DENVER ( TheStreet) -- Newmont Mining ( NEM) rode gold's epic rise during the second quarter to post strong year-over-year profit and revenue gains, but the quality of ore grades at an important new mining project in Australia turned out worse than expected, causing the company to miss Wall Street profit targets when it reported results Wednesday.Newmont, the largest U.S.-based gold miner, reported adjusted income of $377 million, or 77 cents a share. Analysts were calling for the company to post 84 cents a share. Sales amounted to $2.15 billion in the quarter, also missing the consensus estimate, which was targeting $2.22 billion. A year ago, Newmont earned $211 million, or 43 cents a share, on revenue of $1.6 billion, which means the company's bottom line surged by 79% and its top line by 34%.
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