Newmont Goldcorp profit beats on higher production as prices fall GlobeBusiness
Senior refinery technician Vincente Sandoval puts a gold 'button' into a furnace to be further refined to form gold dore bars at Newmont Mining's Carlin gold mine operation near Elko, Nev.., on May 21, 2014.U.S.-listed gold miner Newmont Goldcorp reported a higher-than-expected quarterly profit on Thursday, as a boost in gold production and lower costs countered lagging gold prices.
Gold production rose nearly two per cent to 1.23 million ounces in the quarter, but the average realized gold price fell by $26 to $1,300 per ounce.Story continues below advertisement Newmont closed its $10-billion acquisition of Goldcorp Inc last week, creating the world’s biggest gold producer with assets across the Americas, Africa and Australia.
Adjusted net income fell to $176-million, or 33 cents per share, for the quarter ended March 31 from net income of $185-million, or 35 cents per share in the same period last year. Analysts’ on average had estimated profit of 27 cents per share on revenue of $1.83-billion, according to IBES data from Refinitiv.Unchecking box will stop auto data updates
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