Newmont Stock Drops On Cut Copper Production View
DENVER (AP) â¿¿ Shares of Newmont Mining Corp. slipped Friday after the gold and copper miner cut its copper production outlook for the year.
The Denver company said late on Thursday that it expects to product 135 to 145 million pounds of copper this year, down from an earlier view of 150 to 170 million pounds due to lower-than-expected production at one mine and a lower-than-expected ore quality from another.
Newmont did not change its view on gold production.
The company is scheduled to report its third-quarter results on Oct. 31.Shares fell 68 cents, or 2.6 percent, to close at $25.62 Friday. Shares of several other big gold miners fell Friday amid a drop in gold prices.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV