Newmont beat analysts’ third quarter profit estimates on Thursday, as elevated gold prices and a recovery in copper production at its Cadia mine in Australia lifted earnings. Quarterly revenue rose 15 percent to 6.36 billion dollars, and gold prices averaged 4,204.59 dollars per ounce during the quarter, up about 17.6 percent from a year earlier, according to Reuters reporting of the results.
The operating driver was Cadia. Copper production jumped 35 percent from the previous quarter to 23,000 tonnes as the mine recovered from a prior quarter disruption. Shares rose 1.5 percent in extended trading, a muted reaction that fits a quarter where the beat came from price and a known recovery rather than a guidance change.
The growth news sits in British Columbia. Newmont said it is advancing its Red Chris Block Cave joint venture toward a final investment decision in early 2027. The project is expected to produce about 3 million ounces of gold and more than 850,000 tonnes of copper over an initial 13 year cave life, with commercial production targeted for 2033. Newmont, which owns 70 percent of Red Chris, estimated development capital at 4.2 billion to 4.8 billion dollars, net of an anticipated 500 million Canadian dollar contribution from the Canadian government.
In Nevada, the company amended its Nevada Gold Mines joint venture agreement with Barrick Mining to include Barrick’s Fourmile project and Newmont’s Fiberline and Mike properties, and plans to pay Barrick 1.95 billion dollars in the fourth quarter. Chief executive Natascha Viljoen also ruled out a bid for Australia’s Northern Star Resources, saying its assets did not align with company strategy.
For the beat, the read is discipline over deals at the top of the gold price cycle. Gold miners fell 5.80 percent in the latest market tables even as gold itself fell only 0.54 percent to 4,038.30 dollars, so Newmont’s choice to spend on its own pipeline rather than chase acquisitions is the capital allocation signal peers will be measured against.