NEM - Earnings call transcript Q3 2021

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Operator

Good morning and welcome to Newmont's Third Quarter 2021 Earnings Call. All participants will be in listen-only mode. Should you need assistance [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Tom Palmer, President and Chief Executive Officer, please go ahead.

Tom Palmer

morning. Good for Third you call. XXXX new joining thank Quarter months, earnings And I'm and our members Atkinson by executive Buese, Today, Rob other Nancy joined along with team. of of answer we at And available to be the will end the call. questions

I refer our and found our SEC cautionary be to website. can please that which Before begin, on statement note filings,

was Newmont flow, in industry-leading which provide and investing for continuing profitable Ahafo a including approved shareholder Third latest generating Quarter, July. challenging on in to delivered strong cash our projects, free AML returns North,

we complexities shortages, disruptions. This health we non-health the quarterly remain rising chain performance continue our the labor to was caused are challenges the pandemic, the supply related sector, including local achieved well-being and even input manage continuing the as through global and to the of and protecting Throughout workforce we see And pandemic. costs, by of committed to communities. evolving mining

leader, leveraging value industry responsibly the deliver Newmont long-term [Indiscernible]. to from to operating respond global to balanced proven As and managed our challenges portfolio well-positioned by our is these model

results, take Turning quarterly highlights. let's our a the look to at

continue ratio the transition fully month, financial industry have at to During in return from We shareholders. our and silver, equivalent of Quarter, gold XXX $X.X and a gold capital we holdings of cash and as With milestones we of.X ounces a billion important the flexibility, announced this ounces fleet flow gold to to net focus, thousand continue Maintaining business Newmont in to EBITDA produced about to we whole. flow billion X.X $XXX and million zinc. priorities. times. allocation a reinvent disciplined to Newmont of our cash generated Supported Third strategic strong operating lead, $X.X clear sustained whilst balanced is of approach copper, Earlier a the cash million we $XXX liquidity, free and which Newmont. apply million Burlington. debt our attributable to by total new An and autonomous a our

XX cornerstone asset. improved of and fleet productivity trucks safety Our with at these

continue underground buy-sell also projects, how productive at We to including Chinese mining a more invest to and profitable Yanacocha the much method near-term [Indiscernible], sulphides. store hot [Indiscernible] develop and the expansion in

establishing completed quarter million per for opportunistic our ago, X an or stable of months that in This quarter, we pathway and a of we $XX framework, announced declared repurchases of yield average third a share, clear at per $XXX And XX nearly share $X.XX a under we predictable share. dividend returns. price resulting dividend X%. industry-leading other

our FItch. psychosis. both opportunities, our integrated follow and record on brownfield managed [Indiscernible] to pipeline last proven fixed a value and the long-term returned operations. steadily confidence more we Over through jurisdictions, to model four which and diverse ranges and our operations share operating A&B XX% Peintures of countries robust of define buybacks. from of our gold the around our created X Moody's, we we attributable is over reinvesting we the portfolio XX our quarters, to Newmont our writings operate maintain while production Tretorn top as each than and dividends the in through and value business have projects project delivering Demonstrating our has Among Newmont, greenfield operating ability Underpinning flexibility to S&P billion that globe. way choose matters. in $X our financial shareholders classified And At our of with organic and of believe in track mines by

exploration operations Every extend infrastructure can NIM and one an of has unmatched, pipeline an existing while the on [Indiscernible], opportunities steady to buying the won't flow industry-leading well into project top production leverage cash monologue. our that, You and our XXXXs.

most the are and able our a some stability perspective greenfield world disciplined of and the the we way. portfolio, brand deliberate explore in depth districts With of to in in

and for the of in continue adding [Indiscernible] our on million July. our long sulphides second supporting approved advance term of life This the quarter, over Panama project, gold Panama endowment a infrastructure, in thoughts expansion project a asset which at at [Indiscernible]. supports these X decades territory. including the to and shop day mid production the The development Ghana to future all come. district. these while a Through Yanacocha projects, an northern for X.X ounces explore, than projects expands footprint life low-cost on the These I the prolific Australia's further and more in kilometer hotline initial producer at cornerstone to makes production And platform we existing development of providing mineral

the Yanacocha project to in billion Peru, path the current of for sulphides procurement, least facilities announced, a and will critical to XXXX detailed Newmont remains previously contagious given engineering, works, through including pandemic and $X.X of construction workforce. long-way quarter more activities at variance. reinvesting Has the the status the combination committed and installation potential third the for advance

forward. key XXXX X bodies at next encourages being half keep forward come. our us guys safe and I our and to healthy. the to and have this our mutually in full encouraged to of like to and to government and the some opportunity for opportunity to the and all had and and weeks to project COVID all sites the take result interactions, yet the had long pandemic profitable ago, extended about, look We have project workforce history. The to significant the communities of that [Indiscernible] All funds would beneficial as do very progress I of will continue time light, local recognize and the chapter to challenge operations stakeholders you are decision path this will lean, second pandemic talk applied other allows. global efforts

doing our manage We're see to protect families. their quarter PPE with bid storage important more In had is wide the and relief and for medical We the COVID has both critical until virus. operations affected. in towards all resolve. fully mines, to adhering focused vaccinated. safety measures share vaccine fun local establish raise of in a be converse our improve, Throughout programs on protocols that monitoring XXXX, and central regional million and vaccines Distribute Ghana, lesson we be will regional workforce To facilities, monitoring the and security at PCR and $X.X and to opportunity through agility students global health and big closely place. radio full Ghana, XXX,XXX and school are and purchased messages controls and also effort the to a continue screening of spread in machines vaccination health that And physician services, health vaccination in combating vaccines mandates Ghana the are awareness support can photo, in the $X.X with And million pandemic for their ranging helped our provide and local during team global to working with for current To [Indiscernible]. in you we investments testing shifts other with deploy equipment and we already at education cold XXXX effective As temperature the in will important At believe radio in people and and [Indiscernible] and storage. firmly the to Ghana to this where Chamber firsthand COVID-XX for American substantially secure of and our institutions. and donate invested closures. The announced research. nearly supporting programs national units all plan Commerce and Newmont, in the Health last through Services Ghana vaccination area. experienced work rates ultimately people Newmont and Ghana, and

fundamentally the effect protecting pandemic is been part related communities and and taking around restrictions on our has The of on supporting critical recovery COVID are this the safety from focus March last of and of workforce a We the year, responsibly ongoing believe important from the local because this operating application imposed protocols. step a health Since world. and our setting efficiently government virus. of that movement while we

shuttle reliability, and the into Boddington, and managing severe markets original plate gold first any equivalent labor million due approximately in our [Indiscernible] XXX,XXX productivity with of of ounces we continued Company and in just goals. pit. as This operational weather-related produce million now was gold to for XXXX of autonomous improvement and for X.X Canada year. we goal to the and gold silver, associated most challenges, from And mine sites. pit to ounces. technology hygiene many experience deeper unusually delays in production in last update the of an deep, from operation and bench our of we range. impacts are Australia, of original our copper, at heavy X full-year Updates decided unexpected open guidance reliability industry. [Indiscernible], of the In to these continue We some below mining to weather ounces have moves addition lead, equivalent mining up our expect and time combined Due rainfall, the to to original a XX.X guidance compared competitive ounces Including industry, outlook largely of are The our challenges with and impacts equipment our million almost sections Combined reaffirming ramp zinc.

