Newmont (NEM) 24 Oct 242024 Q3 Earnings call transcript

Good morning, and welcome to Newmont's Third Quarter 2024 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. Good morning, everyone, and thank you for joining our call. of my and team, to will questions the by and Natascha answer joined at Ovelmen Karyn all end I'm executive including leadership Viljoen your Today, call. the be available can cautionary our to filings, our and Please be note on statement found our refer SEC which website.

less in to diligently fatality late that who we discuss his is tragically our like a life performance, improve last year. safety working to recognized fifth our the moment with at that are we I quarter than safety we a remember operation to month. our lost this We field. And Before would Éléonore third take Antoine use in tools and strengthen the systems, along key Fortin,

the are this contributed could our risks understanding factors lead on to clear improve the a We that taking culture action controlling fatality. are tragedy. And with a effectively that to safety focus committed to decisive of fully all to

accountability a We with at lessons will ensure improve culture performance also strong to our continue fundamental At delivering that from our of to our peers Newmont, the the our the help safety sector. the industry learn we know in we and to that commitments, transparently share safely is it everyone is on working after home Newmont and shift. returns sustainably each safety to every investigation

across and International practices, Chair ICMM. the quarter. in to at third by sustainability responsible have Turning forward an of appointed of Metals, our industry. the and a both I'm greater honored playing to now next of mining goal look Newmont summary to recently been Mining advancing our I as even or Council and

United Standard announced support Consolidated tonnes transparent our over will of and the from of to third we gold portfolio gold for Chair, priorities ounces sale that industry's to be X first and the of standards $X.X copper, my the And gold Shifting Making emerging as supported will last a MKS directly with and Mining responsibly. we nearly our be that we term and in through of for PAMP the commitment zinc. trace billion generated building million commodities providing the have States. operations in An accessible stakeholders launch Newmont's in demonstrating for sourcing. We Teir consumers mine operations million key ounces months. produced few bar consolidated engaged world-class essential strongly have my to quarter, cash in $XXX book X flow Last gold reputation and cash produce Tier we X.X week, These effort we flow. XX,XXX actively silver, and equivalent of partnered one XXX,XXX strengthening the and notably, free Initiative. our with During this lead confidence copper. included mine-to-market districts. In from

noncore in Our to the call with proceeds. two last recently gross billion program $X.X combined expected has divestment advanced transactions up earnings to meaningfully deliver our announced since

total to announcement and interest proceeds Havieron Western of the of in mine first definitive for XX% to our a project agreement Australia was The million. up $XXX divest Telfer

and progress the transaction the expect conditions quarter. We continue to this closing to complete

this the And this Batu also announcement noncore have this end already in of billion least Lundin Akyem from note realize for to on proceeds in addition remain It Hijau the to of billion divestment Gold year. firmly is towards the that we solid in is to generate for year important cash the our expect sell track Ghana $XXX up second transaction we definitive assets. we at the The this gross to received proceeds $X million transactions. our that cash in agreement to progress, close a mine in was $X to commitment consideration. the to With also

retired share strong generation repurchases capital and through earnings dividends. able in to to our and have we quarterly progress shareholders. Since our $XXX to and shareholders have and million flow debt last million free divestment call, returning to positioned continue Our $XXX us reducing be debt cash returned

approved our billion. total bringing We $X an to share billion repurchase additional also program, $X authorization

In to safely three have projects addition, we continue in advance execution. we the

labor as our chain The in Ahafo spend. in We synergy Tanami, through at and rate. acquire achieved of And to have second costs rate $XXX our million $XXX to G&A, When expansion and that Panel at and we was Newcrest. synergy our synergies Starting turning run X mine run synergies. areas: today, Cadia. And committed we insurance G&A, reductions both $XXX new million Caves full potential North delivering million finally, contractor supply rationalization, to with announced achieved from decision program. a and

Moving to supply chain.

a advanced, realized grinding has in efficiently stockpile area The are material have from high-pressure majority and been our program, the our value the our potential stage team of we've $XXX of gold increasing Red with to our outcomes the Chris, our that improved future value at mill. run from the debottlenecking throughput full company our will realize the are touched of potential circles, synergy go-forward as delivering realized Lihir. initiatives finally, we brought well our by circuits, so and an value run system At mill, also call. on quarter leveraging while $XXX in we due program from to consistent deliver And and and are to the optimize large efficiency we're this focused from move both last feed flotation mentioned improving to remaining work, met from come XX ore in our more work improving rate divestment Lihir, achieve the been at combined a operations. Lihir. the that scale attributed from that of the initiative rate grinding already at million the doing long-life upside has Cadia the output recoveries on to years. successfully optimization materials we commitment surpassed synergy on Chris at copper has portfolio earnings this managed to and With volume far quarter. have by From commercial we handling Our I roll we and focused begun significant to of delivery the Cadia, we more synergy have on first been to Red now crushing our Chris now Red sustainable million. And be . And

operational now I'll Natascha. you, financial update Natascha over that, performance to for to then for Over with So us and through to an take it Karyn to the quarter. turn to our

