Newmont Sees Surge in Q2 Profits Amid Higher Gold Prices

Gold miner Newmont reports significant profit increase, driven by elevated gold prices and strategic divestitures.

Newmont's net income for Q2 2024 rose to $853 million, up from $170 million in the previous quarter.
The company benefited from higher average realized gold prices, reaching $2,347 per ounce.
Newmont's free cash flow stood at $594 million for the quarter, despite a decrease in operating cash flow due to changes in working capital.
The miner plans to divest non-core assets, targeting $2 billion in gross proceeds.
Attributable gold production increased to 1.61 million ounces, surpassing analysts' expectations.