share to billion, to second $X to

improving Our goal value to capital debt term. reducing our reward portfolio us we with investors allowing our creates and margins funding us of improve company's and time, position border over for allocation priorities returning over shareholders the [indiscernible] capital long the attractive shareholders to financial And returns believe and to capital. directly performance positioned while existing proposition also

now it Tom turn back closing to for I'll remarks.

must Thanks, the jurisdictions, and new provides and exposure strong go free Karyn. shareholder forward, return margins optionality X for our shareholders mining cost with generate and project reinvestment Tier in industry-leading improving X the and maximize profile growth copper flow, highest assets gold in cash located and framework. the the execution and disciplined through concentration most gold and balanced a favorable standard Tier sector, of in [indiscernible] sets to portfolio copper mining to with

Market forward the year, in to this of of to for forward this year. and portfolio we'll the second benchmark quality work I look Days gold importantly, look half our team our integration year in updating strategic our the each building on the justify the potential of I of equity. and go-forward you portfolio plans of our at important our sections. transforming assets to transformation, also confident managed This our commitments on and world-class Capital and out our longer-term of deliver life-of-mine as And on and very we As the this be to very continuing am capability position

open I'll to operator to over that, with And the line for turn it the questions.

the from RBC. [Operator line today first Josh Instructions] question of of is Our Wolfson

single I'll guess just one. Thank the much, my questions to limit you operator. very I

company primarily by like to overall reserve differences about wondering looks totals we declined the how I'm changes On due gold for the were And I reporting thinking the something were and be different than SEC if X/X. or would the Newcrest under as reserve base it their there understand guidelines. front, to these the that? expect incorporate about should this whether part is prior of reserves that future

and morning. good Yes. Josh, Thanks,

work into reserves get have the Newmont terms We and to the bring in a resources a the Newcrest of we As resource. rules a standards. reserve what obviously Newmont set of makes and Newmont tighter

had the to numbers May. As the together, and the due we and once what reserves came full transparency diligence back we into assumed in resources did consistent were our very we when April

of and There's with over did it, to what the and back Josh, a number moving parts days to couple on ago. we Goldcorp last reflecting of talking the years team

delayed think we detailed might we to our with more governs each the can take a process, -- where giving [indiscernible]. works of statement. the who session where to team, detailed along you that that opportunity be I down sit and can we've have on you [indiscernible], you able in obviously IR But through some seeing ensure we're questions of adequately that -- [indiscernible], those we

meetings Relations that for So that's can time to if taking set our certainly look those I'd some spend you through and we team flip okay. Investor up

from of is Winder question the next America. line of Lawson of Our Bank

me the you is from Could that? ask very the you thought you capital essentially I to shift And update return you share how about the capital much, about today. done what Thank to and thank buybacks. operator. dividends for looks like And you've all

decision that of return? that make drove capital transfer to what So

I at of acquisition off, kick transformed [indiscernible] and Karyn build. the we're I'll look get Lawson. When to Thanks, [indiscernible]. with you

So as Newmont we go-forward shape portfolio.

is portfolio from X Newmont different very Tier was that So what before.

back at portfolio of So terms the portfolio framework. approach step we looked and a sheet life. strategy X and very down a sit the at are to in Tier allocation issued you looked appropriate the look do allocation we the once long at capital of we then brought and number important balance go-forward that when at do of capital this look transaction, with to our context assets shares We debt following transaction. board on they the that we of factors that [indiscernible] in We or

that, first from down between foremost, parameters back in the order balance that cash cash the to step that step is We're we're sheet. Karyn to targets you need. on that building that we the important are pay going money the ensuring about, we up to talked really So getting do debt, and

of reinvestment in really $X.X you're $X expect look bank per in in We're is [indiscernible] something in from terms towards billion put what of average and the that share fixed of seeing Newmont. of and going clear to the amount business we'll you money a based terms is that

additional to shares those with cash the having billion So cash of reissued we becomes it what us component any net vehicle flow. return we any do dollar do coming cash line flow variable then over free with that met requirements in proceeds a any having and and or in the buyback context generate $X share gives us

very that that want have transformed capital we of and its settings. portfolio at where So it to allocation too looking the to portfolio in terms that, context much of we was the take

want you to do Karyn, build that? on

Sure.

with of billion. capital the where to from realization. on directly terms of we dollar XXXX consistency the we just look flow was that that. in to at cash dividend, around And in And free of It Just as linking it's a portfolio, amount terms this the return absolute at so then $X.XX. of our we then paid the is follow were base also, $X.X

generation we're going going for forward. Our ]. around flow We believe cash level right billion base as the within share X.X free [indiscernible] forward, count our that's [ today is dividend

couple start down used in share our as consistent terms is well. the that that just of repurchase, portion a As that the we bring of with new which to now will equity with return of that a variable be part a ability we to

of next today the Anita question from line of Our CIBC. is Soni

Tom, Karyn and Natasha.

