Newmont Corp. Thursday recorded higher revenue in the latest quarter as gold production declined but the average price per ounce climbed.
The Greenwood Village, Colo.-based mining company logged a third-quarter profit of $839 million, or $1.04 a share, compared with a profit of $2.18 billion, or $2.65 a share, in the same three-month period a year earlier.
On an adjusted basis, Newmont’s profit was 86 cents a share. Analysts polled by FactSet were expecting an adjusted profit of 84 cents a share.
Revenue was $3.17 billion, up from $2.71 billion in the same three-month period a year earlier. Analysts had forecast revenue of $3.25 billion.Attributable gold production declined 6% year over year to 1.5 million ounces due to coronavirus-related effects at three mining sites, Newmont said. The average realized price of gold rose to $1,913 an ounce, an increase of $437 an ounce compared with the price in the year-ago period.The company […]
October 29, 2020 (updated October 29, 2020) Published by StockMan