2023 Annual Report of 2023, PDF file, (opens in new window)

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# 2023 Annual Report of 2023, PDF file, (opens in new window)

Source: https://s24.q4cdn.com/382246808/files/doc_financials/2023/ar/newmont-2023-annual-report.pdf
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# 2023 Annual Report of 2023, PDF file, (opens in new window)
2023 ANNUAL REPORT
AND FORM 10-K
FINANCIAL HIGHLIGHTS
Dollars in millions, except per share data, years ended December 31, 2023 2022 2021
Sales $ 11,812 $ 11,915 $ 12,222
Net income (loss) attributable to Newmont stockholders from
continuing operations (2,521) (459) 1,109
Per share (diluted) $ (3.00) $ (0.58) $ 1.39
Adjusted net income1 1,324 1,468 2,371
Per share (diluted)1 $1.57 $ 1.85 $ 2.96
EBITDA 1
320 2,361 3,705
Adjusted EBITDA1 4,215 4,550 5,963
Net cash provided by operating activities of continuing operations 2,754 3,198 4,266
Free cash flow2 88 1,067 2,613
Cash and cash equivalents 3,002 2,877 4,992
Dividends paid per share $ 1.60 $ 2.20 $ 2.20
Operating Highlights
Consolidated gold production (thousands of ounces) 5,401 5,786 5,884
Attributable gold production (thousands of ounces) 3
5,545 5,956 5,971
Average realized gold price ($/oz) $ 1,954 $ 1,792 $ 1,788
Costs applicable to sales 6,699 6,468 5,435
Gold costs applicable to sales 5,689 5,423 4,628
Gold equivalent ounces costs applicable to sales 1,010 1,045 807
Gold costs applicable to sales ($/oz) 4 $ 1,050 $ 933 $ 1,050
Gold all-in sustaining costs ($/oz)4 $ 1,444 $ 1,211 $ 1,062
Gold equivalent ounces produced (thousands of ounces) 891 1,275 1,252
Gold equivalent ounces costs applicable to sales ($/lb)4 1,127 819 1,127
Gold equivalent ounces all-in sustaining costs ($/lb) 4 1,579 1,114 900
Note: All amounts in the table represent metrics of continuing operations.
1  Non-GAAP metric – See pages 80–85 of the Form 10-K for reconciliation to Net income (loss) attributable to Newmont stockholders.
2 Non-GAAP metric – See page 85 of the Form 10-K for reconciliation to Net cash provided by (used in) operating activities.
3  Attributable gold ounces produced includes 224, 285 and 325 thousand ounces for the years ended December 31, 2023, 2022 and 2021, 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 – See pages 86–92 of the Form 10-K for reconciliation to Costs applicable to sales.
Cover photo: Ahafo, Ghana
2 02 3 A NNUA L CEO LE T TE R
TO S H A RE HO LDE R S
TOM PALMER
President and Chief Executive Officer
Dear Shareholders,
2023 was an operationally challenging but strategically HEALTH AND SAFETY REMAINS PARAMOUNT
transformational year for Newmont.
Nothing is more important at Newmont than our
The successful acquisition of Newcrest in November was commitment to the health and safety of our people.
a standout moment in our company’s history. It was our A zero-fatality mindset is central to who we are – we
first large-scale acquisition since completing the Goldcorp want to ensure everyone returns safely to their families
transaction in 2019 and has positioned Newmont as the at the end of every day.
world’s largest gold mining company, with an outstanding
portfolio of Tier 1* assets and a clear pathway to We were reminded of our responsibility to maintain and
becoming a global-scale copper producer. improve this standard in December of 2023. The death
of Adam Kennedy, a colleague at our Brucejack site in
In 2023, we continued to progress our strategy while British Columbia, was a devastating loss to me and to
navigating challenges in the macroeconomic and the entire Newmont community. Our condolences go
geopolitical landscape, with rising inflation and interest out to Adam’s family, friends and colleagues.
rates, the continued pandemic recovery, political and
policy changes, supply chain disruptions and a Newmont had been fatality free for more than five years
disruptive labor market. Our progress has all been prior to Adam’s death. We are proud of the work we have
made possible by the hard work and dedication of our done to improve safety across our sites, but Adam’s
people and I am proud of the continued resilience they death is a sharp reminder that more needs to be done.
have shown in the face of ongoing change.
Immediately following Adam’s death, a special
As we look forward, we also recognize the role investigation team was appointed, under the leadership
Newmont plays as a leader in our sector, helping to of our Managing Director, Africa, David Thornton. All
build a better and more sustainable industry capable our underground sites have now reviewed existing
of supplying the minerals and materials of the future. underground practices. We have intensified our efforts
to bring the Newmont safety culture and practices to the
We remain grounded in our values and guided by our new Newmont sites by accelerating the implementation
purpose while holding ourselves and the industry of our Fatality Risk Management program.
accountable as we continuously work to set the
standard for responsible mining.
Newmont Corporation 2023 Annual Report 1
2023 Annual CEO Letter to Shareholders
PERFORMANCE
GOLD AT TRIBUTABLE RETURNED TO FREE CASH FLOW INDUSTRY’S L ARGEST
PRODUCED GEOs PRODUCED SHAREHOLDERS GENERATED * GOLD RESERVES *
5.5Moz 891koz $1.4B $88M 135.9Moz
THE GOLD MINING INDUSTRY’S LARGEST STRENGTHENING OUR LEADERSHIP TEAM
ACQUISITION
In 2023, we strengthened our leadership with three
Our acquisition of Newcrest, which closed on strategic Executive Leadership Team (ELT) appointments.
November 6, was a pivotal moment of 2023. By
combining two of the world’s top gold producers, we In February, we announced Natascha Viljoen as our
now have an unprecedented collection of Tier 1 gold new Chief Operating Officer. Natascha joined the ELT
assets in the world’s best mining jurisdictions, with in October, adding deep operational and technical
robust upside potential in copper production. expertise as well as broad experience across the
