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Newmont Mining Corporation (NYSE:NEM) revealed on Thursday that it had already completed the remaining balance of $275 million under its term loan ahead of the 2019 expiration.

What Early Term Loan Repayment Means for Newmont Mining

Following the early settlement of its term loan due in 2019, Newmont Mining has now decreased its overall corporate debts and cash interest expenses. Consequently, its year-to-date consolidated debt has dropped by more than $900 million.

Laurie Brlas, Newmont Mining Chief Financial Officer (CFO) and Executive Vice President (EVP), reiterated that the early repayment indicates a significant milestone in the company’s long-term growth strategy. Encouraged by the recent event, Brlas boasted that Newmont Mining continues to improve its balance sheet and focus on growth opportunities.

Q2 Financial Highlights

Newmont Mining has published its earnings report for the second quarter last month, posting a relatively flat year-over-year change in revenue to $2 billion from $1.90 billion.

For the period, the company had a net income of $50 million, which is down year-over-year from $63 million. This indicates a net income per share of $0.09, which is down year-over-year from $0.13. Meanwhile, adjusted net income came in at $231 million, which is up year-over-year from $131 million. This indicates a net income per share of $0.44, which is up year-over-year from $0.26.

The average net realized price per ounce of gold was $1,260, which is up year-over-year from $1,179; and the average net realized price per pound of copper was $1.94, which is down year-over-year from $2.41.

Capital expenditures had amounted to$294 million, which is down year-over-year from $322 million. On the other hand, net cash from operations had amounted to $780 million, which is up year-over-year from $441 million. Newmont Mining ended the second quarter with a total of $2.90 billion in cash and cash equivalents.

FY2016 Guidance

The company has also issued its updated guidance for the fiscal year (FY)  2016, expecting attributable gold production to come at around 4.70 million to 5 million ounces and attributable copper production to come at around 40,000 to 60,000 tonnes.

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