2022 Annual Report of 2022, PDF file, (opens in new window)

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# 2022 Annual Report of 2022, PDF file, (opens in new window)

Source: https://s24.q4cdn.com/382246808/files/doc_financials/2022/ar/Newmont-2022-Annual-Report.pdf
Published: 2026-04-23T20:09:25+00:00
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SUSTAINABLE BUSINESS.
ENDURING VALUE.
2022 Annual Report
and Form 10-K
FINANCIAL HIGHLIGHTS
Dollars in millions, except per share data, years ended December 31, 2022 2021 2020
Sales $11,915 $12,222 $11,497
Net income (loss) attributable to Newmont stockholders from
continuing operations $ (459) $ 1,109 $ 2,666
Per share, diluted $ (0.58) $ 1.39 $ 3.31
Adjusted net income1 $ 1,468 $ 2,371 $ 2,140
Per share, diluted1 $ 1.85 $ 2.96 $ 2.66
EBITDA 1
$ 2,361 $ 3,705 $ 5,751
Adjusted EBITDA1 $ 4,550 $ 5,963 $ 5,537
Net cash provided by operating activities of continuing operations $ 3,198 $ 4,266 $ 4,890
Free cash flow2 $ 1,067 $ 2,613 $ 3,588
Cash, cash equivalents and time deposits $ 3,706 $ 4,992 $ 5,540
Dividends paid per share $ 2.20 $ 2.20 $ 1.04
Operating Highlights
Consolidated gold production (thousands of ounces) 5,786 5,884 5,824
Attributable gold production (thousands of ounces) 3
5,956 5,971 5,905
Average realized gold price ($/oz) $ 1,792 $ 1,788 $ 1,775
Costs applicable to sales $ 6,468 $ 5,435 $ 5,014
Gold costs applicable to sales $ 5,423 $ 4,628 $ 4,408
Gold equivalent ounces – other metals costs applicable to sales $ 1,045 $ 807 $ 606
Gold costs applicable to sales ($/oz) 4
$ 933 $ 785 $ 933
Gold all-in sustaining costs ($/oz)4 $ 1,211 $ 1,062 $ 1,045
Gold equivalent ounces – other metals produced (thousands of ounces) 1,275 1,252 1,021
Gold equivalent ounces – other metals costs applicable to sales ($/oz)4 $ 819 $ 640 $ 819
Gold equivalent ounces – other metals all-in sustaining costs ($/oz) 4
$ 1,114 $ 900 $ 858
Note: All amounts in the table represent metrics of continuing operations.
1  Non-GAAP metric – Refer to Part II, Item 7, MD&A, on pages 90 to 95, of the Form 10-K for reconciliation to Net income (loss) attributable
to Newmont stockholders.
2  Non-GAAP metric – Refer to Part II, Item 7, MD&A, on pages 95 to 96, of the Form 10-K for reconciliation to Net cash provided by (used in)
operating activities.
3  Attributable gold ounces produced includes 285, 325 and 362 thousand ounces for the years ended December 31, 2022, 2021 and 2020,
respectively, related to the Pueblo Viejo mine, which is 40 percent owned by Newmont and accounted for as an equity method investment.
4  Non-GAAP metric – Refer to Part II, Item 7, MD&A, on pages 96 to 104, of the Form 10-K for reconciliation to Costs applicable to sales.
Cover photo: Gold doré being formed in the gold room, Tanami, Australia
2022 Annual CEO Letter
to Shareholders
Dear Shareholders, HEALTH AND SAFETY UNDERPINS
EVERYTHING WE DO
2022 was a unique and challenging year for Newmont, At the core of our sustainable mining business is our
the mining industry and the world. unwavering commitment to health and safety. We
maintain a clear focus on mitigating risks that could lead
We started the year continuing to manage the impacts to a fatality through our Fatality Risk Management
of the global COVID-19 pandemic, requiring vigilance and program, to identify the critical controls that must be
active management to protect the health, safety and in place before work starts. Last year, the Fatality Risk
wellbeing of our workforce and local communities. In Management (FRM) program was reinvigorated to focus
February 2022, the world was shocked by the news of a on our fatality risks across our global business and assist
tragic war in Ukraine, a conflict that continues to displace us in achieving our vision of being fatality, injury and
millions and devastate countless lives. The impact on illness free.
supply chains and input costs associated with the war,
the ongoing effects of a tight labor market, and the In 2022, we reached an important milestone by
unprecedented level of global inflation have created a completing more than one million critical control
challenging set of circumstances for the mining industry. verifications. Each and every one of those interactions
helps to identify and manage the risks that could lead to
Yet, through these volatile circumstances, Newmont has a fatality, ensuring that our people return home safely
benefited from over 100 years of history and experience to their families and friends every day.
to persevere and navigate these challenges. With a
strong balance sheet, a portfolio of world-class assets, As a direct consequence of our disciplined focus on
and an experienced and resilient workforce, we have these critical controls, we have remained fatality-free at
safely delivered on our commitments to stakeholders. our operating sites for over four years. Safely delivering
on our commitments is a fundamental requirement for
We remain, as always, grounded in our values and everyone working at Newmont, and it is an integral part
guided by our purpose to create value and improve lives of our values-driven approach to Environment, Social
through sustainable and responsible mining. and Governance (ESG).
Newmont Corporation 2022 Annual Report 1
2022 Annual CEO Letter to Shareholders
TAKING A STRATEGIC APPROACH TO We recognize that mining, by its very nature, impacts
ESG PRACTICES the environment and alters ecosystems. We are
Our ESG approach has evolved over the last 30 years. committed to protecting the earth, addressing potential
ESG is fundamental to the way we operate. We have environmental threats with solutions, and identifying
taken this path because we believe the development of opportunities to move the industry toward a more
a nation’s natural resources must create shared value. sustainable future.
In 2022 and for the 15th year in a row, we joined the PROGRESSING TOWARDS NET ZERO
Dow Jones Sustainability™ World Index (DJSI World), Climate change is one of the greatest global challenges