you question And more on about I Could with reduction first happened there? to the And in silver. gold it talk that? my to and clarity just exactly What is Penasquito. there at changes years impact? does at wanted a that. Penasquito on And what So seek reserves respect noticed metallurgical I was

here also [indiscernible] you folks. want Natasha with and off kick [indiscernible], chip to to in [indiscernible] if and

I a Anita. there, couple factors think of probably

scheduled we've of at XX reserves the XX. But metal we period see as is drilling. that then into and there think last across Penasquito layback of drilled pit didn't drilling infill great in got Penasco over the looking a And terms week may the kilometers I of did have impacts cut drilling, issued we that time and of XXXXs. that that we as infill It's in the level the some of back entity this out resources.

resource terms and And of reflected reserve so you that numbers. in see

mean that the that lay up our and the back we look system. And improve curing upside there's And we focus big roll focus our doesn't can't real think still operational of It tighten plenty mine. efficiencies leads that of to Penasquito is there. at I that into our get

think in opportunities us. about in decade the of of Penasquito, front I on time say as front pathways improve out the out good challenge in us in again to to frame bring cost back I productivity those focus a with could So and ounces of that we

was XX% period silver, over, at [indiscernible] lead, so we The and bottles looked block the XX%. coming XX%. see last over around at and of time, XX%, zinc we'll reconciliations area, [indiscernible] to second the between for X% Gold X% in reconciliations

we've as we our reconciliations within our model. mine plans, that we've incorporated the So updated seeing been block

some of seeing well. [indiscernible] as you're So that affect

development separately plans. of from model managed The block that separately, mine the the it's we of governance governed

do updates private models. at So to the we those as reconciliations, we may looked

in and mean, sure just is I'm break there under explain quite overbreak terms? my means. at operational you my What's Okay. technical what And not I understanding, happening looks at mistaken Tanami? Can Tanami? layman's it guess, nature. in was you that drilling it other like like on then question is shaft, also bit? what's was going looks it I there a and Or think the collapsed an assumption, with little were issue I a

Yes. Thanks, Anita.

So is in of [indiscernible] maybe bottom deep. working we're the through a overbreak, kilometers Tanami perspective production the X.X little the And bit the at challenge is that is predominant very shaft of which shaft.

kilometer middle of bottom shaft we X meters. [indiscernible]. Northern the out a throw it's top-to-tail underground So at at [indiscernible] X.X out throw -- a the hundred couple towers deep To is

the that shaft the we've of bottom So there's very seen that overbreak.

board shaft bottom parent there, and we've shaft, down diameter that rock raise you're very they the and we shaft a the line versus at as baseboard [indiscernible]. from shaft through actually As the come leaving of sitting X-meter that it's within top

some areas of some breaking shaft pockets the you relaxed areas, shaft. bottom sinking that that at and that's has get that bottom. do the very you'll conditions. very hit into that some of of broken shaft out ground underground some in ground and mining the nature diameter the got of the It's So And poor double off in raveling to

on. which overbreak, call is we then [indiscernible] lining to what that out rock with the seen do to we've wider, safely put can means the bolting, able be so the shaft reach you to And then like and

that to stepped through shaft. then and area shaft the into if would do practices able there that So some to be X-meter in XX be order We're ago, back to to industry, years sign prepared in as were have that line bring not been work, diameter we that. you in to that doing unsafe able fill very

understood of assessed by had send third safely location So that, work. back depth the overbreak the believe rectify a for we to that to different we on beings could range and we can how down them parties that human do and of then methodologies landed then we developed first level [indiscernible]

line come safe will and to at So the of depth. shaft. then appropriate will and and ore shaft. will that that the the the service be methodology rest we decades a to then have rock [indiscernible] section meters from And quality That's the hundred that the safely from down section body bottom we with rerate galloway that safe then shop concrete galloway, we'll section of a and for run we'll creating assembled that involve bottom fill a now couple of then to we'll alongside bolting

that's fill the overbreak So we've through process appropriately to the determine areas. how been to

gives So some hopefully, clarity. that you

confused word It does. That's is part explain that's when me. -- thought. what the [indiscernible] typical under that... Yes. what used, that It's Could also you I that you I which the phrase overbreak. -- break

moved want not the it shaft. the you past are material protruding diameter to where raisebore be the shaft. of There's has There where a huge or of the got whatever rock bit line into part in hard certain a might and that of areas you've

diameters. through able it's being and to X-meter So coming to clean the back back really break

the poor appropriate got about [indiscernible] dimension you've perform So the and tolerance concrete wall. to

able out sense X-bed haven't read certain full where are been to the there diameter. you So

you do have both. And so to rectification some

from today of Our Major question is next Daniel UBS. of the line

better more results Newcrest Newcrest assets to lie of the you're able you been [indiscernible] has XX the perennial underperformer were so? able some that to observing, last things, than the Newcrest do for company quite and the distance results over a be around Questions here deliver ever I years consistent why or to from guess, barter, a long think going since Two a asset time.

