UPDATE 1-Newmont Mining posts Q4 loss, hurt by weaker gold prices
Feb 20 (Reuters) - Newmont Mining Corp posted a fourth-quarter loss on Thursday, hurt by lower gold prices and impairment charges, and said its capital expenditure in 2014 would be 25 percent lower than last year.
Newmont said it had reduced its gold reserves by 11 percent to 88.4 million ounces for 2013 due to reductions in gold pricing. The company also reported a 15 percent fall in copper reserves.
The company said it expects gold output of 4.8 million to 5.2 million attributable ounces in 2015 and 2016.
The miner had cut its quarterly dividend by 25 percent to 15 cents per share on Wednesday.
All-in sustaining costs for gold were $1,032 an ounce in the quarter, down 14 percent from the prior year quarter.
Its fourth-quarter net loss from continuing operations totaled $1.26 billion, or $2.34 per share, compared with a profit of $669 million, or $1.30 per share, in the same period a year ago.
Revenue fell about 12 percent to $2.2 billion.
On an adjusted basis, the Denver-based company posted a profit of 33 cents per share.
Newmont has already released production results for the fourth quarter and full-year 2013 as well as output forecasts for 2014.
The Denver-based miner, which is the world's third largest gold producer by market value, expects to produce between 4.6 million and 4.9 million ounces of gold this year, down from the 5.1 million ounces it produced in 2013.
It also expects to produce between 160,000 and 175,000 tonnes of copper in 2014.
Moody's Investors Service in January put Newmont's credit ratings under review for a possible downgrade because it expects the company's earnings, cash flow and debt protection measures to deteriorate at current gold prices.
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