Latest news with #RedChris
Yahoo
25-07-2025
- Business
- Yahoo
Newmont Corp (NEM) Q2 2025 Earnings Call Highlights: Record Free Cash Flow and Strategic Share ...
Gold Production: 1.5 million ounces. Copper Production: 36,000 tonnes. Cash Flow from Operations: $2.4 billion. Free Cash Flow: $1.7 billion, a record for the quarter. Divestment Proceeds: Expected $3 billion in after-tax cash proceeds for the year. Debt Reduction: $372 million retired since the last earnings call. Shareholder Returns: Over $1 billion returned through dividends and share repurchases. Share Repurchase Program: Additional $3 billion approved, total authorization now $6 billion. Gold All-In Sustaining Costs: $1,593 per ounce on a co-product basis; $1,375 per ounce on a by-product basis. Adjusted EBITDA: $3 billion. Adjusted Net Income: $1.43 per share. Cash Balance: $6.2 billion at the end of the quarter. Outstanding Debt: $7.4 billion as of June 30. Quarterly Dividend: $0.25 per share. Warning! GuruFocus has detected 8 Warning Signs with NEM. Release Date: July 24, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Newmont Corp (NYSE:NEM) delivered a strong operational performance in the second quarter, keeping on track to achieve 2025 guidance. The company produced 1.5 billion ounces of gold and 36,000 tonnes of copper, aligning with their four-year guidance. Newmont generated $2.4 billion of cash flow from operations and set a record for quarterly free cash flow at $1.7 billion. The company completed a successful non-core asset divestment program, expecting $3 billion in after-tax cash proceeds this year. Newmont's board approved an additional $3 billion share repurchase program, doubling the total authorization to $6 billion. Negative Points Two fall of ground incidents at the Red Chris operation in British Columbia have suspended operations and impacted underground communication systems. Production is expected to decrease in the second half of the year at several sites, including Cadia and Penasquito, due to transitioning to new mining areas. Higher sustaining capital expenditures are anticipated in the second half of the year, impacting free cash flow. The departure of Chief Financial Officer Karyn Ovelmen was unexpected, leading to an interim CFO appointment. There are ongoing challenges with stabilizing operations at certain sites, such as Lihir, which requires further asset management and reliability improvements. Q & A Highlights Q: Can you discuss Newmont's capital allocation priorities, particularly regarding acquisitions and the strategic importance of copper? A: Thomas Palmer, CEO, emphasized that Newmont's focus is internal, prioritizing buying back Newmont stock as the best use of capital. Copper remains a strategic metal, with existing copper-producing assets and a strong organic project pipeline, including the Red Chris block cave, which will contribute to the copper balance in the portfolio. Q: With the recent management changes, particularly the departure of CFO Karyn Ovelmen, are there any implications for succession planning or other management roles? A: Palmer acknowledged the unfortunate timing of Ovelmen's departure but expressed confidence in the existing finance team led by Interim CFO Peter Wexler. He highlighted Natascha Viljoen's promotion to President and COO as part of Newmont's ongoing leadership development, emphasizing no immediate changes in succession planning. Q: Can you provide insights into the expected production decline at Cadia and Penasquito in the third quarter? A: Natascha Viljoen, COO, explained that Penasquito will see lower gold grades and higher silver, lead, and zinc grades due to natural mine sequencing. At Cadia, the transition to new panel caves will initially result in lower grades, but production is expected to ramp up steadily. Q: How is Newmont managing cost containment, and what are the trends in the underlying cost structure, including inflation rates? A: Palmer noted that cost trends are consistent with expectations set at the beginning of the year, with no significant surprises. The company is focused on productivity improvements and cost structure enhancements, despite meeting current cost expectations. Q: Regarding the Red Chris incident, what are the current efforts to ensure the safety of the workers and restore operations? A: Palmer detailed that after the initial fall of ground, workers were safely relocated to a refuge chamber. Efforts are focused on re-establishing communication and determining the safest rescue plan, with support from the broader industry. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Hamilton Spectator
25-07-2025
- Business
- Hamilton Spectator
A quick history of B.C.‘s Red Chris mine where three workers are trapped underground