a our ability full reducing low production year result, [Indiscernible], a expected. by delivered approximately As gold hands XXX thousand ounces. than Boddington estimate Impacting expect come to volumes reach

Rob partners the gold production [Indiscernible]. short-term at and operating at below their confident low now to ranges, guidance this annual As Nevada the autonomous the expected of of reached is largely impacts will than later, are to of the will remained has consequences year. offset guidance [Indiscernible] very range. the Carlin breakdown by impact to haulage to more expected that the be experiencing at are due in and be Boddington challenges its any a repair end delivered annual [Indiscernible] efficiencies relate we [Indiscernible] discuss we overall mines Also on

mine As gold Nevada annual expected from gold consequence, range. to guidance low annual be end a the is our at of production

also Panama the as to these absenteeism care from lower in in experience are late production tightening of and and coupled year. to pandemic to impact July. higher commented has costs the market continuing Canada. process, -- middle for and result a addition -related the maintenance I placed early lower And global productivity The into of as In labor and of evolve COVID with June all impact increased volumes we the continues earlier, operations. was

expected a assumption across discipline maintain mine all we continue this reserve expected be all-in $XXX XXXX, that sales are our cost guidance point $XXXX sustaining costs And out was regional per using $XXXX [Indiscernible] for and per gold our that assumption. to of to ounce. use For planning our we ensure to it long-term applicable to To modeling be a established price are And ounce. to operations.

However, sustained assumption. the due this our response the investor cost feedback using outlook to and process throughout we're high the gold from full-year to community, a gold providing year price updated $XXXX

continue per expect the royalties, We adding through Quarter, and our to to higher ounce all-in from Fourth approximately process inflation, $XX sustaining these taxes. costs production gold

project schedule. $XXX we We're decreasing this a Finally, our portion And understanding from last expansion global $XXX have XXXX. our a than the we the the need for working pandemic currently million estimate impacting [Indiscernible] today, development associated plan fit of year. to XXXX, with much million better business with impacts not from finalize second we at a are time but of moving our to capital spending into of

production operations. similar We costs on at around shortages over compared we December. XXXX XXXX, with pandemic early a to be that enter anticipate our improve and from manage expected production as out $XXXX webcast to to to look in guidance These over and portfolio important is ahead gold continue improve we to Gold by component the cost life impacts Over X% as of extending to on building scaling will expected to period you price are additional significant detail and at in increased this our in to annual labor XXXX will to from to Capital we year. operations. Looking providing long-term from related ounce largely look Newmont and across inflation, our Rob. production long our resided we're forward be lawn productivity remained as improving I'll original operations. ongoing protocols, our outlook, turn An [Indiscernible] in country high steadily grind reinvestment unchanged XXXX, metal business costs safety prices, forward. for Rob, outlook world-class, [Indiscernible] that, time of reinvestment. increase more monologue. projects global a enable production, back margins for in you our And into it detailed assumption

Rob Atkinson

morning. Thank you, Tom. good And

manage. are ventures. joint continues continues rates COVID [Indiscernible]. I Well our And present in pandemic operations people vaccination our to the across deliver As mentioned, infection Tom from challenges to disruptions am operations increased and and knock-on such is is steel safely near as new declining improving proud who markets pressure the creating of enthused tightening supply effects diesel. our lever prices on commodity and to rates There to complexities chain on

costs unpredictable freight addition to timing and deliveries. In of

increased As per have the previous $X all-in to an example, adding significantly $XX ounce costs per compared compared ounce our to months, And the over costs quarter. sustaining in digital recent to year. previous

could it seeing We to inflation our are term, am business these contract And renewals future productivity. and early particularly also confident and eye start most in may partnerships, reduce contracts Australia, an keeping and additional strong impacts scale, we and for costs. across quarter. will positions by while rates trends Newmont model to and fourth up our These voluntary the to persist close difficult competitive in is long shortage and impacting whether limit that productivity working proven hard expect Canada supply operating we as unprecedented and secure global impacts as the predict in the the I markets, creating halt show labor a labor trends that attrition

maintenance Turning performer blending Xth and an our regional start commercial heavy America. from starting continues site South in with since Merian celebrating strong utilize mill helping oral anniversary the production unplanned rain a the update, performance, for The to declaring and delays optimize quarter. the to minor offset region to American to South a XXXX. strategy remains October is and mill in

shift expect productivity significantly of increasing Additionally, possible. Merian improve the managing proud is disruptions processed optimization, quarter. we mined is trend remainder and mined to overall into this in in impacts continue and pandemic team year. And change and higher and the tons of tons process. well help And the XXXX. I offset the Fedro efficiency from improvement from am great year as for each earlier site continues delivered efforts, The and to the the as performance, mitigation to the delivered Negro

XXXX. into challenges development the Given changes, the challenges, reducing potential extend pandemic and Quarter site development XXXX, sites the the pandemic, delivered to the Eastern grade [Indiscernible] industry, which in the expansion continues to effects mine [Indiscernible] placement to on Fourth also has has to progress experienced limiting on pads. To whole growth the virus, labor mainly from has impacting continued and in due including of XXXX. the the of future production beyond ore mine productivity, or rates and challenges life grades, higher site lower access sequencing costs optimal availability. And the higher despite the leach from focusing efficient the Yanacocha the and reduced organic these in roads, offset implemented projects, yet,

improved As delivered Yanacocha and pads. a result, of the grade high ore recovery leach from

other will Tom extend the Yanacocha closure provide an And XXQ, project potential asset quarter the mine with along quarter on beyond at water our with mentioned, define requirements, this cornerstone we to and well fourth in A continue activities this results. third progressing detailed update discussed progress as with further we're As study management life [Indiscernible] XXXX. sulphides. to to we

these tightening we sites our annual the to North absenteeism Porcupine ranges. a be operations on region, our at COVID impacted low-end And to and to labor our expect Turning continue or Canadian American market. and the guidance Musselwhite, Canadian of below be Eleonore, we production by

with these Eleonore. effects having into to labor at been continue expect impactful Musselwhite particularly We trends XXXX the and

higher or at has expected high of of helping rates Hollinger from grid. positive a being the and and and driving execution consequence, Porcupine pleased of suite on access delays, our of pit, lot jumbos report the hard open processed to less planned. the month, which of productivity the Full the in making through a the grid, to and enrollments Pond and the in to the in I development and mined Hoyle operations last balance resulted than through mindful shortages tons impact resulted that levels Porcupine graphite Clarksons initiatives. are as loaders -Remote delivered Canadian our Eleonore resulted services in increase labor use I'm we grade lower Potential As Tele to Musselwhite, of mine than and specialized presented drilling in

deployed initiatives of full these the sites, support subject will With our these efficiency matter to and production. experts improve

CCMV, to recovery Moving the quarter. in mine lower and grades the experienced third

processed. to to fourth in and expected higher However, pad the another tons leach production tons and mined mined the Penasquito changes to sequencing performance third are third the quarter, higher during quarter quarter XXXX. into delivered strong And in finally, due and mine increase

number In than solid delivered Since and more Shifting offset has in coal into of a mining generate acquisition, addition future. as and continued do free in and and the Australia. strong to improvements, processing processed million June, well over with of higher to improvements. Penasquito improvements a $XXX recovery the the lower helped today this potential mined LED-related delivered flow from end full mine value July. from which so consequence Canada rates of performance period to tons cash the third as XX% value to grades quarter maintenance will in delivered May, care of

expected this year. operational, ounces. thousand to well, a by Panama approximately fully the finish year deliver periods XX performing through reduced strong is and Although to sites production very is has fully the

of nearly XXXX. on the team third one And cost, shaft significant remaining efficiency the deliver of have the completed and ounce, first-half of XX% nearly in of the headframe, advanced and rimming, deep mile progressed further the quarter, to addition, the X. Panamanian improvements track we expansion during In now construction the

continues rainfall ramp-up I'm processed autonomous nearly reaching XX third to third As tons over impacting pleased Boddington performance, quarter. and tons Burlington achieve haulage, reducing during the superior million mentioned, [Indiscernible]. the share Tom mill that the to in quarter experienced heavy

We sector. on thank an gained and technology the Boddington [Indiscernible] technical to on this truck as like manufacture, Caterpillar Delivering haul less tune very commission continues team to our first fleet pit budget scale, to full gold fine fleet Newmont's are autonomous partnership, a to for service also proud months. in the I'd productive dedication, pandemic deep industry's mine. XX fleet partners drive truck our up our partnerships to and first deliver autonomous operation at productivity, global the during leveraging ramp in a trucks their and that is ongoing and to XX and project than accomplishment, open and a expertise operate enormous a for deliver, time of and

rainfall As from ahead, turning efficiencies is grade quarter mill recoveries through helped as highest and despite to mined third expect equipment Fourth Quarter. finally, to we Quarter strong in delivered pump deliver site production Achieving the and of another Fourth we improved to maintenance. tons autonomous achieve well-positioned production consistent higher performance heavy offset very third Third during Quarter. very its into a look reach grades to reach delivered XXXX. increasing haulage, during Africa. the year We The unplanned And strong to high and higher the and the

production the and higher our Improving underground performance operation. truck new pit, mining level sub [Indiscernible], as That's As to whole planned. to and reach continue the shrinkage, progress development availability open we by underground underground year-end at mill offset improved challenges for helped tonnage expect tons full we CBPO mine of method, our grade to and with mined.

North. the team to advance Ahafo continues addition, In

and mobilizing key complete. pleased that begun is approximately engineering XX% I'm personnel see to have We

as Nancy mining We body path local forward regulators communities I continue develop beneficial this will it ore on the slide. Ghana. and mutually And the a and over next to that, of create engage in next-generation to to turn ensure prolific with we with

Nancy Buese

Thanks, Rob.

in the and disciplined most Building balanced mines our in integrated strength and a history. model, approach position year allocation with XXX new assets the of to value long-term operating For it's invest financial is, the and capital industry.

is Adjusted $X.X look share. gold of realized an lower or a $X.XX gold in take financial stemming cost ounce. and the $XXX a which pressures prices, average delivered flow billion, of In third global lower of Net EBITDA quarter, the billion prior strong million year's pandemic. volumes, revenue to highlights. $X.X the Adjusted cash million $X,XXX.XX decrease from the at per price free Newmont. XX% diluted sales due over at Let's quarter attributable And to of per from of Income Newmont $XXX

record Although compared the lower improvement performance cash a year, XX% quarterly achieved free flow we is second last our quarter. to than

yield declared share, Newmont unmatched per to dividend, approximately X%, framework. Our superior through our dividend consistent of quarters. increase With among XX% a S&P quarterly industry-leading industry dividend cap allows we generation, of the cash and shareholder largely our provide flow XX% Newmont top in is the dividend prior last our large a highest return, This year, the the over three of the with gold an regular regular placing payers. week, $X.XX

continuing loss while of Quarter GAAP the and The project. around $X into included [Indiscernible] charges. pending included tax Peru, the and also $X.XX Making operations remediation shares. at future $X.XX Income $X.XX per from optionality mark-to-market other share. historical currently loss was maintained on reduced Adjustments adjustments recognized $X.XX per storage a of assets Net losses $X.XX sites. costs term adjustments to maintenance and in account, or Third allowance sale care Diluted of related related equity reclamation adjusted valuation third quarter of $X.XX related long we mining to the on $X.XX and development million we net to adjustments these in these the related to of unrealized the Adjustments investments. sale reported

incurred additional and a And workforce safety net pandemic. income for to continue our filer, the local incremental our costs costs expect year quarter as our these to per throughout of of include do a a we result the COVID prioritize adjustments due as As net not million health reminder, we this $XX have community. approximately U.S. as these GAAP income in costs would resulted $X.XX and share. Adjusting status of to of the

cash in Newmont ability gold prices $XXX generate increase on is to our dividend of free every above based assumption attributable ACE for $XXXX. unmatched framework flow, our

million the attributable $XXX And these incremental generate industry cash year. Newmont in Company attributable, is the free flow. to flow of with only cash Numark the gold free per mining ability delivers levels of

As Tom the and XX our generated announced framework, base, and framework $XXXX stable $X shareholders, a annualized flow incremental we one-year industry-leading long-term for provides potential price. mentioned, providing cash attributable receive gold XX% to of discipline. our the of per ability stable shareholders and dividend share ago, and between dividend with maintain unpredictable confidence This to above free in returns and our our outlook capital our demonstrates the