In this fact, states. to you the Daniel, probably morning on it's

big developed picked a and mine. large Rio a balance big Newcrest up flows big X A and a Mining is the of in ebbs it mine then Here, dozen into ago. we placed likely Tinto, -- years of here can it's [indiscernible] a complex out portfolio, kind by Tier [indiscernible] asset best

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ore and There's base through believe materials all well. that suffered that that attention second fixed haven't plan a we [indiscernible] and be real reliability, as that as this handling can We're appropriate after observation simplified opportunities a getting being that a think see complex asset year. about Therefore, the we the A the complexity And there and in we also equipment on portfolio. [indiscernible] types [indiscernible]. there cash-generating different processing plan from been small time mine we of in how present mobile.

ground confidence The time [indiscernible] the mine And in after. get and plan And one be to after to and for you with spring. the set change we've we cultural get had we moral real for of or make the feeds better able on for it the able the the set we've that of the budget data see But the portfolio, the to first the year them and a [indiscernible] to to [indiscernible] itself, point, deserves. and hit month do attention months years. there the that it opportunity XXXX to that that our January, [indiscernible] marks that and that in support are they things they X the the as give put worked X plan here Daniel, out a and in were dedication there even stretching doesn't set and because that on they can that in so I'd One comes they team a they targets Managing Director time get can are to build a here,

so hopefully thinking color for some that how gives And the we're you about year.

And lots [ then XX growth again, got options? is forward, of Slide you similar, the slightly move How the of where but particularly longer-term it see timing the as a growth into your kind referencing particularly spending had second perspective, your That's from moment? great. kind much where some you you've fitting for Wafi-Golpu presentation asset at various pipeline, do And question on of ]. potential, are that not money of

great and very of a I be Daniel. and the of It's for to is prolific mean, world -- the mining one study the [indiscernible], still in phase. world a part looking Thanks, gold. in copper resources untapped wonderful [indiscernible] to the it's copper

significant the the investment our that time you through secure working over an PNG A the amount that of government of he's to venture have necessary investment of negotiations be you ensure regime the work [indiscernible] to that financial framework. you can money with frame consider a level So there's Harmony, the on focus partners a and joint is lot project. being not sent -- ultimately

moment. focus what through the going the we're And so main at that's with

It alongside ores ability to embrace pressure [indiscernible] projects has of X have sits [indiscernible] the in terms the an It's in line capital projects oxidation execution. great up problem copper and process the a a complete It's at projects. we a X have. great gold the build that the sulfide behind circuit of there to riches to

really So [indiscernible] need mine world's decades. to over be for to a really, copper contribute is going important to the next several the

before then the block [indiscernible] appropriate in We've appropriate the study portfolio. [indiscernible] are The need that a of mines got but have get to We've to go invest level to of capital and our what portfolio. you -- investment will got and environment, ultimately all that you of the in both cost need and to understand [indiscernible] will the returns drilling front So you technology capability mines. blockade be. do work return. on our in back

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of Our next from of Greg TD question today is the Securities. Barnes line

Yes. Thank you.

been more progressive, you more your the this year, success year of Is taken. costs where on the dividend, a But to that you which dividend see obviously, there's who to do buyback bring raised returning dividend Just going? up, some down see dividend share that's policy, approach you have peers your program. they've and again, on that i.e. after production the transitioning yourself I this understand, the and front, you base as

just dividend and cash $X likely parameters a share model that on think buybacks. returns. were [indiscernible] how share run model Greg, month, generate that a Any through cash over come I to in the additional forward. I variable is we in a to the debt likely fixed we've component put it set

a Just would count major bring been through count that to share our share look and down [indiscernible] transaction again. we back

components $X the share So bank share and for any buyback. variable a of future, foreseeable on dividend

line Mucuri Karri Our is of of ] the question from Canaccord. today [ next

target. you're Are of the sheet, billion question Just $X balance debt net specifically there a metrics on that? targeting behind debt the

to financial today. our currently have flexibility goal we on Yes. investment-grade rating always our that maintain Essentially, the and [indiscernible] a is have sheet to

main is forward. Xx a looking that Yes, So go as we absolutely EBITDA metric, the debt in of terms at net [indiscernible] ratio

years? Golden about few evolves region action other over potential that maybe [indiscernible] a guys next that? if you no Triangle talk And in the here, one How see how about can. then helpful. I That's but noticed talked area, question, the can out the plan you set little you bit

