US-based gold miner Newmont has reported a net loss attributable to its stockholders of $2.47bn for the financial year 2023, in the wake of substantial impairment and reclamation charges.

The loss was driven by $1.9bn in impairment charges, $1.5bn in reclamation charges, and $464m related to the Newcrest takeover and integration costs.

Adjusted net income also declined, falling to $1.35bn in 2023 from $1.46bn in 2022, while adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) decreased to $4.21bn from $4.55bn.

However, revenue for the year remained stable at $11.81bn.

For the quarter ended 31 December 2023, Newmont's net loss was $3.14bn, versus a loss of $1.48bn in the same period of the previous year.

Its adjusted net income for the fourth quarter (Q4) of 2023 stood at $486m, down from $348m in the corresponding quarter of 2022. Quarterly adjusted EBITDA of $1.38bn was 19% higher than Q4 2022.

Revenue for the October-December 2023 quarter showed a positive trend, growing 24% to $4bn compared with the prior year's quarter, mainly due to higher sales volumes and higher realised gold prices.

The company's consolidated operating cash flow from continuing operations for Q4 2023 slid 39% to $616m compared with the same quarter in the previous year.

This decline was primarily due to the impact of the Peñasquito strike, which was partially offset by higher average realised gold prices.

Besides, Newmont is planning to offload six non-core assets and trim its staff headcount as part of a strategy to decrease near-term debt by $1bn, reported Reuters.

Newmont president and CEO Tom Palmer said: "With the acquisition of Newcrest now complete, our principal focus for 2024 is to integrate and transform our leading portfolio of Tier 1 assets into a unique collection of the world's best gold and copper operations and projects.

“With stable production and structured reinvestment throughout the year, we are strongly positioned to deliver on our commitments in 2024 and set the stage for meaningful growth in 2025 and beyond.”