Newmont Mining Profits Rise 38%
DENVER (
) --
Newmont Mining
(NEM) - Get Report
said third-quarter earnings rose 38% and it is slightly narrowing its 2010 outlook for gold production.
Newmont said Tuesday it earned $537 million, or $1.09 a share, in the third quarter, from $388 million, or 79 cents, a year earlier. Adjusted net income was $534 million, or $1.08 a share.
Revenue rose to $2.6 billion from $2 billion a year earlier.
Analysts surveyed by Thomson Reuters expected Newmont to earn 95 cents a share on revenue of $2.37 billion.
Gold operating margin in the quarter rose 61% ($744 an ounce) from 58% ($60 an ounce).
Newmont said equity gold production in the quarter was 1.4 million ounces at costs applicable to sales of $477 an ounce. Copper production was 83 million pounds.
Newmont said it was narrowing its previously announced 2010 outlook for equity gold production to 5.3 million to 5.4 million ounces from its previous forecast of 5.3 to 5.5 million ounces. Newmont also updated its outlook for costs applicable to sales to between $485 and $500 an ounce in 2010 from between $460 and $480 an ounce on the higher price of gold and a weaker U.S. dollar.
-- Written by Joseph Woelfel
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Joseph Woelfel
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