The gold operational third to quarter dividend free and evaluating declared our time. our quarter, incremental a XX% our long and of and flow. $X,XXX we over basis and was dividend consistent calibrated financial with distribution, cash a performance period our with at And and Board, review assumption, second price continue outlook quarterly on

delivered capital business with reinvest shareholders billion of maintain $X.X Newmont the Panama our financial $X.X to reinvestment per GT buybacks. we the priorities each liquidity on of share on price industry, the the more the Delivering transaction cost industry-leading exploration safety, completing strength organic net profitable our business one in returning and to progressing financial strength in through this first Ahafo sustain $XXX gold SEC to opportunistic million by Balance Yanacocha at haulage remain across to the North, Burlington, To the the the balance Our through of productivity billion average projects, [Indiscernible] of X.XX, sheet in 's returns and year, flexibility EBITDA our a in Sulphides. than advancement improving to at fleet of business, in debt dividends and gold Throughout of these clear. And and and [Indiscernible]. lowest ratio nearly and mining allocation expansion, optionality in a with industry's X.X%. shareholders. should maintaining debt preserving year, particularly With autonomous priorities strong May growth Sheet and provide

look disciplined And are ability the capital our value it with gold world's we in priorities, that, Company. business, maintaining wrap our confident leading position to the as on to allocation hand we As for our back ahead, creating and Tom to I'll up. long-term deliver

Tom Palmer

Nancy. Thanks,

we industry And industry. of confident world-class an of mining forth face that continue while pipeline to key challenges by best has And range am Newmont this I focused broader global the continue deliver Company unmatched the in our an operations. that, the our execution, project is portfolio remind leading long-wall the I'll the practices that turn organic brought strategic all pandemic. over line and and world's of to for value proven with gold to cycle operating ASG to questions. orders. has long-term positioned model, superior to leading operator And Newmont it to a open and the

Operator

Fahad instructions]. comes We Credit begin now the And session. [Operator our Question-and-Answer please question will first of from Tariq Suisse, ahead. go

Fahad Tariq

little Good aren't American there to curious, are and s. Thanks far facing is a about some XX, you on your absenteeism taking Can Maybe, of bit I'm just for what similar Hi. happening As slide my steps first being are tell, taken? as what at North what issues. Eleonore? can talk Musselwhite question. morning. on the operation steps being Canadian taken address competitors and I Thanks. exactly the

Tom Palmer

you change absenteeism a couple expect that the COVID. of combination can Rob [Indiscernible] Voluntary pass I attrition, typically enables particularly associated actions we're is expand seeing I'll terms a with [Indiscernible] XX,XX%. top flying the in that, taking. that's saying in a we're they morning. of question that on good of think two Rob. But and on Fahad We across of what might things and Thanks, compounding to

control related That work So are, the that, we some on attend COVID that Two behind because you to of actions number. of can a and are our what absenteeism. mitigate XX% three we're of get absences. thoughts top a people focus to I'll sits the unable to get taking On trend. thoughts XX% far-cry

Rob Atkinson

recruitment, who's thing infection as Canada highest points just what well. third XX% to very case Tom work, reasons at in person in necessary Thanks Tom terms were on that basics every is very we've the make employments quickly particular steps on and off, as that bits the certainly in Canadian [Indiscernible] Tom. just seeing just into employees enter well. the boils And it's follow-up rocket the and about. regularly very as quarter of of terms But rates some science, to the nothing very, the rates certainly, I very, boarding basics team, where as the vaccination were COVID them [Indiscernible] build doing they're what of -- [Indiscernible] There's are of as and of we're [Indiscernible] there's it in Musselwhite, taking got because managed, said, doing And mentioned we're high-profile be possible, But, [Indiscernible] really up, are the the a very around new the [Indiscernible] taken and controls no the in the absenteeism management. well. to was -- closely. really being not, we people also other team on why, very being market there spoke basics very, who's as of the sure basic dedicated go fun managed we to quickly. managing up focused If in

Fahad Tariq

speak switching if for to really year, Rob, that. the guidance a I And production Okay, rate the maybe could you a change think just so just then don't it high great. that gears QX. the expectation? to full maybe household. Is implies in

Tom Palmer

the behind compared were you make again, up but to lost say that sure we first talk X consistent. (Ph) to pick don't is fourth-quarter. Rob strong Ahafo [Indiscernible] strong drivers you that Rob of I fourth-quarter I out certainly the quarters, Cluster pretty

Rob Atkinson

and we sub-level in our shrinkage did earlier the come has been Certainly. the middle first come firing higher in well very in generally year seeing positive. along hand are we performance Ahafo of Underground so open very through there the grade the in for continues and the pit, to

underground the remains really I around in starting the as decision of factors just think the fruit, well to operation. good elsewhere productivity it's as this bear again,

Fahad Tariq

me. you. Okay, Thank for it great. That's

Tom Palmer

Thanks Fahad.

Operator

Michael The J.P. next question comes from Please Morgan. go Glick of ahead.

Michael Glick

On then perspective XXXX? walk could materials? and as, you the mitigate from you're XQ, and TASC, should consumables going you're look specific us what how inflation working what OpEx of how cost in seeing to down currently on trajectory seeing through, And into item to kind the other raw a you're Capex such based And forward.

Tom Palmer

comments cost and see color of fourth those into well. chain the I are to [Indiscernible] of Officer part part inflation certainly global some now Dean [Indiscernible] -- starting through quarter quarter to we would give been least XXXX at on I'll that starting see XXXX. we're supply to Gehring and it's of [Indiscernible] kick-off ask [Indiscernible] get restoring, last was seeing up. Thanks, at trends we some make about comments provide to how to some Mark. shape in flow-through flying our flagging We've of it Chief end Rob as Technology those see And

for a be escalation We've industry will So production. un XXXX, think I on cost pretty consistent, story. the mining little got -improvement that

So it's cost a certainly escalation story.

have and We in still are at In X% cranes, But described, significant seeing wanted in pretty seeing fixed aggregate in you consequences, that shaper, parts as we if are seeing Australia, add it's are any can that upwards together market. seeing guided exchange some Jayco improved on. you are I like. -- some the Caterpillar X% rates some you the we when build -- we're movements within energy, to across Liva. costs. color number. Rob, aggregated has coming materials, some it around all and around significant Adversely instances, some But

Rob Atkinson

as potential efficiently [Indiscernible] in which terms clean big we've [Indiscernible] on are that XX to that about [Indiscernible] of instead further operations. In is I fleets to prices as across we Fedro result what the at bolsters [Indiscernible] But just the the tele movers we about Penasquito, in equipment. that which seeing only such, They terms of is got assist as sure potential that. just all is make as of very significant that benefits and And jumbo running in moved but a sweeter Thanks, and productivity managing we possible. in the our we're cost just as way including a sites, it's rigs where doing more the on. not loaders, going Canadian productivity, the the we're it further And which Michael focused the projects, before quarter we're also may Negro, what significantly. to which even inflation. the doing pieces We need. And reduction. are that recovery, before took things follow the improving And full handing managing over consumables are focused we're much to remote we [Indiscernible]. talk Tom. Is the basics, third of of to of and