Tom. you, Thank

operational the beginning of by highlighted XXXX, year. at final As priorities as we of to quarter enter the the start the I'd like reemphasizing

to their remains key Our walking work Newmont making is person focus equipped objectives: safely. do through on a fully three First every sure is and authorized Gate that

enhancing to divestment. productive one performance is is our emerging And whilst last, managed Tier process assets, through of productivity XX continuing deliver and at Second respectful from and noncore every for also our Tier guiding X strong our operations. a long-term assets X managed

planned, slide, by X% an million ounces momentum quarter strong second the next begin quarter. the in is the over finish grades in six deliver through performance or which quarter. At portfolio Tier remain managed as began year's approximately operations, third has the start detail, delivered XXXX expected third stripping let's anticipated pits overview. In gold and producing of I the to strongest continue in gold X% our than on this with fourth quarter on and an bring body to which a we We the the This step as in largely increase with touch strong to X will for gold the now will operational more X.X and and year driven fourth an higher and a grades copper planned, track with and Boddington, been the in quarter, and from will production up more south forward in I building Tanami. ore to Turning grades meaningful XXXX. continue starting our north accessing managed liberator

quarter in the well mining plan and ahead efficient agreement third new signed of quarter we higher to Peñasquito. will in and Colorado This rights safeguards a to and delivered workers at foundation of for which Peñasquito, production provides into through have the gold the the production steady all grade XXXX. bargaining due union and a lead in in increase Chile the solid fourth XXXX. gold, operations Moving the gold Peñasquito We collective an from pit, with pit Peñasco result zinc And in ore commenced stripping. importantly, silver, at

Turning now to Cadia.

as are transition we As to ramp factored up quarter X-X. guidance, to growth in in the at and Panel our fourth declining Cave continue Cadia expected

with integrated decades are of up to next We align of for feed. all tailings life studies cave three the setting progressing development Cadia capacity, mine

events slumped that as storage expand years, but quarter input progress an track southern the wall to to continue on maximizing raising Southern northern of in spend planned the sustaining shutdown gold disciplined third in the expected focus autoclave. facilities. At increased investment Our in current Which to the contribute the capital then the facility the the and to XXXX of current make tailings of to is wall the remedy over approximate remains to are production capacity compared fourth necessary, few XXXX the for of facility. These we Lihir, in Cadia we next tailings facility, deliver XX% quarter. primary the at of repairing and a period the step-up

sustainable in and of to will stockpiles will and remain surface focus be on ahead the anticipate grade results initial roads at term, predictable look we X operational for In this gold we more reducing complexity lower And largely and Lihir to operation. As to the ounces water provided be XXXX, a anticipated due ramps deliver than with XXX,XXX to be this year's production all efforts these asset processing we and reliability Lihir Tier XXXX. short higher that to to that changes we and to repositioning our result including of our year we allow around than the improvement XXXX next establishment efficient. Whilst proportion next from wider production initially in the work, this work effective complete February. mine sequencing, lower for year in back throughput will more consistent lower will lower guidance at manage

managed back development to will portfolio. Similarly, have and Importantly, a this simplify our ensure improve at term, for Brucejack, go-forward step and the knowledge this establishing our we XX the at ore it contributor to work as long do operations improve in that of operations negative we a Lihir the consistent year this drilling body. one taken as of work more

XX experience tonne of of grades, month continue exceptional of average including per over last periods X-day a the grams in high to same week. average grams per XX tonne We an and

provided we result this with our year, be consistent in gold are all year Brucejack from guidance anticipate largely XXX,XXX for XXXX As initial the we that lower also of next doing, work around that back than production the we a ounces February. will

