Newmont Corporation ( NEM ) reported its third-quarter results after Wednesday's closing bell. Here's a look at the key figures from the quarter.  

The Details: Newmont ( NEM ) reported quarterly GAAP earnings of 76 cents per share and quarterly revenue of $4.605 billion which beat the consensus estimate of $4.568 billion.

The company produced 1.7 million attributable gold ounces, primarily driven by the production of 1.4 million gold ounces from Newmont’s Tier 1 portfolio, as well as 430 thousand gold equivalent ounces (GEOs) from copper, silver, zinc and lead, including 37 thousand tonnes of copper.

Gold AISC per ounce increased 3% to $1,611 per ounce compared to the prior quarter primarily due to higher CAS.

Average realized gold price was $2,518, an increase of $171 per ounce over the prior quarter.

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“In the third quarter, Newmont ( NEM ) delivered 2.1 million gold equivalent ounces and generated $760 million in free cash flow from our world-class portfolio,” said Tom Palmer, Newmont’s president and CEO.

“We continue to make meaningful progress on our non-core divestment program with the two transactions announced in the quarter, which are expected to deliver up to $1.5 billion in combined gross proceeds. Our divestiture progress and strong free cash flow generation have positioned us to continue reducing debt and repurchasing shares, creating significant and lasting value for our shareholders,” Palmer added.

Outlook: The company said fourth-quarter production is expected to be the highest of the year driven primarily by improved grades at Peñasquito and Tanami, improved throughput at Lihir after the expected completion of the planned autoclave maintenance and sequential improvements delivered from its non-managed joint venture operation at Nevada Gold Mines. Newmont ( NEM ) said it is positioned to meet its 2024 production guidance and expects to deliver attributable production of 1.8 million gold ounces at an All-In Sustaining Cost (AISC) of $1,475 per ounce in the fourth quarter.

NEM Price Action: According to Benzinga Pro, Newmont ( NEM ) shares are down 5.01% after-hours at $54.85 at the time of publication Wednesday.

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