Newmont Corporation (NEM) Business Profile

What it does

Newmont Corporation is a mining company founded in 1916 and headquartered in Denver. Natascha Viljoen is President and Chief Executive Officer. The company primarily produces gold, and also produces copper, silver, lead and zinc.

Its mining business begins with finding or acquiring mineral properties, developing mines, extracting ore and processing it. Gold ore may be milled or heap-leached to produce doré bars, an alloy containing mainly gold and some silver. Refiners process the doré into bullion meeting the market standard for gold. At some sites, Newmont also produces concentrates containing copper, gold, silver, lead or zinc, which are sold for further treatment and refining.

At December 31, 2025, Newmont had 12 managed mining operations, plus a 38.5% proportionate interest in Nevada Gold Mines, which it does not directly manage. It also held attributable proven and probable gold reserves of 118.2 million ounces. Newmont employed 17,500 people at December 31, 2025.

How it makes money

Newmont earns sales chiefly by selling refined gold. Gold represented 85% of its sales in 2025. Its gold operations generally produce doré, which is refined for a fee; Newmont’s share of the refined gold and separately recovered silver is credited to its account or delivered to buyers. A portion of gold is sold in concentrate alongside other metals.

Copper at Cadia, Boddington and Red Chris, and silver, lead and zinc at Peñasquito, are co-products recorded as sales. These metals are generally sold as concentrates to smelters for further treatment and refining. Copper represented 6% of 2025 sales, silver 5%, zinc 3% and lead 1%. Metals below the company’s co-product threshold are by-products, and proceeds from their sale reduce costs applicable to sales rather than being recorded as sales.

Revenue therefore depends on metal volumes, realized prices, recoveries and the mix of mines operating during a period. Gold, copper, silver, lead and zinc prices fluctuate daily and are outside the company’s control. Mine plans, ore grades, processing routes, ownership interests and asset sales also affect reported production and sales.

For the current fiscal year, the consensus revenue estimate is $25.9 billion; for Q3 2026, the consensus revenue estimate is $6.0 billion. It was reported on 19 October 2026 that the consensus expected $297.6 million of Q3 2026 revenue from Merian, $750.4 million from Nevada Gold Mines, $292.0 million from Cerro Negro and $967.3 million from Peñasquito.

Customers and how it sells

Newmont sells refined gold, gold-bearing doré and metal concentrates. Its refined gold is credited to its account or delivered to buyers after refining, while copper, silver, lead and zinc concentrates are sold to smelters for further processing. The company does not identify a named major customer or report dependence on a limited number of customers in the available information.

Gold has fabrication and investment uses. Fabricated uses include jewelry, electronics, dentistry, industrial and decorative uses, medals and official coins. Investors buy bullion, official coins and jewelry. Copper, silver, lead and zinc are sold in concentrate form rather than as finished consumer products.

Newmont has operations and/or assets in the United States, Papua New Guinea, Australia, Ghana, Suriname, Argentina, the Dominican Republic, Chile, Peru, Ecuador, Mexico and Canada. Its reportable operating portfolio at December 31, 2025 included mines in Papua New Guinea, Australia, Ghana, Suriname, Argentina, Peru, Mexico, Canada and the United States. The company’s 38.5% interest in Nevada Gold Mines is an equity-method investment in the United States.

Suppliers and costs

Mining is capital intensive and requires continuing investment to replace, modernize and expand equipment and facilities. Operating costs are driven by the location, grade and nature of ore bodies, plus energy, labor and equipment costs. Processing costs also depend on the ore type: refractory ore requires more costly and complex processing than oxide or free-milling ore.

Newmont relies on supply-chain operations to procure goods and services for mines and projects, and relies on contractors for a significant portion of operations and construction projects. It has identified exposure to input costs and availability for critical assets, water, reagents and power, as well as labor, contractors, freight, explosives, cyanide and grinding media.

The company estimates that every $10-per-barrel change in oil prices has an approximately $60.0 million full-year cost impact. It also maintains insurance for property loss, business interruption and typical operating risks, though policies contain exclusions and coverage limits, particularly for environmental liability and political risk.