Ahafo South. and following girth to and we of gear third Moving quarter, mall replacement in successful increase April the open XX% a in strong quarter, driven significant production by second gold nearly pit underground mines. achieved throughput In the Subika our over from grades higher the

quarter to end have consistent the during stripping Ahafo fourth ahead, kilometer new this to will declining for have focus year Ahafo photo our south commence Ahafo production is production constructing the be presentation. XXXX expansion North you shift can the with Looking Akyem made essential tailing on storage are levels a African to X.X leach completed of our We expect half is infrastructure our the in remains the and and XXXX. will crushing, Ahafo notable at replaced Subika deep we we the to in milestone and the the conveying mill tanks pit recently second mine. The for the new ore mining infrastructure, as we from year. the continue from more be the see And constructing facility activities into this finally, quarter, complete, production mill roads second at shaft. the be of at next And lining quarter. At North and unit we This ore at lining when North, and of earthworks land we and we carbon the towards planned. And complete commission used Continuing the in fourth next maintain business with divested. expect low-cost stockpile to in of ounces an open activities this mining which as of concrete in shaft. new the kilometer establishing fourth completed to the are than Tanami, in in mine before clearing

significant the our mine can winder see project people, the install and X-X, preparing playing important ore within equipment is the you meaning role and we and building are Panel cave progressing is lower achieved processing mining in the successfully for machinery, from Caves be now a this in used Cave process. that to this shaft ore complete, have now which largely gravity As fracturing intended the establishment, we we begun, and project, gold photo, This milestone to Panel and Wisting Cadia has and will the once At raise an are is complete. At well. is multiyear copper cave.

is Cave system. copper than and and underground development ounces Cave of more Over the expected equivalent to and to X X-X, tonnes the Panel XXX,XXX XXXX. At construction of to next of XXXX Panel gold and continued of million gold materials X-X is an ramp up advance to we average decade, handling XXX,XXX ounces the between anticipated deliver

of copper and of and it turn ounces Karyn. much Panel deliver of is to anticipated As ounces equivalent is it gold over XXX,XXX with ramp that, larger And I'll up life. XXX,XXX million to X XX-year an to XXXX to case, X-X Cave than more average between tons a cave over expected XXXX. And gold nearly

Thank you, Natascha.

sustained Turning adjusted for to Building delivered quarter the $X an income reported the strong We prices second strong share, begin quarter. $X.XX remarks, EBITDA next financial billion, driven gold an and $X.XX with Tom diluted we quarter. net Natascha's slide. adjusted the per third overview and of Newmont upon And to compared performance production. quarterly of I'll by of increase recorded results. our of

accrued received the quarter to million the generated Gold third facilities and due construction for stockpiles in the earlier We primarily Yanacocha $XXX and Telfer million this date, payments which of next from changes mainly $XXX of cash the to capital treatment of sale include reclamation year. Free an of Lihir million, payments anticipate build of contingent $XXX from and million announced approximate $XXX by unfavorable the were facilities. With favorable flow related cash payments. and $XXX liability million approximately quarter. cash free the not $X.X water of cash during in spend to in of financing a quarter we million Hijau working the flow, also spent working the at unfavorable reclamation $XXX Lundin These partially flow billion does changes, offset be timing million Batu includes spent to largely $XXX capital operations

deliver shareholders. the continue returning free fourth expect we quarter, cash volumes reach production and the ahead, positioning Looking us to to flows year's strongest to in to strong capital

balance third to repurchased in $XX.XX authorized of billion. share shareholders for repurchase As Tom total are proceeds to average received during including divestitures to $X X.X current have with and proceeds over at Since gross million XXXX. million, the total $XXX our to million the strengthening million months, in a in the program, executed October. And share earnings an $XXX expected cash from we announced $XXX portfolio program date, additional date million to the $XXX we've $XXX our nearly remaining we And million Newmont's mentioned, of our and the we investment $X.X quarter million authorization price our cost as an up To now shares noncore to from been proceeds using billion year, shares. per for to long-term authorization. bringing our generate the $X sales of billion XX in billion on our be top next last create $X completed other in committed sheet Board $XXX call, by repurchasing value repurchased earlier this of

$XX quarter dividend $XXX dollar, or million the with declared common $XXX quarters. And the quarter debt in we of purchased now around third of nearly purchased fixed date, in which To billion we've and nominal the declared in maintained share, for was million the quarter during we Additionally, purchased past $XXX ended year. was $X.XX on per We $X.XX total million and the dividend the for a sheet October. for million third liquidity. an retired balance million $X.X $XXX X consistent investment-grade

capital and $X.X billion. In sheet, to billion at now capital continue our with balanced to of focus we maintaining capital debt target to funding on returning balance gross strategy, a value-accretive our Our projects shareholders. stands steadily allocation line strong compared $X