Kari. Thanks, Yes.

little area. at nice just a [ months. of say a they we bit sadly and gold have get do body sure a That's few have in contributing pretty that of Brucejack time the Real for heard up some trips I around a a the couple exploration over up understanding what that to from Valley to of -- the cash and Kings body potential actually so ] come over potential I how last opening set next trial to really couple Just of ore the there life solid ore nice years.

opportunity a go there. So really really nice, nice

you going gain the at [indiscernible] and size then that of to -- in ore shot the appreciate that some amazing across important to [indiscernible] blockade It quality be and time call body. is swing really As spending an mine.

decades. and understand it's The that to [indiscernible] with going the line will high-quality, I So cost, that that and really and how understand [indiscernible] build to for to because to to understand about work be that that mine around other come then the the the understand a various we them. ensuring line original develop run approvals opportunities

going copper So terms in that be to investment. of that a real in focus is

the to ultimately we'll go with [indiscernible] tech in [indiscernible] the [indiscernible] develop then mines. bridge to do we off. off the that another and great work then up copper increased We And low

opened all [indiscernible]. up So [indiscernible] really the we that off then be it that potential [indiscernible] for into will and decades pivot [indiscernible] both that the condition underground of

Natasha, did you want to...

[indiscernible] that think I No,

from Our Tanya today Jakusconek Scotiabank. next of line the of question is

Great.

half a wanted all looking mentioned Day? Am that plans you plans. lot We've we assets, to going just life of to come today, the some standard than production the just the out? and that information just mine to your charts in to of Tom, what are these the Tier are out getting I to and Day, done on of assume got to What life you've out the reserves, put coming sort reserves? Investor news, is more BlockCadia on year. based new the put beyond for Just on else the now of assets? back Cadia we will are you I'm this the out Investor It beyond X-year come the of X has cost your get what at above out of [indiscernible] and like chart be looks second new Newcrest And coming mine on at information X out your news

across to to he and processes. few reserves standard. NIM a set weeks resources [indiscernible] our aside ago get The looking X November he's are significant on because a through from saw lift that breathing I'm the relief [indiscernible]. Thanks to

top over that in the reserve potential the We've our over X-year of So plans that life right, those our now is Board portfolio on -- on June. the with that's [indiscernible] months mine new day an Head We'll plans Management top that so of of resource statements to [indiscernible]. [indiscernible], doing of And outlook. Mineral now strategy you're forward we're of work mine build course is -- what running and great doing out Group important ahead. got Resource is strategic

is at Day potential, understanding Day Strategy Annual an June the and Investor that build then with that debating to in looking time Our second that Board half. towards spend longer-term and our always in we'll some

portfolio share upgraded show a over beyond with We this XX-plus see years XX, is will potential for next Newmont X, years. you start to the picture the the what and you we XX, X

really our Markets have talking the lifeline us to pick to the of Australia, in about November our get strategic frame debating still one which time New is is we We're this the Day for so that, time that's also work plan. thinking doing our both frame, that and in after in frame we normal is refer up But current sides year markets. typically we time our front but -- and the that leading York one around of Capital

you confidence longer-term to give we for with So portfolio. that you story that this give

Okay.

XX provided is years X maybe for what Investor a plus and just so So understanding that years visibility I'm have Day? we the from we your would beyond above you've in have you here, that us for

correct, That's Tanya.

financials mentioned having our on I the from X my we noncore Tom, assets your onwards to mean assets? XXXX. be in just going seeing And discontinued to I sold are Okay. going QX going one assets you that these of that X understand, operating all think, to be certain second of are then question, your that that wanted forward Does

at quarter, Tanya, end first XXXX, sale. these as the expectation for that will the of held is assets the assets be held X

right. Okay. All

So other et the then you're ones assets will we you're as your on bit at and reporting little a change costs, what reporting on look operating production cetera?

Correct.

some session. over question-and-answer conference the would for like concludes to back closing to I the Palmer This Tom turn remarks.

time, catching for and your up all look you everyone. forward soon. thank Thanks, and with I operator, you Thanks, to

today's concluded. presentation. now has conference for The attending you Thank

disconnect. You now may