commodities space.
Our decision to acquire Newcrest was underpinned by
a clear strategy. First, the acquisition presented an Karyn Ovelmen was appointed Chief Financial Officer
opportunity to assemble the best possible collection in May, bringing experience from working with highly
of Tier 1 gold and copper assets and projects in the complex and capital-intensive companies in the
industry, leveraging the benefits from Newmont’s resource and energy sectors. Her focus on financial
existing portfolio, operating model, sustainability discipline and maintaining a robust and flexible
practices and disciplined capital allocation process. balance sheet will be valuable as we continue to
maximize our capital allocation strategy.
Second, the addition of the Newcrest operations has
allowed us to consolidate long-term assets in the In June, Suzanne Retallack was promoted to Chief Safety
world-class gold and copper mining jurisdictions of and Sustainability Officer. Since joining Newmont five
Australia, Canada and Papua New Guinea. years ago, Suzanne has led significant improvements in
the design and execution of health and safety systems
Finally, the combination complements Newmont’s across our operations, leveraging more than 20 years’
existing copper production and project pipeline with experience leading teams across a range of
world-class growth optionality. With the acquisition, commodities and global jurisdictions.
we have more than doubled our exposure to copper.
These three newly appointed executive leaders have a
Newmont now has a collection of high-quality, low-cost proven track record of delivering and will be instrumental
assets in the world’s premier mining districts. in executing Newmont’s long-term strategic vision.
2 Newmont Corporation 2023 Annual Report
2023 Annual CEO Letter to Shareholders
OPERATIONAL PERFORMANCE REINFORCING OUR SUSTAINABILITY AND
CLIMATE COMMITMENTS
We navigated significant headwinds while remaining
connected to our values throughout 2023. Newmont’s Our commitment to addressing the impacts of climate
portfolio produced 5.5 million attributable ounces of change is central to our business, and we continue to
gold and 891,000 attributable gold equivalent ounces challenge ourselves and partners to work together to
from copper, silver, lead and zinc. find effective long-term solutions to reduce emissions
and progress the path to net zero.
The labor dispute at Peñasquito, alongside large-scale
flooding and bushfires impacting our Tanami and We continued work to meet our 2030 greenhouse gas
Éléonore mines, meant our final production did not reduction targets, including the advancement of projects
reflect the full capabilities of our assets. I am proud that that support implementation of renewable energy at
the resolution of these challenges protected the Boddington and Tanami, and we initiated a conceptual
long-term interests of the company – rather than study for renewable energy and transmission at Merian.
seeking a short-term, expedient solution. Following the Newcrest acquisition, we began to review
our baseline emissions and develop a combined
As an example, operations at our Peñasquito mine roadmap. This work will continue into 2024 to align with
were halted for four months during 2023 while we our combined approach for 2030 and beyond.
negotiated with the union representing our workforce
to return to work. We chose not simply to acquiesce Another example of our commitment is our ongoing
to unreasonable demands that would set up similar partnership with Caterpillar, where we successfully
disputes in the future. Rather, we chose to endure the completed the demonstration of Caterpillar’s first
dispute so that the integrity of the existing collective prototype battery electric underground mining truck, a
bargaining agreement (CBA) would be honored, thus crucial step toward underground testing of the
maintaining the principles of the existing CBA for autonomous, electric haul trucks that will be trialed at
future wage negotiations. our Tanami operation as early as 2025. Pre-work for the
Electric Operating Zone has been completed at our
Our Full Potential program continued to deliver significant Cripple Creek & Victor site in anticipation of the arrival
value across the business to the effect of $640 million,* of the early learner model of the surface large electric
offsetting some of our headwinds and reflecting the haul truck scheduled for the second half of 2024.
value of continuous improvement. At our Ahafo mine, for
instance, during routine condition monitoring of the large We have also continued to enhance our sustainability
semi-autogenous grinding mills, hairline fractures were reporting and will be issuing both our 2023
discovered on the girth gear of one of the two mills. We Sustainability Report and 2023 Taxes and Royalties
made the responsible decision to protect the integrity of Contribution Report in April, with our 2023 Climate
this critical asset and operate at less than full capacity Report to follow in May of this year.
until the girth gears between our two milling circuits
could be switched, and eventually replaced.
Newmont Corporation 2023 Annual Report 3
2023 Annual CEO Letter to Shareholders
“  Our priorities in 2024 will be to safely integrate the
Newcrest assets, realize productivity improvements
and cost savings from the synergies across the
business, and focus on areas expected to generate
the most value over the long term.”
FOSTERING A RESPECTFUL AND DIVERSE SETTING THE STAGE FOR CONTINUED GROWTH
ENVIRONMENT FOR ALL
With the close of the Newcrest acquisition behind us, we
Newmont has been a leader in fostering a respectful are now in a position of strength that enables us to
and inclusive workplace that fights bias, discrimination refine our strategic plans to deliver long-term value. To
and harassment. In 2023, we launched the Respect at that end, we implemented

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