Looking to year ahead, X and production assets ounces expect from guidance. quarter approximately we we Tier fourth planned. track as continues meet remain to our strong drive on million production of our the in our performance, operational gold Production X.X managed full

gold production our an production represents favorable facilities, anticipated these venture over be just and sustaining sites higher quarter, As third an through expected Mines Cadia XXXX. All-in largely signaled higher the environment is This current to reinvestment, to crucial the decline an and is will the described. Increased for costs from sustaining royalties are $X,XXX on by price Mines and by X% expected joint by approximately based partner, Natascha attributable as Nevada driven to gold labor. to remedy the production primarily be Gold XX% taxes fourth rate of which expected offset quarter. production capital increase and Nevada be higher our reduction Gold spend to to higher contracted and due fourth third from which in ounce, Viejo at volumes and significantly gold slightly increase Pueblo run the G&A expand comprise the quarter, for slightly is as compared tailings quarter in

keeping guidance estimates capital, year per development continue that, returns. With an back expect highest we I'll expect And $XXX closing Tom year. to this of full billion average pass to spend the we projects track quarter, for earlier our Turning us generate to into million to that meet invest for to $X.X it the during to on fourth will year remarks.

our our fatalities. production the production continue for of from Telfer, million cash with We and last risk on regular $XXX rationalization billion in debt target our to synergy with the key on achieved and Having assembled, rate cash commitments our $X.X a repurchase commitment implement billion. generated we at almost lessons delivered go-forward understanding bringing of $XXX consistent million. much and the track And of in as higher portfolio our from their made are share guidance. We developed divestments progress on portfolio in We We approved both safety returns, Akyem. to our made systems. and We've program, operations our remain needed total start to planned, of our our sheet We shareholders. contribution Havieron to reductions, our year core delivering shareholder shareholders. repurchases. We meaningful a Since we we run our improve management the $X working progress to of working lasting we announced make and to billion in solid from operations, diligently earnings strengthen with Karyn. recent dividends and four balance year long-term an us value $X additional meet have our firmly flow now share the call, strength the demonstrated continue to our to authorization gained year strengthened full new and of and to $XXX portfolio learned the $XXX we experience free and long-term create the flow. work keeping deeper Thanks, million confident have million

gold production XXXX, our from Lihir to previously expected production consistent to ahead X go-forward portfolio and Tier expect new this with two Brucejack. year, operations in of from lower driven largely than the we by remain our Looking

trends align to We we expect are year. this observing core in the unit with costs portfolio for our XXXX

our creating few with may of We our tailings clarity capital of billion are G&A Cadia, critical higher and portfolio the which an Whilst on production leadership over in from operations invested on context, expanding spend portfolio, return in previously we managed we we have a also team my margins, and work working costs anticipate a go-forward this committed over continue projects annual direct need and go-forward growth work $X.X sustaining do strong execution. I firmly expected spend. manage. do focus see the versus With But next we remain core years. And and to laser the volume. on to value three around capital to optimize chasing now portfolio XX in to the result generating focus our is time, our to of

is and on thank making and lives to to are deliver we we organic taking are open critical decisions at ensure time to for to questions. value improve we both your into our come. deliberate. And long-term a time we for lens look the applying Newmont's purpose ensuring turn you pipeline that make portfolio our create project are responsible mining that spending the through for to any today disciplined an line today, reinvestment We over and operator and decades it I to back sustainable, that, the With economic

question first our Major UBS. from comes And Daniel at Instructions] [Operator

me hear Can you okay?

Your Tom line is clear. here. Thanks, Dan.

sustaining costs down over rather next is year, first look as credible February. yet and your the the that to years, a one sort over term, Yes, case of look mean costs gold will higher limiting industry, But should Or than you outcome unit saw I the cost we actually February industry like in it perhaps is in the reflection the of over parts to at best be two all-in inflation? when realistic $XXX and I question. time? you've kind well. on the you back assume medium moderate many got assuming of time this costs coming are in profile Is few

that been gold Daniel. gold. think want might if price off I'll there's producing well. Karyn correlation gold cost an to between and I ounce jump a about in kick of strong Thanks, the Certainly, always of the as and industry,

is inflation structural gold elements the price. that Given key those one behind of

tracking between cost then look gold gold the price to and of see ounce cost expect you'd ease. So the per And price. eases, producing ounce an as you you're the forward, to obviously, some going if

those the is be we operations be where what going in in over managed to putting that position going forward we're and a we're place growing focus margins. strengthening on is looking XX Our have term long to and

provided on we you numbers in when the you escalation. out-year February, I comment wanted that The before to is build back look assumed other had X to that pass I'd Karyn, that at if make

think when next rates we flow so we seeing And you And as XXXX, run year anything XX is year forward-looking into are close the going out seeing we're build to what XX as to no the months. obviously, this numbers, Karyn, on cost and you'd any that we're that about next the there's understand to that? escalation. we as closer for

No, I that's think right, Tom.

