Really impressive quarter from Newmont. The US$1.6B free cash flow continues their streak of four consecutive quarters over US$1B, which speaks volumes about operational efficiency. The near-zero net debt position after reducing debt by US$2B is a remarkable achievement for a major that just completed a massive acquisition with Newmont Gold Fields. Tom Palmer's departure is bittersweet - his 12 years transformed Newmont into an unparalleled portfolio. His comments about sustaining production levels through 2035 that no other gold company can compete with really captures the strategic moat they've built. I'm curious how Natascha Viljoen will balance the capital allocation priorities now that the balance sheet is so strong. The US$200M reduction in capital guidance while maintaining production and unit cost guidance is particularly impressive given the rising gold price enviroment. The decentralized structure with just two business units giving sites more autonomy makes sense at this scale.
Really impressive quarter from Newmont. The US$1.6B free cash flow continues their streak of four consecutive quarters over US$1B, which speaks volumes about operational efficiency. The near-zero net debt position after reducing debt by US$2B is a remarkable achievement for a major that just completed a massive acquisition with Newmont Gold Fields. Tom Palmer's departure is bittersweet - his 12 years transformed Newmont into an unparalleled portfolio. His comments about sustaining production levels through 2035 that no other gold company can compete with really captures the strategic moat they've built. I'm curious how Natascha Viljoen will balance the capital allocation priorities now that the balance sheet is so strong. The US$200M reduction in capital guidance while maintaining production and unit cost guidance is particularly impressive given the rising gold price enviroment. The decentralized structure with just two business units giving sites more autonomy makes sense at this scale.