Newmont generated $2.2bn of free cash flow, a second-quarter record, and spent $1.7bn buying back its own stock

A record cash quarter at Newmont has gone almost entirely into retiring the company's own shares.

The miner reported net income of $2.2bn, adjusted net income of the same figure at $2.10 a diluted share, and adjusted EBITDA of $3.8bn. Cash from operating activities was $2.9bn. Free cash flow was $2.2bn, which Newmont said is a record for a second quarter.

Production was about 1.3 million attributable ounces of gold, with 7 million ounces of silver and 17 thousand tonnes of copper, mostly from managed operations. That leaves the company on track for full-year guidance of 5.3 million attributable gold ounces. Costs applicable to sales came in at $1,043 an ounce on a gold by-product basis and all-in sustaining costs at $1,621, both tracking below the full-year guide.

Almost all of the cash went back out. Newmont has returned $1.9bn to shareholders since its April call, including $1.7bn of buybacks, more than $600m of that in July alone. It declared a quarterly dividend of 26 cents a share, payable September 28 to holders of record on September 3. Of the $6bn repurchase authorization, $4.3bn is left. The company ended June with $9.0bn of cash, $13.0bn of total liquidity and a net cash position of $3.4bn.

One project moved. British Columbia granted an amended Environmental Assessment Certificate and an amended Mines Act permit for the Red Chris Block Cave, the certificate reached through what Newmont described as a consent-based process with the Tahltan Nation. The project has not yet reached a final investment decision.

Chief executive Natascha Viljoen said the company remains on track for its 2026 guidance.