Just have you XXXX. to emphasize mentioned, in costs, out higher, primarily. years, we don't those. speaking, we indicated, those were in that those the an we're XXXX, here direct do as expect escalation seeing as cost Generally higher into by Costs to driven trend

you our which XX% structure. year. about into If is third seen through We've think the and contracted labor, of increase cost quarter the those

that, as cost we in our that's built been so And head into now XXXX. into we expect estimates

Karyn. Thanks,

The second to your part question.

had about okay. again, for your I just thinking a just comments second Yes, Yes, if guidance XXXX. that's

in around portfolio previously February million at gold. ounces the X core You from of looked in terms

and You highlight Brucejack. at plans previous in Lihir than your lower the at comments, XXX XXX,XXX ounces

into million to X fair off XXX,XXX new base we XXXX? is the then look the it is when assume So

the but movers the and I followed Brucejack in understanding Certainly, you Lihir well, with Dan. think mine Natascha in as as at the and behind managed remarks, portfolio, her Thanks, terms and drivers up said work. of getting important Yes. sequence resource two and I progressing of definition development that of our year next those and do need are that front the to work the that. for the ounces for reflect of Both in drilling

portfolio numbers, to more XXXX, flowing coming out got do think you and 'XX divestments some Obviously, got core to number of those into at I on front. the about we've you some as then from work through rest the trends the portfolio portfolio look more is that of on 'XX X.X if still XXXX. like the close the for this think the

will number core of is gold into X.X% that we work, portfolio, but divestment next as for about XXXX, flow Some that year. production their complete that

Okay.

it's production is next message. sort yes, flat and year the of So broadly into costs

Okay.

Thanks, Dan. That's correct.

Joshua Next question comes Markets. RBC from Capital from Wolfson

to expectations expectations sort versus had the my in of I the trying different achieved, is sort guess, it least forward and around the I given mentioned assessing issues, which on the a costs significant thinking these guess at would I of -- significant sort then things? and inflation Brucejack, sort previously. I and I'm And we're higher we expectation integration at One change cost want cross larger other hearing change production there's being the or am how item. unexpected some industry-related understand. of been this despite sounds to degree, Cadia. And that appropriately? like wrap of larger what challenges head just be can hand, about some to hearing aspects, going Lihir two be should clarify targets about synergy changes, there's we I And

Joshua. Thanks,

me off, jump want I you and Let to think might Karyn, kick in.

a So maybe few pick it up in parts.

commentary you QX Cadia, the I really Lihir, around think think Cerro mentioned, Negro, I is the cost story.

autoclave the world the QX. would of around for moving So into it's assumed in labor remote be the we Lihir, fourth large specialist we quarter had shutdown that had the some costs in part

of taker. we're fourth focused impacts. around cost sales in concentrate and at sure this work a contract drivers other that then earlier we that Cerro didn't one productivity making the some Peñasquito third at Negro, the weather factor for on obviously higher that's the power up more safely, following where tragedy quarter. And had there. Cadia doing the the into price year impacts some off coming the quarter So the some due our was get was flow was power, third it to end quarter away there of ramping

that. Dan When ramp about on. the and come cost at is year into work do capacity the to there's putting Cadia. we're tailings there's impact that at And look Caves. with of coming into those two and sustaining Lihir cost from to live, Panel Brucejack up need third story. the flowing volume the got to quarter several linked of Panel matched around Caves Cadia the Telfer has And capital we a XX-plus volumes So ensure work work and 'XX a that's just particularly impacts bit year facilities of out the of so is 'XX, to talked I next then sort the impact we

that anything then or those sustaining story volume back capital. Karyn drivers around key for So and of to Natascha, that. couple is

Sure.

more little a Just granularity XXXX. of in terms

increased sales Telfer, and volume, So to Brucejack. is impacts Lihir of about X/X from including that that due lower

Another X/X relates Nevada. to due by gold higher to of the associated largely price half is that royalties higher And we've and X/X, sustaining then by capital about that G&A. been with that driven half remaining the talking

run are targeted and our Red Cadia, by the driven benefits So rate Lihir. at synergies Chris

the further also X we've future tailings including Tier happy I -- portfolio need and as Telfer where the have we're focus But this to challenges the we're working in our had to invest the of think by within benefits However, nonmanagement that reduce key G&A the mines well a with with supply needed. costs. new performance chain, to not from as of to impacted these business, we're expectations. with But been at, integration Newcrest and as areas in underperformed combined

can if And I follow-up sort a question. add of

if you operating are company that for Just currently? quantum capital of maybe modeling the there's there we can costs sort think something about trends on a that running can in at is inflation understanding have sort or rates provided forecasts the Is what what impressions any inflation seeing initial of on be is terms of costs?