representing the top 10% of the largest 2,500 companies of our time. We believe that value-creation industries
in the S&P Global Broad Market Index. In addition to like mining are responsible for driving bold innovations
being ranked number one in the Metals and Mining to transition to a low-carbon economy.
Industry, in 2022, Newmont received the top score for
the Governance and Environment dimensions. We are committed to reducing our greenhouse gas
emissions by more than 30% by 2030, ultimately
In addition to strong ESG performance, transparent achieving net-zero carbon emissions by 2050.
reporting is integral to the way we conduct business. In
2022, we published our inaugural Taxes and Royalties In 2021, we announced Vision Zero, a groundbreaking
Contribution Report, detailing the significant contributions strategic alliance with Caterpillar. This alliance is integral
made to host communities and governments in which we to our decarbonization roadmap and reaching our 2050
operate. This publication is in addition to our Annual carbon neutral goal by developing and implementing
Sustainability Report and is another mechanism through the next generation of mining, including the deployment
which we transparently share our performance and of zero-emissions, battery-electric autonomous haul
strategic approach to ESG practices. systems for surface and underground operations.
Our commitment to
acting responsibly
is reflected through
our purpose and five
core values of safety,
integrity, sustainability,
inclusion and
responsibility.
Photo: Peñasquito, Mexico
2 Newmont Corporation 2022 Annual Report
2022 Annual CEO Letter to Shareholders
“ With more than 100 years of history and
experience, Newmont is well positioned to
continue safely delivering industry-leading
results, while remaining grounded in our
values and driven by our purpose to create
value and improve lives through sustainable
and responsible mining.”
TOM PALMER, President and Chief Executive Officer
Last year, our Boddington mine in Australia reached a Newmont is committed to taking meaningful, lasting
significant milestone by safely delivering more than actions to ensure we fundamentally change the culture
100 million tonnes with the Autonomous Haulage in our company and our industry. To do this, we have to
System (AHS) fleet. This achievement shows the first understand the experiences of everyone working
potential of the transformational strategic alliance at Newmont, particularly those people who are from
between Newmont and Caterpillar — collaborating disadvantaged and/or underrepresented groups.
on mining technology solutions that improve safety,
productivity, sustainability and cost. In 2022, an initial “Discovery” phase was undertaken,
which included conversations with over 700 people
Working toward 2030, we have integrated through focus groups and individual discussions at
decarbonization into our investment system and Newmont sites and hubs in North and South America
planning process, and developed principles to and Ghana.
transition operations whose life extends past 2030;
as well, we are integrating decarbonization into the These conversations included employees and
planning for future projects to meet our 2050 carbon contractors, and will continue in 2023 with the
neutral target. members of our workforce in Australia, Peru and
Argentina as we seek to understand the experiences of
CREATING A SAFE, HEALTHY AND EQUITABLE people working in all parts of our company. By listening
WORKPLACE FOR EVERYONE and understanding the root causes of disrespectful
Newmont is renowned for acting in accordance with behaviors, we can ensure the actions we take are
our values and showing high levels of care and respect sustainable and create lasting change to make our
for each other and our stakeholders. This includes our workplaces inclusive and welcoming of everyone.
commitment to diversity, equity and inclusion and,
importantly, ensuring our workplaces are free of
bullying, harassment, racism, discrimination and sexism.
Newmont Corporation 2022 Annual Report 3
2022 Annual CEO Letter to Shareholders
Photo: Cripple Creek & Victor, United States
PERFORMANCE
6Moz
Gold produced
1.3Moz
Attributable GEOs produced
$1.7B
Returned to shareholders
$1.1B
Free Cash Flow generated
96.1Moz
Industry’s largest gold reserves
LEADING THE INDUSTRY FOCUSED ON DELIVERING
Newmont is the world’s leading gold company, with a Newmont’s focus is sustaining a global portfolio of
long history of excellence in environmental, social and long-life assets by improving margins, reserves and
governance matters. These practices are embedded in resources from profitable expansions, exploration and
our culture and strategy and are part of the fabric of our value-accretive investments.
company as the sector’s recognized sustainability leader.
In 2022, Newmont produced 6.0 million attributable
Newmont has created an unmatched global portfolio of ounces of gold and 1.3 million attributable gold
world-class operations and projects in top tier mining equivalent ounces from copper, silver, lead and zinc.
jurisdictions with both the scale and mine life to sustain
our business for decades to come. These assets are In addition to these strong production volumes, we
managed through our integrated operating model and continue to reduce our exposure to elevated input
are led by a highly experienced management team with prices and labor costs. Through our 12 managed
a proven track record of delivering value. operations, supported by our culture of continuous
improvement and our Full Potential program, in
Our disciplined approach to capital allocation allows 2022 Newmont delivered $707 million in cost and
us to maintain financial strength and flexibility while productivity improvements, with approximately
balancing steady reinvestment into our business with $5 billion in savings generated since the program’s
an industry-leading dividend framework and returns inception in 2014.*
to o

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