Newmont released its Q3 results this week and reported quarterly gold production of 1.50 million ounces, down 8% year-over-year.
The weaker production results were due to the sale of Red Lake and KCGM which did not contribute in the quarter, offset by Penasquito, and the newly acquired Musselwhite Mine.
Fortunately, the 29% higher gold price offset the single-digit drop in production, with Newmont on track to deliver annual earnings per share of $4.60 in FY2020.
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