- Write by:
-
Thursday, April 25, 2024 - 17:06:19
-
87 Visit
-
Print
Newmont Corp beat Wall Street estimates for first-quarter profit on Thursday, as the world’s largest gold miner benefited from strong production and higher sales.
Separately, the company said operations at its Cerro Negro mine in Argentina have been suspended as a full investigation is being conducted after the death of two members of the workforce on April 9.
Quarterly attributable gold production in the quarter rose to 1.7 million ounces from 1.3 million ounces a year earlier, boosted through sites acquired following its acquisition of Australia’s Newcrest A$26.2 billion ($17.06 billion) in November.
Analysts had estimated a production of 1.61 million ounces per LSEG data.
Sales in the quarter were $4.02 billion, compared with $2.68 billion a year earlier.
On an adjusted basis, the Denver, Colorado-based Newmont posted a net income of 55 cents per share for the quarter ended March 31, compared with the average analyst estimate of 36 cents per share, according to LSEG data.
Shares of the company were up 6.6% in morning trade.
“We view this release as positive to the shares given the EPS beat was mainly driven by better operating performance,” Scotiabank analysts wrote in a note.
The company saw higher average gold price at $2,090 per ounce in the January-March quarter from $1,906 a year earlier, as spot prices of the precious metal rose about 8.2%.
All-in-sustaining cost for gold, an industry metric that reflects total expenses associated with production, rose to $1,439 per ounce of gold from $1,376 a year earlier.
The company maintained its 2024 forecasts, with production of 6.9 million ounces of gold at an AISC of $1,400.
Short Link:
https://www.miningnews.ir/En/News/628305
Money managers became the most bullish on gold in more than four years as prices surged to a fresh record earlier this ...
At least five people were killed and several others were missing after an informal gold mine collapsed in northern ...
More than 670 people are assumed to have died in Papua New Guinea’s massive landslide, the UN migration agency estimated ...
Thousands of people in Bougainville, an autonomous region of Papua New Guinea, have filed a class action lawsuit against ...
Record prices of gold and copper are buoying the spirits of mining leaders gathered in the Peruvian capital this week.
Solaris Resources has scrapped plans to sell a minority stake to China’s Zijin Mining Group because it feared the deal ...
Gold touched a new record of $2,450 an ounce on Monday as increasing optimism over the Federal Reserve’s monetary policy ...
The International Centre for Settlement of Investment Disputes (ICSID) ruled in favour of Peru in a decade-long dispute ...
South African diversified miner Sibanye Stillwater is discussing with lenders to temporarily lift limits on borrowings, ...
No comments have been posted yet ...