US-based gold mining company Newmont has reported attributable net income of $853m for the second quarter (Q2) of 2024, an increase from $170m in the previous quarter and $155m in Q2 2023.

Net income from continuing operations was $838m in the three months that ended on 30 June 2024, compared with $166m in Q1 2024 and $153m in the prior year.

The $672m increase from the previous quarter was largely attributed to the absence of a significant loss on assets held for sale that was recorded in the first quarter of 2024, coupled with stronger average realised prices for all metals during the current quarter.

For Q2 2024, the company’s adjusted net income was $834m, marking a improvement from both the previous quarter and the same period last year.

Newmont's adjusted EBITDA stood at $1.96bn for the quarter, up from $910m reported in the same period in the previous year.

This was complemented by an 80% surge in consolidated net cash from operating activities, which totalled $1.4bn, primarily driven by enhanced cash from operations.

However, the company's net cash from operating activities in Q2 was affected by a $263m decrease in operating cash flow due to changes in working capital.

Newmont’s free cash flow for Q2 2024 stood at $594m, with capital expenditures recorded at $800m.

In the quarter, the miner produced 1.6 million attributable gold ounces and 477 thousand gold equivalent ounces from copper, silver, lead and zinc, which included 38,000 tonnes of copper.

Majority of this production came from Newmont's Tier 1 Portfolio, which produced 1.3 million gold ounces.

However, gold production decreased from the previous quarter due to business disruptions at Cerro Negro and Telfer.

Furthermore, Newmont has announced plans to divest the entity holding its deferred payment rights connected to the Batu Hijau mine in Indonesia, with the deal valued at approximately $153m.

The company also set a target to realise at least $2bn in gross proceeds from the sale of high-quality, non-core assets.

Newmont president and CEO Tom Palmer said: “Newmont delivered a solid second quarter, producing 2.1 million gold equivalent ounces and generating $594m in free cash flow.

“We continued to advance our divestiture programme and, to date, have announced $527m in proceeds this year. With this momentum, we completed $250m in share repurchases and repaid $250m in debt.”