Dean Gehring

Rob. thanks, Yes,

costs largest the big consumables. And One freight. of X.X X% probably of don't we actually areas the back out is receive up our all major about variabilities we'll -- of for freight line but a bit of makes to

But the chain, in operations opportunity what so of on we to think looking at global we the these perspective. our as best we that I keep for can amount global possible. to one the the of we're get need we're in a in things our maximize [Indiscernible] ships to doing containers looking do pricing you or mitigate that using So [Indiscernible] put supply sense,

we those largely other we are really lines do inflation thing is, is of we we input put impact mechanisms they on in pricing on the that and mitigation to The that commodities the are And have. that the pricing helps of along all the -- place transparent see. actually actually softened of that based

Michael Glick

is then you just seen the a could the environment. that you talk more -- things this on scale that in just your way about the just consolidation, to industry more point we'd -- all And effective operate mentioned, view

Dean Gehring

lot in safety a spices with that any lot. off publicly the consolidation. industry gold think commodity of magnitude The of probably itself, in than have. we other of terms I I elevated companies you [Indiscernible] opportunity order that [Indiscernible] Gulf listed consolidation Thanks, see [Indiscernible] the that number a for additional of in the surfing, certainly process, more

drive be it will -- consolidation. to these [Indiscernible] some necessarily medium-term will that needs think that escalation delays I cost of

XXXX an you targets, the need issue mining think achieve And zero belief life. a many we for that driven see will clearly will greenhouse net to which the and order to XXXX, consolidation place by work and the saw carbon the take you'll achieve achieve targets, imperatives. the companies about that need around to are I needs seeing opportunity. over those around governments to reduction ambitions we old that In reduction scale gas world course of decade, this targets,

will the rather escalation. or be new term drive than related climate Our some change COVID predict

Michael Glick

you very much. Thank Understood.

Dean Gehring

Michael. Thanks,

Operator

from comes question Greg of Barnes TD Securities. next Please The ahead. go

Greg Barnes

that I deployment Tom, on seem time address are it the working did the trucks you to challenges don't on that to those you doing Boddington. I to understand to budget it? you. way Thank it know be to want of are and get What it you the work. autonomous what you challenges having some

Tom Palmer

challenge the the key autonomous the get Rob color the you with [Indiscernible] to commissioning and through crafts with had mine to and commission that trucks the more And gate good The Greg. got whether Thanks, in morning. behind I'll associated now was some provide commissions. significant at that

belt is those already October people in I'll of already as on in operation it's you one world, month in managing not is you provides the when you some them. a give performing whether factors have interaction so pass and continued the the our Australia not you're part how was with end in get the actually what's place. that to autonomous the in some autonomous to month of the of data fleet performing. shooting inside on autonomous [Indiscernible] fully about that context, you now And some of as with that the wettest and Rob mine, the fully move even globe that the began fact which give of can the under a across And we've vehicles And of context Southwest is -- since issues to is records color had in month Rob of some that is how color

Rob Atkinson

and to the Thanks that, little question. since kilometers bit XX we've a the is it machines. above is zero injuries, the of we is thousand over Greg, every [Indiscernible] initiated up it's [Indiscernible] and more just more weeks tons. for tell with connected Tom the on certainly XXX thanks story million passing And productive. were And all

shift up round actually now awful are a year, there's we as the we've of of that possible. over going start of but by on the things XX% one We've metrics XX%, year's. work year. which achieve that of off So lot shift an the At the much hit consistent the utilized critical We're critical on. to making next last the were a important sure is particularly September, XX% good around about week is for basis XX% of trucks one which about a the and got as

already Next achieved XXX is and year's roughly out averaging Hyundai's. XXX tons a tonnage thousand about thousand We've fit. of

the the a Tom to as rough etc. still road tune of we're fine amount as and road a wells widths, it wet it's said just whether some whether conditions be weather So things, result high

very there from people got with number a terrific pleased support are of the dedicated Caterpillar. We progressing. on We've about site. things from are We've how got Caterpillar

term got date. that's But So certainly, commissioning be achieved commissioning, havoc. members we system quickest EHS I'll to some played the still are think things been in well. we've honest. rain progressing But of of any the being

east far every so to at the get presenting are things that tons middle as running right. record expert I it's week, [Indiscernible] causing better. And said exceptionally running And well and

next will particularly performing well. confident the that truck expedite into around know Quarter, tons the for deliver as is So both year fleet enter Fourth and we're to we which

Greg Barnes

mean I'm sure Rob. what not XX% EU

Rob Atkinson

And often that. work. seeing running, it's typically Tony delays, operating productive the things humans is how the that them Basically, to doing if of Greg. got the is breaks, get Sorry, one of we you've key key like you've toilet EU one you've reasons went truck 's, lunch essentially got you your And typically -- got

Tom Palmer

is EU an The effective utilization, Greg.

Greg Barnes

for human's the versus autonomous what's so targeted guess. Okay, EU I fleet the fleet,

Rob Atkinson

lower certainly that, way or to achieve in And trying justified planning that. the target we tile XX%. certainly It a that on it we is be will is be would

Greg Barnes

the achieved already then? rate you've targeted So

Rob Atkinson

inter No. We've shift have the levels, [Indiscernible] been we running achieved averages XX, where just XX%. that that

we insights, we're improvements, be for said will day hitting further day So passing confident those and next getting year. out there further as up with each shift, in I'm very this I targets

Greg Barnes

Okay, you. great. Thank

Rob Atkinson

Thanks Greg.

Operator

Josh next question of ahead. Wolfson Please from Capital comes go Markets. RBC The

Josh Wolfson

my questions. you the pretty much I very XXXX taking appreciate for the Thank for beyond disclosure expectations. the

reduction results, operating you expected the cost previously continue. potential improvements are that Looking and kind there future to well. there some guidance, trajectory of as should they in There's at expect and at offset reduction then, seeing were that Or years expectation there down by XXXX. going a the sector, we're trends year a mean the When 'XX big X XXXX the -- look thereafter you that step existing to into we some trends longer-term? of is some these be in the still just for

Tom Palmer

Thanks, and morning. Josh good

We'll inflation about, industry about the still all You purchase that the it the coming it's to Newmont at at [Indiscernible]. in with as reinvestment how of to our predictable we've that now a improvements add the been with Newmont. in study, because to costs because it commissioned, when is the see about very talking of was continue autonomous as Boddington Because Rob the autonomous going improvement now purchase, cost haulage being see can talking of of is business certainly out on back system, associated came the you choose a automation escalation I just

that all over have COVID investments the deliver at much being guidance costs we'll answers commission top projects plus each Ahafo X [Indiscernible] the the shut key will and we're are better more. the efficiently. producing some much year those can improved made and how seeing so North, those be [Indiscernible] costs and will sulphides, [Indiscernible] Yanacocha The North We yields all the we're that development will as period. method improvements we're What is opening margins. see more a for Yanacocha Subika, sitting underground come and bring of consequence investments seeing and in of sulphides Ahafo is investments X been mining -- from NIM What we because servers the delivering at delayed other making on

a development will we spend. 'XX through 'XX significant So capital see and

that a of 'XX see we in it's it haven't at fact, that, And significant capital part executed development we from 'XX, of that through investment, slight to stacking capitals development 'XX, our -- we better a business. ounces start 'XX managing and projects. generation, so private investment be will spend rate really later in the coming Newmont benefit when In up the 'XX, of some consequence own terms -- some and A about delay in of margin most with those or say to

