On July 31, the price of gold hit an all-time high of $1,952/oz and many analysts predict that it could go even higher as investors turn to gold and other precious metals as a safe haven during the time of COVID-19.

Gold mining companies around the world have benefitted from the rise in gold prices including the largest among them, Newmont Corp. The Colorado-based company announced its second quarter results and reported that its adjusted net income for the quarter was $261 million or $0.32 per diluted share, compared to $92 million, or $0.12 per diluted share in second quarter of 2019.

Newmont reported $984 million in adjusted EBITDA and $388 million in free cash flow.

Its 2020 attributable gold production remains at about 6 million oz and revenue rose 5 percent from the prior-year quarter to $2.37-billion, helped by record-high gold prices.

Newmont’s averaged realized gold price jumped about 31 percent to $1,724/oz in the second quarter ended June 30.

“In the second quarter we delivered solid financial performance with $984 million in adjusted EBITDA and $388 million in free cash flow, both substantial increases over the prior year quarter. Our focus remains on ensuring the health, safety and wellbeing of our workforce and neighboring communities as we manage through the COVID-19 pandemic. I am very proud of our workforce for the agility and resolve that they have demonstrated during these challenging times," said Tom Palmer, President and Chief Executive Officer. "We safely and efficiently executed restart plans at our mines previously in care and maintenance and Newmont’s world-class portfolio is well positioned to deliver an even stronger second half of 2020. The ongoing favorable gold price environment amplifies our free cash flow generation yet our discipline around capital allocation will not change as we continue to invest in profitable projects and provide shareholders industry-leading returns while maintaining a strong balance sheet.”

The company also provided an update on its efforts to combat COVID-19. These efforts include: Implementing effective quarantine and contact tracing procedures for positive cases and executing safe and efficient restart plans at all five sites previously in care and maintenance, including Cerro Negro, Yanacocha, Éléonore and Peñasquito and Musselwhite.

Because of COVID-19, the company had a reduction of about 300,000 oz in gold and 100,000 oz of coproduct from operational downtime at sites that were in care and maintenance, yet still delivered the strong second quarter.

Newmont also incurred $195 million of care and maintenance costs during the second quarter, which included wages, direct operating costs for critical activities and non-cash depreciation as well as $33 million of incremental COVID-19 specific costs for activities such as additional health and safety procedures, increased transportation and community fund contributions.

The company also reported that it had distributed $5.7 million to date from Newmont's $20 million Global Community Support Fund focused on employee and community health, food security and local economic resilience through partnerships with local governments, medical institutions, charities and non-governmental organizations