Newmont Corporation’s 2025 Annual Report reveals a robust financial performance driven by higher gold prices and portfolio optimisation, alongside significant progress in key development projects and sustainability initiatives.
- Net income from continuing operations up 116% to $7.1 billion
- Completion of Newcrest acquisition expands global footprint
- Divestiture of six non-core assets and Coffee project finalised
- Commercial production declared at Ahafo North, Ghana
- Sustainability and climate targets integrated with financial strategy
Financial Performance and Portfolio Optimisation
Newmont Corporation has reported a striking turnaround in its 2025 financial results, with net income from continuing operations attributable to stockholders soaring to $7.1 billion, a 116% increase from the previous year. This surge was primarily fuelled by elevated average realised gold prices, which climbed to $3,432 per ounce, alongside strategic divestitures of non-core assets that streamlined the company’s portfolio.
Following the landmark acquisition of Newcrest Mining Limited in late 2023, Newmont has integrated a suite of world-class assets, further cementing its position as the world’s leading gold producer. The acquisition added significant reserves and resources, particularly in Australia and Canada, and expanded Newmont’s presence in key mining jurisdictions.
Divestitures and Operational Highlights
In a decisive portfolio optimisation move, Newmont completed the sale of six non-core mining assets, Telfer, CC&V, Musselwhite, Éléonore, Porcupine, and Akyem, along with the Coffee development project in Canada. These divestments, initiated in early 2024, were finalised throughout 2025, generating net proceeds of nearly $4 billion and allowing the company to focus capital and management attention on higher-return assets.
Operationally, the company declared commercial production at the Ahafo North project in Ghana in October 2025, marking it as a new reportable segment. This milestone underscores Newmont’s commitment to sustaining production levels despite a 14% decrease in attributable gold output to approximately 6 million ounces, largely due to the divestitures.
Development Pipeline and Capital Allocation
Newmont’s project pipeline remains robust, with near-term development capital projects such as the Tanami Expansion 2 in Australia and the Cadia Panel Caves advancing on schedule. The Tanami Expansion 2 project aims to extend mine life beyond 2040, with commercial production expected in the second half of 2027 and capital costs estimated between $1.7 billion and $1.8 billion. The Cadia Panel Caves project, with an estimated capital cost of $2 billion to $2.4 billion, is progressing cave establishment phases and is expected to be completed by 2029.
The company’s disciplined capital allocation strategy is reflected in its strong liquidity position, with $7.6 billion in cash and $11.6 billion in total liquidity at year-end. Newmont also redeemed $3.4 billion of senior notes and executed $2.3 billion in share repurchases during 2025, while declaring a total dividend of $1.01 per share, signalling confidence in its cash flow generation capabilities.
Sustainability and ESG Leadership
Newmont continues to lead the mining sector in environmental, social, and governance (ESG) practices. The company has set ambitious science-based greenhouse gas emissions reduction targets of 32% for Scope 1 and 2 and 30% for Scope 3 by 2030, with a goal of carbon neutrality by 2050. These targets are integrated into its financing strategy, exemplified by its $1 billion sustainability-linked bond issued in 2021, which ties coupon rates to ESG performance.
Transparency remains a cornerstone of Newmont’s approach, with comprehensive sustainability reporting aligned with Global Reporting Initiative standards and the International Council on Mining and Metals’ Mining Principles. The company also actively engages with stakeholders, including Indigenous communities, to foster social acceptance and shared value creation.
Risks and Governance
Despite the positive momentum, Newmont acknowledges a range of risks, including commodity price volatility, geopolitical uncertainties, regulatory changes, and operational hazards such as geotechnical challenges and environmental liabilities. Notably, the company has identified mismanagement concerns at its Nevada Gold Mines joint venture with Barrick, leading to a notice of default and ongoing dispute, which could impact future operations.
Governance structures remain robust, with a diverse and experienced Board of Directors overseeing risk management and strategic direction. The recent leadership transition saw Natascha Viljoen appointed as President and CEO, bringing extensive industry experience and a focus on operational excellence and sustainability.
Bottom Line?
As Newmont navigates evolving market dynamics and regulatory landscapes, its strategic focus on core assets, ESG leadership, and disciplined capital management will be critical to sustaining growth and shareholder value.
Questions in the middle?
- How will the dispute with Barrick over Nevada Gold Mines affect Newmont’s operational control and financial performance?
- What are the implications of Ghana’s proposed royalty regime changes on Newmont’s profitability at Ahafo operations?
- How will ongoing environmental compliance and remediation costs, especially at Yanacocha, impact future capital allocation?