Josh Wolfson

sequencing for you. we about the reasonable that? assume? And projects then of similarly, some it maybe capital be numbers like sustaining thinking number to on Sulphides, capital be And baseline should numbers thank it been higher the has that obviously term should of with existing the Okay, changes how longer and Yanacocha a is sounds

Tom Palmer

that Just at a -- might look sustaining a about all billion portfolio year for a year of a capital business and dollars be really plan. XXX be has MSRs another is that XXX

spin steady a for So MSRs a pretty it's XX portfolio that around billion.

for For to the Ahafo and market provide Rob, Telmar capital, more North. but color, development expansion those just to

Rob full Some fund cover in. we're COVID obviously, those of the half factors get see due Sulphides, will that got impact I to to locked Yanacocha cost, mixed. delighted the is second we've to to the

specialized which the continuing in and plants slots. locking the We detailed the We engineering. likes. the do do oxygen procurement, likes for They're all path continue to factories and critical steel to is

Yanacocha are terms in Panama then in And sulphides de North -risking cost. of [Indiscernible] this environment. We

Rob Atkinson

Thanks so Tom. much

of a reaming In cost of majority that, engineering progressing around you the time the and hide fixing do. could that mine to channeling The inside very you of terms is need high well shafts. of where what to level confidence degree and is vast around and the the

we've because post COVID Australia biggest in is terms labor The challenge all being progress, well we've delays you a gain of And Dean what nature [Indiscernible] where pre the the was see in there is of So making certainly it a They are. at key. think of But Ahafo seeing and also But business. that, and we I equipment over but us. in its And orders rates. recruitment the engineering and the or so managed. North, very engineering is progress at got confidence. contained. high by said, point And moment. work the terms that's the don't overly at we're The that's so speak. bit I confident level. we potential high this And manufactured we're [Indiscernible]. in all-in-all goes as are anything a we've being in that way its got And contingency time good then got not partner thoughtful of got around degree [Indiscernible] the worrying is said and so -ordered as of That's we've little the well of engineering costs again, a fixed world majority

Josh Wolfson

much. very you Thank

Tom Palmer

Thanks, Josh.

Operator

The comes of from Tanya ahead. next question Jakusconek Scotia go Please Bank.

Tanya Jakusconek

Boddington EU clarify what you assets Good performing make dropping. you us, taking on Rob, and much I on with just understood Because that I just my automated road and didn't trucks Greg morning, that the either, keeping and to you keep behind clean, the again, rain, expect? I know everyone. Thank so wanted can for just but was these questions. hopefully clear are they as sure kept to

the that just with it just I'm if Caterpillar? we've stopping than So wondering cleaned like taken issues out we've out

Rob Atkinson

Yes.

ever time reasons I than very been the to had compared [Indiscernible] have In found system terms volumes do built that from to communication we in the the the out techniques But it manage things and of the rocks there's especially going are issue, coming trucks in roads, washers it done is are the very there things they've be get and do have the terms And is new are that communication to to whether [Indiscernible] it'd well, there's to lot feedback time of whether deep growth. that be which stop. whether rafting, certainly shape roads if issue a from where those etc. [Indiscernible] able that the some into pickup being fuel you in be we a communication detail, these of a some of for road, be bounds, general mine better

is huge for is still manage in future. in we're thing something see very still but side, continue experience what on done team that only for the amounts in plus in the technology the tenure what good we routing there raining. of all-in-all, that's has talk up we'll will about there attention to But a us good shape certainly shape, shape. amount work And sets good are the that's well man So an work. enormous of and The it's getting the seasons here

October. tenure required to even a we're November enter the and a record is the March, building from very during levels into summer see don't have in April, that Burlington, to So next tuned Western beyond. the performing on In set about And levels similar and [Indiscernible] a sky is [Indiscernible] up about run just over at to Australia. so you system cloud months X well in through or

Tanya Jakusconek

on getting right? top we're And grades that, of better

Rob Atkinson

hog Sitting top the right [Indiscernible] on of component. in rides the

Tanya Jakusconek

some just that Panama in just on mentioned, Rob deferred? Australia. on it you share to maybe Can what change to and XXXX million been mentioned take expansion think not Tom being details more in impacted like deferral And that just And and with $XXX there Capex should which there. maybe the has timeline. capital for $XXX I so no it you exactly us the has similar going -- add clarity is to capital, be was I XXXX, like of

Rob Atkinson

'XX. going all It's cover spending of really of the cash-pay the in [Indiscernible] the going completing reasoning And 'XX is is starting and not to terms it terms work, around spread over the In shafts. to 'XX. and to key

a 'XX to consequence spread this more a [Indiscernible] levels currently of next just levels on bit terms sitting a as the over Spain in And 'XX of projects track. be much see will be capital that, of years you you'll bit XX little on So of of And is So of X work to rather into Spain guarding what a XX. the capital capsule very the next little other That tended couple schedule do is in will than each what and still year. more key question, to bit broader top little 'XX. that similar in we what similar development

Tanya Jakusconek

have Okay. just helpful. questions -- on you you. then, Great, and for Tom, that's I'll two

chain supply what seeing, that's and like disruptions. the mentioned to You've I'd on clarity question. first get better you're

can for are a we And these reserves price, for and the have given come costs higher second you next prices resources adjusting structures, for also, year? we price gold at The gold gold guidance for question higher see looking inflationary the seeing we year? next cost are through as your you is, pressures

Tom Palmer

Tanya. Thanks

try will to if and continue seeing. so reserve we'll to is to time making grades mine and mine and at cut my we're That resources start very a try We to bring decisions, we discipline, conscious ensuring then long-term and that planning planning, want XXXX. off do strategic [Indiscernible]

and next And guidance going gold that in So acquisition commented changed reserves at XXXX. to mine yes, the to next will year. All planning $X,XXX, provide $XXXX is the in we not of assumption. pretty -- resource strategic year has or seeing we in the you the And price you're at number assuming costs I for script. be is year, sustaining as this gold same much my cost

plan directionally we our Gold similar pull come start together to the in. to it's But to pulling on As parts sooner, a to Mines Nevada -- everything is moving few levels more more than had an this around at gold production for gold X% And production is price. cost it year this Drivers sitting year. $X,XXX this year. become as up than been drivers due

that So X.X a around pin to ounces until on if number, million next going you to put year. be want probably it's

standing revenue to all view continue at $X,XXX costs will of We a provide gold a products.

