NEMCLNYSEGold and Silver OresUS GAAP · USD

NEWMONT Corp /DE/

Newmont Corporation is a U.S.-based mining company focused on extracting and processing gold, with additional output of copper, silver, lead and zinc from a global portfolio of mines. The company operates through a network of owned and partially owned mining assets across the Americas, Australia, Africa and Papua New Guinea, and has been reshaping its portfolio through major acquisitions and divestitures after the Newcrest transaction.

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Revenue22.7bn USD
+21.3 %y/y
Net income7,085m USD
+111.6 %y/y
Free cash flow10.3bn USD
+62.4 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

0510152025bn USD2020: 11.5 bn USD20202021: 12.2 bn USD20212022: 11.9 bn USD20222023: 11.8 bn USD20232024: 18.7 bn USD20242025: 22.7 bn USD202522.7
RevenueOperating profit (EBIT)

Business

Share of revenue
Gold production80 %

Primary production of doré and concentrate from operating mines and joint ventures.

Copper production10 %

Copper output from gold-copper mines such as Cadia, Boddington, Red Chris and Telfer.

Other metals5 %

Silver, lead and zinc co-product sales, mainly from polymetallic assets like Peñasquito.

Development and expansion projects5 %

Capital-intensive projects that expand mine life or add new production, such as Tanami Expansion 2 and Ahafo North.

Products

Reported · share of revenue
63.2%36.8%FY2025100 %
  • Gold Dore63.2 %
  • Sales From Concentrate and Other Production36.8 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Newmont sells into the global precious metals and industrial metals markets rather than to a concentrated customer base. Revenue is driven by commodity buyers, refiners, traders and industrial counterparties that purchase gold and by-product metals from mine output, with sales typically tied to prevailing market prices. The company also has exposure to governments and host-country regulators through royalties, taxes and operating agreements, which shape the economics of each mine.

Gold bullion and refining market

Buys doré and refined gold output from Newmont's mines for investment, jewelry and reserve purposes.

Copper and concentrate buyers

Purchases copper-bearing concentrate from mines such as Cadia, Boddington and Red Chris for smelting and industrial use.

Polymetallic metal buyers

Buys silver, lead and zinc co-products, especially from Peñasquito and similar assets.

Host governments and regulators

Receive royalties, taxes and permit-related payments that determine operating economics and access to reserves.

Strategy

Newmont's strategy is centered on portfolio optimization, focusing capital on long-life core mines and divesting non-core assets after the Newcrest acquisition. The company is also prioritizing major growth projects such as Tanami Expansion 2, Ahafo North and Cadia Panel Caves to sustain production and extend reserve life. Share repurchases and disciplined capital allocation indicate an emphasis on returning cash while preserving flexibility for mine development.

Portfolio optimization and divestituresShort term

Reduces complexity and concentrates capital on higher-quality, core assets.

Develop major growth projectsMedium term

Adds production, extends mine life and supports reserve replacement.

Capital return and balance sheet flexibilityShort term

Supports shareholder returns while preserving funding capacity for long-cycle mining projects.

Geography

Newmont's operating footprint spans the United States, Australia, Ghana, Papua New Guinea, Suriname, Argentina, the Dominican Republic, Chile, Peru, Ecuador, Mexico and Canada. The company is especially exposed to country-specific fiscal regimes, permitting, labor conditions and geopolitical risk because each mine sits in a different regulatory and tax environment. Recent portfolio optimization has reduced exposure to several non-core assets while increasing concentration in core operating hubs such as Australia, Ghana, North America and Latin America.

Risks

Newmont is highly exposed to gold and base-metal price cycles, so changes in commodity prices can quickly affect margins and cash generation. Its global mine network also creates jurisdictional risk from taxes, royalties, permits, trade rules, cyber threats and anti-bribery compliance, while large development projects and reclamation obligations add execution and estimation risk. Portfolio changes and asset sales can also trigger impairments or reduce diversification if not executed well.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Jurisdictional fiscal and regulatory changes1Gold and base-metal price volatility2Operational and project execution risk3Cybersecurity and technology risk4Anti-bribery and trade compliance risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Jurisdictional fiscal and regulatory changesImpact: HighLikelihood: High

    Royalties, taxes, customs duties and permit terms vary by country and can change economics quickly.

    ExposureGhanaAustraliaLatin AmericaNorth America
  2. Gold and base-metal price volatilityImpact: HighLikelihood: Medium

    Revenue and cash flow are directly tied to market prices for gold, copper, silver, lead and zinc.

    Exposure: All operating mines

  3. Operational and project execution riskImpact: HighLikelihood: Medium

    Large mine expansions and development projects can face delays, cost inflation and technical setbacks.

    ExposureTanami Expansion 2Ahafo NorthCadia Panel Caves
  4. Cybersecurity and technology riskImpact: MediumLikelihood: Medium

    Remote operations, cloud systems and AI-enabled tools expand the attack surface and data integrity risk.

    Exposure: Global operations and third-party vendors

  5. Anti-bribery and trade compliance riskImpact: MediumLikelihood: Low

    Cross-border mining operations increase exposure to sanctions, export controls and corruption investigations.

    Exposure: International operations and supply chain

Accounting

Judgemental items
Reserve and mine-life estimates

Gold reserve assumptions drive depletion rates, asset carrying values and future production profiles.

Impact: Changes can affect depreciation, impairment and reserve disclosures.

Reclamation and remediation provisions

Closure obligations for former and current mines require judgment on timing, scope and cost.

Impact: Revisions can materially change operating expense and liabilities.

Impairment of development and held-for-sale assets

Portfolio optimization and project reprioritization can trigger write-downs when carrying values exceed recoverable amounts.

Impact: Can create large non-cash charges and reduce comparability.

Business combination and divestiture accounting

The Newcrest acquisition and multiple asset sales affect segment reporting and period-over-period comparability.

Impact: Impacts goodwill, purchase accounting adjustments and gain/loss on disposal.

Income taxes by jurisdiction

Effective tax rate depends on the mix of earnings across countries with different tax and royalty regimes.

Impact: Can cause volatility in reported tax expense and net income.

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Last updated: 24/09/2026