Tags: Newmont | Mining | Profit | Metals

Newmont Mining Profit Falls on Lower Metals Prices, Output

Thursday, 30 Oct 2014 05:51 PM

Newmont Mining Corp. reported a smaller third-quarter profit on Thursday as gold and copper prices and production fell.

The largest U.S.-based gold miner said attributable net income from continuing operations was $210 million, or 42 cents a share, in the quarter, down from a profit of $419 million, or 84 cents a share, in the same period last year.

Adjusted net income was $249 million, or 50 cents per basic share, compared with $217 million, or 44 cents per basic share, in the prior year quarter.

Newmont, which has mines in North and South America, Africa, and Asia, produced 1.15 million ounces of gold in the third quarter, down from 1.28 million ounces in the same period of 2013. It produced 13,700 tonnes of copper versus 19,200 tonnes in the year-prior period.

Newmont said its all-sustaining cost for producing an ounce of gold was $995 an ounce in the quarter, down from $1,018 per ounce in the same quarter of 2013. But copper costs jumped to $6.61 a pound from $3.24 a year earlier.

The price Newmont received for its gold dropped to $1,270 an ounce from $1,322 an ounce in the third quarter last year.

© 2017 Thomson/Reuters. All rights reserved.

 
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Newmont Mining Corp. reported a smaller third-quarter profit on Thursday as gold and copper prices and production fell.
Newmont, Mining, Profit, Metals
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2014-51-30
Thursday, 30 Oct 2014 05:51 PM
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