$X,XXX will a and to of the regard flat that $XX,XX the or should cost you provide continue fall give that we'll you our guidance to that for in reference with profile. point as So show we views

of. a you've saying fiscal talk supply During market around we're XX chain the disruption to the what that and sort to question just year

Rob Atkinson

-- main largely production. really we're up see you supply of consensus year, still products by the is that persistent that to truck is getting of the inland move pressure manufacturers, But Tom is shipping kind place COVID. is Frackville the we're And disruption the We're to the They're going to of chain driven work around. shipping. availability -- that driving and consensus the seeing drivers. this of and through the back the their just on is factories people thanks. what's way the market end on through that seeing the Can the availability availability the freight logistics,

Tanya Jakusconek

for so XXXX those then, Thank I not make at Thanks to just cost at and much. Okay. sure you adjust that. XXXX backward. and to were wanted I have

thanks So the for clarity.

Tom Palmer

for everyone's we'll And so, as got the people [Indiscernible] ready stay questions keep call if need questions available, the take Operator, the Tanya. for you've Thanks, one. on answer the long we're as we'll call, be time the going on next to and

Tanya Jakusconek

question World next from of Soni Anita go comes Markets. ahead. CIBC Your Please

Anita Soni

Sorry.

couple you're kind XXX, X.X And your production that I'm the back your -- if questions was XXX build prior still right? you as to you're going saying, of original So XXX at remain. now cash guidance a of that range your said guidance numbers to the costs low of the on and around production. end

So on And additionally, X% that to just the that seeing change. back how much to then I escalation build it up back and want XXX. X price just and

tell first? you price would could much royalties in difference fees the me how the impact So the gold

Tom Palmer

make just I I to sure understood question. want your Anita, So,

talking about XXXX? you're So

Anita Soni

said But I'm I'm looking talking midpoint old about $XX basically have ounce. the the keep just fact side. range Yes. X% like, that's that about about at mean XXXX and escalation. I'm you're the the would saying an that I talking coming on of cost

midpoint midpoint the not on because guess on I not So we're we're at production.

on So if I'd to getting and missing to XXX, trying to component to there's some difference don't be then the XXX? try back the the have that that get I higher end at build to in just

Tom Palmer

got combination gap you've in The got those XXXX. to three bridge of you've $X,XXX taxes, impact, of $X,XXX production our and number So our and your production inflation between got you impact X% about royalties. then will taxes the

Anita Soni

$XX that to $XX about Is impact royalty the Is ounce? per

Tom Palmer

No, XX. least at more,

Anita Soni

then some just I'm autonomy -- of expected you per would've plane? sorry, being economize way $XX in pushed matter my questions deferring XXXX. Is you're of deferral up it the for perhaps XXXX?trend to X -- just a or or really consistently so Okay. [Indiscernible] ton it deferral, [Indiscernible] the XXXX, the And that my is million if there works million deferring that that the I X.X Capex the is $XXX ounce. XXXX that just into go maintain and to I'm some out offset?

Tom Palmer

three look 'XX Ahafo North to we'd pushes then issues see And there's combination No, it's that in that with around and we then moving development in numbers for development was the moved to cells it's to capital that way in 'XX. essentially similar more you Newmont but in 'XX, a moving number, then 'XX to in 'XX. 'XX at some a that rights some capital what spin overall of if and and shared some where, Yanacocha It's moving similar Sulphides and And portfolio 'XX more 'XX. out from into to has ends when with go Panama 'XX. up 'XX the in our 'XX

Anita Soni

it it Sulphides the hasn't decision? And guide in will that -- continue the new include funds to not December, really spend, gotten Is Yanacocha full because

Tom Palmer

No.

that a their is in coming in beyond. current 'XX benefit updated spend spend included is funds The our to Sulphides of We delay view 'XX, really -- December. good at with gold guidance. of production the our and the Sulphides copper that already five-year in of of number year at the Yanacocha include production, look of half will will copper of and so get second We and in very timing gold into nature the when in Yanacocha you full the the process that small guidance profile. you a our approval project early be a understand is

see the benefit guidance. not the So the five-year we're in see we're but going to going spend, to

Anita Soni

the for includes the that in next your capital Yanacocha $X billion spend you have the Sulphides reiterate to spend the intense next Just year? years X

Tom Palmer

does. it Yes,

Okay.

Anita Soni

Thank Alright. you.

XXXX, that and of Sorry. spend? point the that includes to Yanacocha sulphides what profitable also more actually And the the I'm probably fall

Tom Palmer

right. That's

guidance So of development in what items seeing Yanacocha Sulphides. Panama you includes year ticket are Ahafo our of out current capital and North to the spend X big

Anita Soni

you. Thank Okay.

Operator

next go The Brian Raymond of Please question McArthur ahead. comes from James.

Brian Mc Arthur

Good morning.

to question there, think it's other one wanted follow but I you up answered just I thing just congress. on my

in trying there's value other to about this triggered that there's still do now with that out is. as to equipment stuff? fear this, XX trying do assume what's any I'm XXX this or and or figure and anything? anything you can just X just else. the XX then in clarity something transaction have to there's government changing of boxes. Second, But So I I there exactly where million if sulphides, I'm What to there equipment book So, X, on questions. use there sold analysis, for what nasty stuff equipment Yanacocha on Is XXX you talked

Tom Palmer

to take And and I'll Brian. talk Thanks, the to first you [Indiscernible] value. book

the is dam. of -- quite million $XXX the we value that's So the and reserves that. And then there it's constructed deposit significant

valued. Thomson and on. nobody? need is maintenance They very still time, pieces once had and there all we large Savory? the middle other them on condition. in bits and infrastructure mill. It's them good going And upon course so were for a because it's it know of variant. do to that We're that we ore body care a once So

mill it the In fact, largest at the time world. in was the

buy piece of And in so it. unique it's who quite equipment of terms would and that use

So to place to had a approach mill. sell when the you opportunity that an because we had that equipment to buy from somebody sell it, take they then,

hands. studying mill of side we're costs involve a So coming door still tom the timing the middle. some large it different, really that in from flush, We time off wouldn't to shape in someone maintenance off with care say, to very [Indiscernible], The knocking development which to your interested at very future. taking be and flush but any is will

for to a approach book to money, somebody of you do want us trigger question. take equipment has So piece wars. values and talk unique to to some Nancy who an quite is get that the for prepared

Nancy Buese

on Yes, of that. loss than value truly carrying time over represents just held actual triggered period minus what was the some that the the it. more there nothing book the really for the but And quite It's by time. sale depreciation we just been for

