Newmont Mining profit drops on higher costs

Thu Nov 1, 2012 5:26pm EDT

Nov 1 (Reuters) - Newmont Mining Corp, the world's second-largest gold producer, reported a 26 percent drop in quarterly profit as production at its Indonesian mine fell and operating costs rose.

Profit fell to $367 million, or 74 per share, in the third quarter, from $493 million, or 98 cents per share, a year earlier.

Revenue at Newmont, which also mines for copper, fell 10 percent to $2.5 billion.