in seeing line we're terms Josh, consumables, seeing. the what costs world of fuel, around largely that's materials, input Yes, is in with

come contracted surprising those in giving seeing of we're particularly year. particularly nothing and sort where for the that the the seeing the we're there. next the through or It's of our in labor costs that when there's escalations into -- we're then what flows commentary escalation, So labor, incorporating some steer for us

Jefferies. question next Matthew comes The from from Murphy

of more mid-X,XXXs thinking costs we're I be company -- if the falling graphical ounce type terms you ounces, a X wondering it, forward out forward? and to call million continuing little those you'd should that mean, growing I'm an in ounce. XXXX initial means production X.X for of going going X,XXX we over year what indications doing a million going kind XXXX had can in XXXX put see outlook on Is this this a AISC beyond? to, about elaborate

there. escalation there given costs, February, look I if think you're no -- outlook I we've going in Matt, to at the in certainly was

you the and between gold inflation a what producers gold gold to So link pretty that's gold of any make a of price, driver gold there's betweenn Newmont to assumptions going do then ounce other mining significant of company. producing might as may do and be and cost escalation price what key about an linked

So ounces in our one costs to divestment latter trend softens obviously, that next and And we start on in off. part start our of the focusing year year, flow through. projects as will the flows execution. Those work come 'XX that complete price deliver XX gold projects that's will we've in and operations managed We see then the new three that and through part portfolio and next of execution a first to got 'XX. really those in

is we us of will new getting going focus So and value, that volume's for rate and on, we're do about not return margins that that tonnes operations chase where help on have best our going invested. sake, have that's driving capital X of the some to over coming on best term cost a around be run ounce ounces copper. about the the ensuring that long portfolio lower to XXX,XXX We're million that are and or volume

tailings putting of our is and facilities appropriate of support capacity operations. to these driver that have a tailing and that into long-life have facilities cost important the we all-in structure very ensuring we're work Another the set sustaining

company periods ensure tailings mining of as some in time, you not up have sustaining which spend we is that's spend whole consistent your scratch. spend, elevated to the So facilities of any capital but there are over that are in

and that's So of XXXX in terms another story. our XXXX factor

If probably I just... can

sorry. ahead, Go

build point on as X lower-than-normal bit a high ounces. years is of reminder, and Tom's Boddington million just rate. I And X on stripping run little in the wanted a to

production. So grade Tom's through. well. will And have also then normal next to ores near term. along the and And as years, years to granularity back is start to get will little new in of build in we'll the higher a the back start Lihir point. step bit will see PCX-X we'll X into investment, high predicting see Boddington production of on we see that get we comes back its grades up coming all Cadia, that's Peñasquito, just lower Cadia been we as coming year. But X in during to

produce half of commissioned the start ounces the to gets out year. And 'XX, got particularly, get you shaft, more Ahafo it we in 'XX, North of if gold second Tanami the next in

reinvestment got we've numbers brings the that complement for that about on So ounces this year back the year. business, in we're talking and next

early where provide next plan multiyear Okay. more formal asset, And is year? thinking to guidance? by that the time Is be you're maybe there line able asset you'll a

busy work we the and on and that into going will And that, to on in -- our still certainly year. course, need in divestment year, we've and North those some the as in of American we'll come focusing clarity, that is that managed progressing next of greater of giving Matt, completing It sight divestment we're focusing granularity XXXX nearing execution. the And of clear numbers line second but on well, in go-forward We're to with February. back program, phase color more on still out three that our the assets, due our this work. that be that projects be portfolio XX end close look into operations if to got with next we'll

question Anita next CIBC. comes from Soni The from

Yes.

million I don't expect I Can the had you that terms like to guess One And emissions, the anymore. longer-term approvals but of gets that's questions get to what XX were per dust very not do all you tonnes questions you Cadia, that? the ask when seem I guess, just I right? are in for detail-oriented, annum, of, relevant

I sure clarity, Sorry, -- it, your make just dust question. that I to I emissions. emission I'm just sure not understand for want if if you

XX I or was And annum. Sorry, approvals those? what need? the goal do still on think, Cadia, original Is get million kind to that valid? per expect you you tons to, of And target do when

Yes.

you. couple the that Thank all that because is is directly dam not tailings to around Okay. There's to underway. sure happen dust that their approvals. wanted necessarily tailings the make things of needs I a related just dam to

balancing The first that the to make the thing, tailings capital there's of that place Panel then northern as expansions I've And underway. mentioned, is is sure the a and are development Cave repair the or of of further efficiency. the in underway. Cave applications the number of permit that's southern and expansion we've There's got permitting the the optimal And Cadia dam requirements, we dam. wall

was Okay. original around target, think, Cerro million tonne Negro X.X I per annum.