The eyes of many are on a northern British Columbia gold and copper mine as rescue efforts are underway to free three contractors trapped underground. This is not the first time the Red Chris mine has been in the spotlight. In its decades-long history, the property 80 km south of Dease Lake, B.C., has been the focus of a hostile takeover, a Supreme Court of Canada decision, a months-long blockade, and a more recent provincial plan to combat U.S. tariffs. Here's a look at the mine's background: Acquisition and Supreme Court of Canada case In 2003, Red Chris was under the control of bcMetals Corp., but it would eventually be taken over by Imperial Metals in April 2007 at a cost of $68.6 million The mine was the focus of a landmark decision in the Supreme Court of Canada in 2010. The top court ruled that the mine could go ahead, but said that the federal government needed to do more to ensure its environmental assessment laws are followed. At the time, the government had decided that it only needed to evaluated a proposed tailings pond at the site, without considering the rest of the project. Justice Marshall Rothstein ruled that the government is obligated under the Environmental Assessment Act to consider proposed mining projects in their entirety. The ruling did not stop the mine because the court said the non-profit organization that brought forward the case, did not have a direct financial interest and it didn't challenge the project's approval — only the way it was carried out. Protests and production In 2014, protesters from the Tahltan First Nation held a months-long blockade at the mine site in response to the catastrophic collapse of a tailings pond at Imperial Metals' Mount Polley Mine in August that year. The First Nation later instigated an environmental review of the mine, and then signed on to co-manage the mine with Imperial Metals. The mine's operator said in a letter earlier this year that Red Chris has 220 Tahltan employees and spends more than $100 million annually with the Tahltan Nation Development Corporation. The required permits were in place by 2015. Then-mines minister Bill Bennett said he was confident the mine wouldn't experience a similar breach to the Mount Polley mine because the Red Chris tailings storage facility has undergone three independent reviews. A post from Imperial says 2020 production at Red Chris was 88.3 million pounds copper and 73,787 ounces gold. Expansion and tariff fight The mine is currently undergoing an expansion project involving a transition from open-pit to a block-cave mining method. Imperial and Newcrest Mining Ltd. formed a joint venture for the operation of the mine in 2019, with Newcrest acting as operator. Imperial retains a 30 per cent interest. The company said the new deal would 'leverage Newcrest's unique technical expertise in block-caving operations.' Newcrest was acquired by the mine's current operator, Newmont Corporation, in 2023. In response to U.S. tariffs, the B.C. government announced earlier this year that the mine's expansion would be among 18 mining and energy projects that would be fast-tracked through some type of permit or approval from the province. Premier David Eby said the goal was to diversify the economy, assuming there would be 'four years of continual on-and-off tariff threats' from the United States under President Donald Trump. A letter from Newmont's general manager at Red Chris to the Tahltan Nation in February says the provincial decision to prioritize the block-cave project does not change Newmont's approach. 'We fully respect the Tahltan consent decision, and we are committed to building a strong partnership with Tahltan Nation based on trust, transparency, mutual benefit, and a shared vision for the future that respects Tahltan values and a Tahltan way of life,' it says. This report by The Canadian Press was first published July 24, 2025
Winnipeg Free Press
24-07-2025
- Business
- Winnipeg Free Press
A quick history of B.C.'s Red Chris mine where three workers are trapped underground
The eyes of many are on a northern British Columbia gold and copper mine as rescue efforts are underway to free three contractors trapped underground. This is not the first time the Red Chris mine has been in the spotlight. In its decades-long history, the property 80 km south of Dease Lake, B.C., has been the focus of a hostile takeover, a Supreme Court of Canada decision, a months-long blockade, and a more recent provincial plan to combat U.S. tariffs. Here's a look at the mine's background: Acquisition and Supreme Court of Canada case In 2003, Red Chris was under the control of bcMetals Corp., but it would eventually be taken over by Imperial Metals in April 2007 at a cost of $68.6 million The mine was the focus of a landmark decision in the Supreme Court of Canada in 2010. The top court ruled that the mine could go ahead, but said that the federal government needed to do more to ensure its environmental assessment laws are followed. At the time, the government had decided that it only needed to evaluated a proposed tailings pond at the site, without considering the rest of the project. Justice Marshall Rothstein ruled that the government is obligated under the Environmental Assessment Act to consider proposed mining projects in their entirety. The ruling did not stop the mine because the court said the non-profit organization that brought forward the case, did not have a direct financial interest and it didn't challenge the project's approval — only the way it was carried out. Protests and production In 2014, protesters from the Tahltan First Nation held a months-long blockade at the mine site in response to the catastrophic collapse of a tailings