Newmont Corp. (NYSE:NEM)

Total inventories exhibited a period of relative stability between 2019 and 2022, followed by a substantial increase in 2023. Total inventory levels declined slightly from US$ 1,014 million in 2019 to a low of US$ 930 million in 2021, before rising to US$ 1,663 million by the end of 2023, representing a significant expansion of working capital tied up in inventory.

Materials and Supplies

This category constitutes the most significant portion of the inventory composition. Values remained relatively stable between 2019 and 2021, ranging from US$ 655 million to US$ 673 million. However, a notable upward trend began in 2022, culminating in a sharp increase to US$ 1,247 million in 2023. This surge is the primary contributor to the overall growth in total inventory levels.

In-process Inventory

A steady contraction was observed in in-process inventory from 2019 through 2022, with values falling from US$ 189 million to US$ 123 million. This downward trajectory reversed in 2023, with the value increasing to US$ 160 million.

Concentrate and Precious Metals

Both categories exhibited volatility over the five-year period. Concentrate levels decreased sharply from US$ 96 million in 2019 to US$ 39 million in 2020, subsequently peaking at US$ 134 million in 2023. Precious metals followed a similar fluctuating pattern, dipping to a low of US$ 59 million in 2022 before rising to US$ 122 million in 2023. The simultaneous increase in both categories during 2023 suggests a broad increase in stockpiled end-product and intermediate materials.