I do that valid? is think you're to doing When the a that that -- you'll been for original now you still Or have under think asset up you're and right significantly target? while. get

making the focus in We've Cerro that our need from we got for -- the available. a areas be of of all mining largest is Negro, baseline back Cerro and sure to productivity productivity Negro gets we where area to operation it view. point

have We equipment available. of all the

is XXX% back need on bring productivity us we the be. where focus to So to to

next question from National Parkin comes Bank. from The Mike

the $XXX of how that Congrats on flows OpEx? through getting million, synergy achieved. much target the Of

around of Mike. of Yes, The that full G&A and combination costs the lot get the obviously, work of supply a your chain is is is component to A and productivity part volume. improving volume. between OpEx. opportunity to potential

get with current more some through. gold benefit price, you productivity that get you So flowing

and sit soft to coming through the integration get of if not And as from and delivery, managed to going to operations, little important that with the closing has the business. the we're G&A carry to that business. the an and free in divestments that remaining look the part the match through. you less amount and work get And I go-forward cash volume of be an through see operational flow we to three and have execution. I'm But the to transition. ahead. questions, higher that happy down probably improvements probably clear is go-forward a you of So of we is area half the door, one the G&A and working opposed get hard as ensure months is that improvements need improvement of on area the having that we sight we'll that a where clarity some get at look the that that we size divestments number bit integration some that, the that as projects than business go-forward our of matching that's -- earlier that out line in the productivity that's it's out I to completing come XX if we're to cost on And closing to be of exit the as that going our expect out focusing

OpEx, QX you numbers? fully a quarter-over-quarter follow-up that. wondering that, just is Okay. at you're about like I'm your quarter-over-quarter. on you've just Because X% And up achieved that your look reflected in

have the trying in guidance deferral savings when all So already of bit is synergies with they how fourth understand -- of Or where come to if in realized? the start through financials? to a the quarter a been the flow it terms

impact Yes, base the they're there, those I our think costs. you'll certainly see that and cost direct in

fourth very gold what think well to quarter. through in fourth I we're key to think And a driver the on that's quarter. I flow set be commitments through up those production the quarter going is you're delivering -- strong certainly going to the

to fourth the So that we guided are that's that coming matching quarter. that unit perhaps levels costs fourth have production, getting production sales for is what you're drive the the quarter going in to to improvement higher ensure see the to that the that

of from next question Bank The America. Lawson from comes Winder

just I development a in sort the wanted and allocation that the of context stakeholders on to ASAP. involved finalize story the called ask mining capital to in Wafi special mine about Minister the and all Prime of of lease new recently contracts, PNG

think actually of I of like line a you of deadline set this December year.

the preferred in the got Wafi taking other is options? allocation, And thinking terms be might so of as some a sign precedent that project over in that a portfolio me capital of that

Lawson.

Harmony a contract with and development a of closely and negotiations to move what continue a the negotiations. through our to study robust would whole competitive partners, come on MOU to joint bunch mineral is those you've very starting to very framework a government updates PNG of that work a into We process venture ultimately and special would conclusion that work reached of to studies those and then that mining lease understand feasibility convert once

and capital, competing of for in disciplined cost terms deliver we project to our that on and build, invested of terms is to execution going to time confidence capital. we pipeline the into project in parties any very table. Any the be So important have to in are take all the that work very, going around constructively and of with the very working the returns

bring with Our plate Caves the three pipeline going compete that properly deliver sits interesting to on North we Ahafo Tanami and ensure those Cadia. for with expansion and execution, We're the is then full five capital. to Wafi-Golpu next our on project in there commitments to then, at projects and Panel and very we our in only projects on projects other

that just earlier And start approximately of be to kind the of realized your believe what's versus I X% a quarter. inflation costs industry the helpful in Okay. some the far labor as it that a in the terms yourselves that little mean the and on some terms higher the of I the questions to numbers drove standard on would X% year? or inflation of then of at expected follow-up so budgeted labor labor that be this for the seems experience some put XXXX. inflation you around in year of peers

is cost About of the that's that employee X%. is labor. Thanks, and base, half direct our costs, our In Lawson. the half

who when is when across think the people about average work about wage for X you countries Newmont, out aggregate So the you escalation X%.

