Newmont Corporation (NYSE:NEM) Q3 2023 Earnings Call Transcript

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Anita Soni: Okay. Second question, just more a little more on the nitty-gritty. Looking at Boddington, is that an appropriate run rate this quarter? Is that kind of what you’ll be doing in terms of throughput in grades as you go into 2024 and continue with that layback? Or will that become more, I guess, exacerbated and more stockpile use and more waste stripping happening?

Thomas Palmer: Certainly, as we — a bit of a high sustaining capital, Anita, was around getting our hands on 5 trucks to get after the — and we had access to those 5 trucks are getting in early, I think, after the waste movement in the North pit to really start to open up the North and South pit to the high-grade ore. So we’ll move through ’24 and ’25 into some more waste movement, some run of mine ore coming into the plant, but also starting to supplement that stockpile. So you will see a movement into in that normal cycle of and moving into more waste and some stockpiles and so some lower gold and copper in that normal band that Boddington operates through. So you will see a bit of that dynamic playing out in ’24, ’25 before get back into the high-grade ore

Anita Soni: Okay. And then the final question is with regards to the projects, particularly Tanami, where I think you pared back some — revised your development capital number citing the rainfall events that you had. I just wanted to understand when you guys review the projects and the capital? And where you basically — do you think you’re okay on your capital at Tanami expansion to right now? Or should we be expecting to see an update there? And I ask this because we’ve seen unit cost escalation across the board, and we just haven’t had an update on those capital numbers for about a year or so.

Thomas Palmer: Thanks, Anita. So we’ve reached an important milestone at Tanami, where the mid-shaft the upper part of the of the shaft and now we’re at that mid-shaft level setting up the infrastructure and then get after the lining of the lower part of the shaft. So it’s an important milestone for you pause and understand the working — what you’ve learned from mining the top part of the shaft, how you’re going to apply those learnings to the bottom half of the shaft and what the condition of the bottom half of the shaft as now going to the run That work is happening right now. As we’re seeing in the Australian market, I think the key cost pressure in capital projects is labor. And so just ensuring we understand the labor.

We have a favor there and full crews as we get set to go for that second round of shaft lining. That work is live as we’re working that through as part of our planning processes and doing our cost and schedule for the run that would certainly be something that we would be expecting to provide an update with our 2024 guidance in the latter part of February next year. So we’re at the milestone of the project and it’s nice to lined up with ’24 — February 24 update.

Anita Soni: Okay. So just on that note, can you just go versus February 2024, you will provide guidance for the combined portfolio for 2024 — sorry, for 2024 only. And then June, you will provide the combined portfolio — or midyear, you’ll provide a 5-year for the combined portfolio. Is that correct?

Thomas Palmer: That’s correct, Anita.

Anita Soni: Okay. And then lastly, on the dividends, what you had said it for next year, that would be in February as well, right?

Thomas Palmer: 2024 dividend would be — the dividend would be calibrated for 2024, and we will be sharing that information with our guidance in February 2024.

Operator: This concludes the question-and-answer session. I would like to turn the conference back over to Tom Palmer for closing remarks.

John Tumazos: Thanks, operator, and thank you all for taking the time to our call today, and please enjoy the rest of your day. Thank you.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.

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