pond at Imperial Metals' Mount Polley Mine in August that year. The First Nation later instigated an environmental review of the mine, and then signed on to co-manage the mine with Imperial Metals. The mine's operator said in a letter earlier this year that Red Chris has 220 Tahltan employees and spends more than $100 million annually with the Tahltan Nation Development Corporation. The required permits were in place by 2015. Then-mines minister Bill Bennett said he was confident the mine wouldn't experience a similar breach to the Mount Polley mine because the Red Chris tailings storage facility has undergone three independent reviews. A post from Imperial says 2020 production at Red Chris was 88.3 million pounds copper and 73,787 ounces gold. Expansion and tariff fight The mine is currently undergoing an expansion project involving a transition from open-pit to a block-cave mining method. Imperial and Newcrest Mining Ltd. formed a joint venture for the operation of the mine in 2019, with Newcrest acting as operator. Imperial retains a 30 per cent interest. The company said the new deal would 'leverage Newcrest's unique technical expertise in block-caving operations.' Newcrest was acquired by the mine's current operator, Newmont Corporation, in 2023. In response to U.S. tariffs, the B.C. government announced earlier this year that the mine's expansion would be among 18 mining and energy projects that would be fast-tracked through some type of permit or approval from the province. Premier David Eby said the goal was to diversify the economy, assuming there would be 'four years of continual on-and-off tariff threats' from the United States under President Donald Trump. A letter from Newmont's general manager at Red Chris to the Tahltan Nation in February says the provincial decision to prioritize the block-cave project does not change Newmont's approach. 'We fully respect the Tahltan consent decision, and we are committed to building a strong partnership with Tahltan Nation based on trust, transparency, mutual benefit, and a shared vision for the future that respects Tahltan values and a Tahltan way of life,' it says. This report by The Canadian Press was first published July 24, 2025
Yahoo
24-07-2025
- Business
- Yahoo
A quick history of B.C.'s Red Chris mine where three workers are trapped underground
The eyes of many are on a northern British Columbia gold and copper mine as rescue efforts are underway to free three contractors trapped underground. This is not the first time the Red Chris mine has been in the spotlight. In its decades-long history, the property 80 km south of Dease Lake, B.C., has been the focus of a hostile takeover, a Supreme Court of Canada decision, a months-long blockade, and a more recent provincial plan to combat U.S. tariffs. Here's a look at the mine's background: Acquisition and Supreme Court of Canada case In 2003, Red Chris was under the control of bcMetals Corp., but it would eventually be taken over by Imperial Metals in April 2007 at a cost of $68.6 million The mine was the focus of a landmark decision in the Supreme Court of Canada in 2010. The top court ruled that the mine could go ahead, but said that the federal government needed to do more to ensure its environmental assessment laws are followed. At the time, the government had decided that it only needed to evaluated a proposed tailings pond at the site, without considering the rest of the project. Justice Marshall Rothstein ruled that the government is obligated under the Environmental Assessment Act to consider proposed mining projects in their entirety. The ruling did not stop the mine because the court said the non-profit organization that brought forward the case, did not have a direct financial interest and it didn't challenge the project's approval — only the way it was carried out. Protests and production In 2014, protesters from the Tahltan First Nation held a months-long blockade at the mine site in response to the catastrophic collapse of a tailings pond at Imperial Metals' Mount Polley Mine in August that year. The First Nation later instigated an environmental review of the mine, and then signed on to co-manage the mine with Imperial Metals. The mine's operator said in a letter earlier this year that Red Chris has 220 Tahltan employees and spends more than $100 million annually with the Tahltan Nation Development Corporation. The required permits were in place by 2015. Then-mines minister Bill Bennett said he was confident the mine wouldn't experience a similar breach to the Mount Polley mine because the Red Chris tailings storage facility has undergone three independent reviews. A post from Imperial says 2020 production at Red Chris was 88.3 million pounds copper and 73,787 ounces gold. Expansion and tariff fight The mine is currently undergoing an expansion project involving a transition from open-pit to a block-cave mining method. Imperial and Newcrest Mining Ltd. formed a joint venture for the operation of the mine in 2019, with Newcrest acting as operator. Imperial retains a 30 per cent interest. The company said the new deal would "leverage Newcrest's unique technical expertise in block-caving operations." Newcrest was acquired by the mine's current