Competitive position

Gold mining is fragmented: the top 10 gold producers account for approximately 25% of worldwide mined gold production. Newmont reports that it accounts for approximately 5% of estimated worldwide mined gold production. The available information does not name a competing gold producer, so no competitors are listed below.

The company competes with other producers for quality deposits, skilled workers, equipment, services and the ability to manage costs. Its stated competitive position rests on ore-body size and grade, mining jurisdictions, cost management and a portfolio whose mines have different grades and cost structures. Its ability to maintain that position over time depends on acquiring and developing deposits, retaining a skilled workforce and controlling costs.

Our reading: Newmont’s reserve base and portfolio breadth are meaningful operating advantages because production is spread across mines, metals and jurisdictions, but those advantages remain tied to ore quality and execution at each site. (item1)

Our reading: Cost management is a conditional moat rather than a fixed one because energy, labor, equipment, grades and processing complexity can change the cost position. (item1; item1a)

Growth opportunities

Newmont’s growth avenues include exploration, acquisition and development of gold properties, mine-life extensions, and advancing development projects. It acquired Newcrest in 2023, and subsequently completed a portfolio program that sold Telfer, CC&V, Musselwhite, Éléonore, Porcupine, Akyem and the Coffee development project. Ahafo North reached commercial production in October 2025 and became a reportable segment.

The company is advancing several projects and expansions. It expects Tanami Expansion 2 underground infrastructure to be completed by the end of the third quarter of 2026, and it expects commercial production by the end of the second quarter of 2027. It is completing a feasibility study for Red Chris Block Cave and expects a final investment decision in early 2027, subject to Board approval. Management increased planned Red Chris plant throughput from 9,000,000 to 15,000,000 tonnes per year in the feasibility study.

At Lihir, the company expects a near-shore barrier to unlock access to more than 5,000,000 ounces beginning in 2028. At Yanacocha, it has begun a plan to continue mining through 2026 and into 2027, adding ounces expected to benefit its 2027 production profile. The company also owns a 32% interest in Lundin Gold, whose Fruta del Norte mine is an equity-method investment.

Structural risks

• Metal prices: Newmont depends on prices of gold, copper, silver, lead and zinc. A sustained decline can reduce sales, reserves, project development, exploration funding and the profitability of stockpiles, leach pads or mining plans.

• Reserve and mine-plan uncertainty: Reserve, resource, grade, recovery, tonnage and project estimates are uncertain. Actual ore recovered, costs and economic returns can differ from estimates, while depletion requires reserve replacement.

• Operating inputs and mine conditions: Costs and output can be affected by energy, water, reagents, labor, equipment, contractors, inflation, supply constraints, geotechnical, geothermal and hydrogeological conditions, weather and climate events.

• Permits, environmental obligations and communities: Operations depend on land-related licenses, concessions and permits. Environmental laws, water rules, closure, reclamation, remediation, tailings requirements and community or Indigenous-group issues can increase costs or delay operations and projects.

• Multi-jurisdiction exposure: Political, regulatory, tax, royalty, currency, capital-control and security conditions can affect operations across the countries where Newmont mines and develops projects. Ghana’s fiscal regime changed after its prior agreement expired on December 31, 2025.

• Joint-venture governance: Nevada Gold Mines is operated by Barrick. Newmont identified evidence of mismanagement, exercised contractual inspection and audit rights, and issued a notice of default; disagreements could adversely affect Nevada Gold Mines and Newmont.

Bottom line

Our reading

Our reading: Newmont is a mine operator whose cash generation is predominantly tied to gold prices, mine performance and the cost of converting ore into refined metal or concentrate. Its geographically distributed operating portfolio, gold reserve base and co-product production provide several sources of output, while Nevada Gold Mines is material but not directly managed. (item1; item7)

Our reading: The business requires continued capital spending and operates with exposure to metal prices, input costs, permits, water, environmental obligations and political conditions across its jurisdictions. Project development at Tanami, Red Chris, Lihir and Yanacocha is central to the future mine portfolio. (item1; item1a; facts)