Newmont beats second quarter profit estimates

• Newmont reported an adjusted second-quarter profit of US$2.10 per share, topping analyst expectations of US$1.99 per share.
• Higher realised gold prices of US$4,414 per ounce offset a drop in quarterly gold output.
• The company expects steady third-quarter production while investing US$1.4 billion of development capital in 2026.

Newmont (ASX:NEM) beat second-quarter profit estimates, posting an adjusted US$2.10 per share on higher gold prices.

Average realised gold prices jumped 37% from last year, offsetting a fall in quarterly production.

"The support is not a prerequisite for us to take a decision," said Newmont CEO Natascha Viljoen.

Quarterly gold production dropped to 1.3 million ounces due to seismic events and lower ore grades.

Newmont stated third-quarter output will remain steady, and following the announcement the Newmont share price was unchanged at $136.85.

The company stated unit costs are expected to increase in the third quarter due to higher sustaining capital spending.

The company stated it plans to invest US$1.4 billion of development capital in 2026.