July 29 Newmont Mining Corp reported a
marginal rise in second-quarter earnings on Tuesday due to an
increase in gold and copper production during the quarter.
The biggest U.S.-based gold miner said adjusted net income
rose to $101 million, or 20 cents per share, in the quarter,
from a loss of $90 million, or 18 cents per share, in the same
period a year ago.
Analysts expected Colorado-based Newmont to reported
adjusted earnings of 19.4 cents a share, according to Thomson
Newmont raised gold production forecast by 2 percent to 4.7
million to 5 million ounces for 2014. It also expects to produce
between 90,000 and 100,000 tonnes of copper in 2014.
The company, which halted production at its Batu Hijau
copper mine in Indonesia last month and has not been able to
export for six months due to a dispute with the government, said
"timing and outcome of a resolution in Indonesia is difficult to
Newmont said last week it is negotiating an agreement to
restart exports, but an Indonesian official denied any talks had
"We continue to work with the Indonesian government to find
a fair solution that allows us to resume normal operations as
quickly as possible," Gary Goldberg, Newmont's president and
chief executive officer said in a statement.
The company, which also has mines in North and South America
and Asia, produced 1.2 million ounces of gold in the second
quarter, up 5 percent from same period in 2013. It produced
20,200 tonnes of copper against 19,400 tonnes a year ago.
Earlier on Tuesday, it said it planned to invest around $1
billion building a gold mine in Suriname.
All-in sustaining costs for gold were $1,063 an ounce in the
quarter, down from $1,283 per ounce in the same quarter a year
ago. Newmont is one of the higher-cost North American gold
Realized gold prices fell to $1,283 an ounce in the quarter
from $1,386 per ounce in the second quarter of 2013.
U.S. listed Shares of the Denver, Colorado-based gold and
copper miner rose about 1 percent after market.
(Reporting by Nicole Mordant in Vancouver and Shashwat Pradhan
in Bangalore; Editing by Lisa Shumaker and Eric Walsh)