what where some year. XXXX, of as in at how to the costs That's people maintenance beyond supplement we -- of to those through. cost assumed we're the we're services of we're seeing be today the those we The you your that's of that is And terms other flow for camps, costs. workforce, guiding cost what that of escalation use, cost of flying running shutdowns, look the base all then we'd seeing whether maintenance to into all cost start sorts contracted use from

year of that and broader next that escalated have unit of costs of capture terms flowing the year level Newmont see looking course those to obviously, So for through in over this XXXX. that cost in we escalation

question Citigroup. Next Alex Hacking from from comes

Yes. I commentary earlier. clarify wanted guidance the from to just some of

assumption to So Gold X mines embedded that is Nevada production on What Tier is be year, on going from Mines? next flattish. in

through the going will granularity that we're question, on core you're the significant and Lihir in Alex. -- Brucejack course our operations provide rest Thanks, the forward, To in pretty seeing we through you this year that run XXXX. movers of assuming portfolio. we Yes. flow answer our The rates managed terms of portfolio gave of in

Mines So Gold next flat to Nevada clarify just year?

Alex, without of getting answering in that I'm question of our specific. portfolio rest the terms

Tom, mishear outlook. Okay. did is that Or like on that? But the I the Matt's following And sounds question did of then say. is -- million hear X.X say, let's It target? ounces midterm X you up review, midterm on kind on I in million XXXX under a ounces

execution several copper. have and long Thanks, operations those life, gold, I years expansions. Alex. and long in the into in of all got bodies look next look underneath the we've projects portfolio it When managed about managed them. XX X term, remains around X three got that I essentially of they're the because XXX,XXX our can mean, operations deliver the that ounces million over produce tonnes of at average an XX those say at I to ore over And XX front decades of X each will managed brownfield portfolio operations ounces operations that of that

X, XX what there [indiscernible] long about portfolio how that's have this plus but assembled. we where and south our might years you margins term, north focus of X some other you're You time. of -- X, that's XXX think be push over where will where in the we've years X, we

from The Tanya next Jakusconek Scotiabank. comes from question

come to the costs. to wanted back Just

so what that is we is industry just and what related. Newmont So understand related

Gold Brucejack. and your Tom tailings at related you've your have which and Newmont that to to what's there. then given the in And Cadia Mines additional stuff your volumes with do have you costs of at us make in some that these volumes, other lower given on capital Nevada operations understand on on you've Lihir sustaining Natascha, and particular Just some sure, I want us

contractor correctly. is Can the XX% first half remember inflation? cost U.S.? that's like XX% is labor, it us I that You is in it's where remember if it this or your pertains XX% -- labor as related assume all-in -- contractors, the to only the the are or with just Australia? you contractors. If that the well on sustaining. your just I to of case, maybe it which you share was mentioned so which you I'm Tom, industry-related and if is costs to Is that fair inflation mentioning also XX%, can in my Is Is G&A your question. trying understand year -- seeing contract that's

understand to that if Just I understand I'm trying correctly?

your talking just numbers? as versus 'XX Tanya. 'XX about Thanks, you're looking at you're clarifying, And

Yes.

'XX sustaining the whether year. you're seeing story. going it's Yes, driver 'XX the volume year and be contracted volume the Largely, I same it 'XX. think we're the 'XX sustaining the the about story what the for is this certainly, the story capital and seeing labor, to into and next staying is labor, And is lower capital or employees cost of

But that inflation am is still trying the this labor in contractors, have Has to to XX% just I'm I understand, that case? correct changed? not that to your seek XX% that to contractors?

year, into talking about answering we're seeing 'XX. percentages is our I the cost we're we out flowing we think into about this a out 'XX rate close it in flow in of step-up the of you're of run way, of as rate that 'XX. our And seeing what's the sort as costs terms close Tanya,

Okay. All right.

question on then. Okay. Maybe just second my Natascha. I'll ask Maybe

years, XXX,XXX decline next Could back when year us again the the I into going X with you should ounce look decline about we have of other Cadia's next the before as think from and up just about to that share we after, mentioned this level. production kind where the You case... start we're year

I right, and come into is and going the life, end grades have that we'll PCX its that been to see we will And of PCX been time, have now saying yes, see year. you lives that's up. through, we same predicting Tanya. At that ramping next as coming lower we think, to their the of PCX-X continue remember,

lower production we've and PCX-X PCX. from So the end the next decade. targeted to to replace years is And of start then the cave And that seen actually towards X PCX will over we then up and that caves ramp will the PCX-X full slowly only production.

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

you. for thank joining operator, you, have you, Thank and this and morning, rest Thank of day. good us a your everyone,

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

disconnect. now may You