operator, Newmont Corporation, in 2023. In response to U.S. tariffs, the B.C. government announced earlier this year that the mine's expansion would be among 18 mining and energy projects that would be fast-tracked through some type of permit or approval from the province. Premier David Eby said the goal was to diversify the economy, assuming there would be "four years of continual on-and-off tariff threats" from the United States under President Donald Trump. A letter from Newmont's general manager at Red Chris to the Tahltan Nation in February says the provincial decision to prioritize the block-cave project does not change Newmont's approach. "We fully respect the Tahltan consent decision, and we are committed to building a strong partnership with Tahltan Nation based on trust, transparency, mutual benefit, and a shared vision for the future that respects Tahltan values and a Tahltan way of life," it says. This report by The Canadian Press was first published July 24, 2025 Ashley Joannou, The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Global News
24-07-2025
- Business
- Global News
A quick history of B.C.'s Red Chris mine
The eyes of many are on a northern British Columbia gold and copper mine as rescue efforts are underway to free three contractors trapped underground. This is not the first time the Red Chris mine has been in the spotlight. In its decades-long history, the property 80 km south of Dease Lake, B.C., has been the focus of a hostile takeover, a Supreme Court of Canada decision, a months-long blockade, and a more recent provincial plan to combat U.S. tariffs. Here's a look at the mine's background: Acquisition and Supreme Court of Canada case In 2003, Red Chris was under the control of bcMetals Corp., but it would eventually be taken over by Imperial Metals in April 2007 at a cost of $68.6 million The mine was the focus of a landmark decision in the Supreme Court of Canada in 2010. The top court ruled that the mine could go ahead, but said that the federal government needed to do more to ensure its environmental assessment laws are followed. Story continues below advertisement 2:17 Three miners trapped underground in northern B.C. At the time, the government had decided that it only needed to evaluate a proposed tailings pond at the site, without considering the rest of the project. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Justice Marshall Rothstein ruled that the government is obligated under the Environmental Assessment Act to consider proposed mining projects in their entirety. The ruling did not stop the mine because the court said the non-profit organization that brought forward the case, did not have a direct financial interest and it didn't challenge the project's approval — only the way it was carried out. Protests and production In 2014, protesters from the Tahltan First Nation held a months-long blockade at the mine site in response to the catastrophic collapse of a tailings pond at Imperial Metals' Mount Polley Mine in August that year. Story continues below advertisement The First Nation later instigated an environmental review of the mine, and then signed on to co-manage the mine with Imperial Metals. The mine's operator said in a letter earlier this year that Red Chris has 220 Tahltan employees and spends more than $100 million annually with the Tahltan Nation Development Corporation. 1:04 Miners trapped underground at B.C. copper and gold mine The required permits were in place by 2015. Then-mines minister Bill Bennett said he was confident the mine wouldn't experience a similar breach to the Mount Polley mine because the Red Chris tailings storage facility has undergone three independent reviews. A post from Imperial says 2020 production at Red Chris was 88.3 million pounds copper and 73,787 ounces gold. Expansion and tariff fight The mine is currently undergoing an expansion project involving a transition from open-pit to a block-cave mining method. Story continues below advertisement Imperial and Newcrest Mining Ltd. formed a joint venture for the operation of the mine in 2019, with Newcrest acting as operator. Imperial retains a 30 per cent interest. The company said the new deal would 'leverage Newcrest's unique technical expertise in block-caving operations.' Newcrest was acquired by the mine's current operator, Newmont Corporation, in 2023. In response to U.S. tariffs, the B.C. government announced earlier this year that the mine's expansion would be among 18 mining and energy projects that would be fast-tracked through some type of permit or approval from the province. Premier David Eby said the goal was to diversify the economy, assuming there would be 'four years of continual on-and-off tariff threats' from the United States under President Donald Trump. A letter from Newmont's general manager at Red Chris to the Tahltan Nation in February says the provincial decision to prioritize the block-cave project does not change Newmont's approach. 'We fully respect the Tahltan consent decision, and we are committed to building a strong partnership with Tahltan Nation based on trust, transparency, mutual benefit, and a shared vision for the future that respects Tahltan values and a Tahltan way of life,' it says.
