KEY POINTS
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Newmont reported adjusted earnings of $2.20 per share, beating analysts’ estimates.
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Quarterly revenue rose 15% to $6.36 billion as gold prices climbed.
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Copper production at Australia’s Cadia mine increased 35% from the previous quarter.
Newmont, the world’s largest gold miner, has reported third-quarter profits above analysts’ expectations, supported by higher gold prices and a recovery in copper production at its Cadia mine in Australia.
The company recorded adjusted earnings of $2.20 per share for the quarter ended September 30, 2026, exceeding the average analyst estimate of $2.05 per share, according to data compiled by LSEG.
Quarterly revenue increased by 15% to $6.36 billion, reflecting stronger market conditions for gold and improved copper output.
Gold prices averaged $4,204.59 an ounce during the quarter, representing an increase of approximately 17.6% from the same period a year earlier.
Investors continued to seek safe-haven assets amid economic uncertainty, despite a stronger US dollar and inflation concerns linked to higher oil prices during the US war on Iran.
Newmont’s shares rose 1.5% in extended trading following the results, indicating a positive initial market reaction to the company’s earnings performance.
A recovery in copper production at the Cadia mine in Australia also contributed to Newmont’s stronger quarterly performance.
Copper output increased by 35% from the previous quarter to 23,000 tonnes, following a disruption that affected production in the preceding three-month period.
The improvement helped strengthen the company’s overall operating performance as it benefited from elevated gold prices.
The Cadia mine is an important part of Newmont’s portfolio, and the latest production recovery demonstrates how improvements at individual operations can influence quarterly results.
Red Chris Project Moves Towards Investment Decision
Newmont is also advancing development of its Red Chris Block Cave joint venture in British Columbia, Canada, towards a final investment decision in early 2027.
The project is expected to produce approximately three million ounces of gold and more than 850,000 tonnes of copper over an initial 13-year cave life. Newmont, which owns a 70% stake in Red Chris, estimates development capital at between $4.2 billion and $4.8 billion.
That estimate is net of an anticipated C$500 million contribution from the Canadian government, equivalent to approximately $356.99 million.
The project represents a significant long-term investment for the miner, with production expected to add gold and copper output to its portfolio once operations begin.
However, the planned investment decision and commercial production remain future milestones, with the project still progressing through its development process.
Nevada Gold Mines Agreement Amended
Newmont has also amended its Nevada Gold Mines joint-venture agreement with Canada’s Barrick Mining.
The revised arrangement includes Barrick’s Fourmile property and Newmont’s Fiberline and Mike properties.
As part of the agreement, Newmont plans to pay Barrick $1.95 billion in the fourth quarter of 2026.
The changes will adjust the assets covered by the joint venture and form part of Newmont’s broader portfolio management strategy.
Newmont Rules Out Northern Star Resources Bid
Newmont chief executive Natascha Viljoen said the company was not interested in making a takeover bid for Australian gold miner Northern Star Resources.
She explained that Northern Star’s assets did not align with Newmont’s strategy, adding that the company saw strong opportunities within its existing operations.
Viljoen said Newmont was reluctant to pursue external assets when it believed its current portfolio offered better opportunities.
The position suggests the company intends to focus on developing its existing mines and advancing projects already within its portfolio rather than pursuing Northern Star.
Newmont’s latest results underline the influence of gold prices on mining company earnings. Higher prices can increase revenue and profitability when production levels and operating costs remain manageable.
The company also benefited from stronger copper production, giving it support from two major metals markets during the quarter.
Its next priorities include progressing the Red Chris project towards an investment decision, implementing the amended Nevada Gold Mines agreement and maintaining performance across its existing operations.
For Newmont, sustaining the gains will depend on production reliability, investment discipline and continued management of its project pipeline as it seeks to build on the stronger third-quarter results.