Brian Mc Arthur

very much. Great. Thank you

Tom Palmer

Brian. Thanks,

Operator

The Danielle go comes next from Bernstein. Chigumira of Please ahead. question

Danielle Chigumira

question. for and my morning thanks Good taking

the major of wanted first [Indiscernible] fact kept $XXX the versus clarity inflate, overall tightness and the from but that some wont that confidence gives that, quadrant. million markets just given That's what seeing Capex, the the follow-up budget the question. to we're the previous at have the we And Capex on expansion. in budgets selling? you I Another delayed get flat overall

Tom Palmer

put shaft I'll we're now, Thanks, you and Telmar the in Rob. to at expansion a quite Daniel. that where across a activity the of various supporting kick-off project contracted consultants that really serious nature prices with infrastructure it. number months shaft prices of concrete the around takes And The cereal very along largely pass as of just shop to dedicated wall [Indiscernible] and the with same-center the to having the end

[Indiscernible] given So you've amount of in mobilized but progress of during front terms And of that front us. that? bit we in work, were cover that amount and clear the in to to in work terms now. pathway the the around the that Rob, got do should contract done of made of do want we've you clarity the put clarity on have business contracted a confidence But your in got to because of base the on we saw us, and we've shade have very

Rob Atkinson

been continues, need making station presentation that we the we am the and maintain lining. power to Daniel, the in the so has to keep expertise bolt do done, is as little ground, progressed on we finished I to the on [Indiscernible] extensions to Tom frame that we a that's and come haven't that sure you the is really of the stop the just do hold building in and well, we more have picture anything shaft bit a see chamber reaming -- got that, said, it -- will crusher refrigeration can well, head it along and

things. key The will people to country rights first some -- the And to basically able a clearly to trajectory be whole [Indiscernible] XX+% nature Daniel risks of make to that's to being are thing of boarders have able of the front move on drop now get in the had quarter. site arms with to NII and a to very the start through do select being challenges the clear the as the some mid-XX% work. in the do And in the So work is you across much and vaccination up mine work. And -- around run away the that of we'll country. to the through the for the to those the people Australia are in

Danielle Chigumira

you. very on That's And useful. different track. a Thank completely

does have For new September impact impact terms Penasquito, the law labor at you you all? that in subcontractors, seen of limitating in introduced of any

Tom Palmer

now a have None and fully but whatsoever, running we Daniel some effect Penasquito hitting is like really comply we strengths. requirements, size, it as supposedly is with

Danielle Chigumira

Thank you. That's useful.

Tom Palmer

Daniel. Thanks,

Operator

ahead. Please comes question go Adam from next The KeyBanc. Josephson of

Adam Josephson

experienced and for that the doing year, on much similar Appreciate morning, in feel about you've production growth Thanks next last what comments everyone. seen what this what you forecast in for X% somewhat you XXXX outlook my that your taking along year? year, light you've do so. questions. Tom, Good very this you're far aligns, next you for year, gives confidence gave thus December how of given

Tom Palmer

contributors. a important confident looking for Thanks, assets for production the that it's next market [Indiscernible] And all constraints number which the look Australia, at that The Boddington. [Indiscernible] world-class issue [Indiscernible] we're Hot my the have and the at labor wider areas more year. it's so at of Adam. Boddington, is COVID in and largest [Indiscernible] that is of I just in are just numbers Very we number number so Boddington [Indiscernible], that restrictions. worst about cost had through they've area around

coming vaccines very rolling [Indiscernible], that as didn't just fleet, mining Australia, total had very, two It so up trucks, that If we much that number mitigated confident. by in set very very exits production HAFFA you those in on we've a big stream area in have mason underpinned that at Ghana. the staff speak. underground A for with Ghana, now

distribute. As into Danielle to I but thousand Penasquito, work. mentioned mentioned in that comments, their vaccines to my looking and just Not I workforce, in we only live a the communities which XXX and our we're families 's

Rob Atkinson

is vaccination We'll world-class Column, weeks. along last XXX%. pit running on on our And Quarters [Indiscernible] Their question, is a of a couple it engine with gold Pivotal in [Indiscernible] of deliver streps essentially there few X fully then that room big really is We'll that the expect rights Newmont. are and the continue rich, VAO. color had We hitting those well, lines. to down divide the IHO. assets of commitments. a

for run that to up that going deliver Dominican assets I can multipiece been so well, XXXX, confident mentioned will will live you on impact. that's is for COVID awhile. to the operation, be XXXX continue an -- have with to I'm there the ability considered. assets It's production [Indiscernible] return be does will Republic So as at to return Sorry, to us on.

had we've safety of you you impact you have haven't controls. rights that couple development to other we would manage an where and as too locked health able the all have years, So do a will and been your obviously the

of the a have when flow as and outs some project. throw as XXXX, will through get spending throughput, you those development on can of that our So an well impact lines the on delays XXXX through and from some capital

'XX. So I think a you'll see 'XX impact COVID related on and

flat. fairly and And it's 'XX. So then get you'll coming than benefits some more 'XX

little delay a of bit result of as So both a COVID.

to growth shed COVID As which the in capital in in as impacts those doing operating develop development mines, as key well spend.

Adam Josephson

it point of do going cure you show along start costs, expect a what And situation lines? appreciate the least growth, next these to or that through how just it's the topic on inflation high I end consequently run of the and based cycles, inflation have last experience I X% inflation on that your wondering, - those long said, how X just the only cycles to expected economic to would you are is some call high a year. you expect? typically in eventually prices. of you what I'm And think are high and for prices you these previous that at abate is lasted? thinking inflation of prices

Tom Palmer

Thanks, of Adam, inflation. think uncharted territory I terms is these the world in

believe So, that seeing down a of say certainly and think be COVID with so pretty whether the numbers. predict? it's will to then don't And going us I typically again I going normal to all the lot out but or XX will and inflation. cyclical future XXXX in processing obviously elevated to and far be costs we into have will are a look I be outside include to predict our softwood a early structural. with? to so, will attention that too at believe income's indicators and our that they cycle to try into tend through state that's don't longer is guidance we cycle it dictate it with than going to XXXX cost lot

numbers, fully predict not It's we So would very hard that. our we'll and to accommodated talk inflation, do mid-next it year. to and just having XX beyond

Adam Josephson

that, Tom. Thank appreciate Really you.

Tom Palmer

Adam. Thanks,

Operator

to back session. for conference Palmer like closing over question-and-answer I our Tom remarks. concludes turn the would to This

Tom Palmer

months safety we open as hemisphere. particularly us. Thank world is in the and thank But for And joining starting Operator. of time your for you, thank you, everyone, to And enter please, the as and into northern health safety care loved your your please you of winter up, the everyone. the take ones,

Operator

Thank may now has you attending concluded. you today's disconnect. for presentation, conference The and now

Newmont (NEM) 28 Oct 212021 Q3 Earnings call transcript