July 26 U.S. gold miner Newmont Mining Corp
plunged to a second-quarter loss following a non-cash
charge of $1.8 billion for lower gold and copper prices and cut
The net loss attributable to common shareholders was $2.01
billion, or $4.06 per share, from a net profit of $279 million,
or 56 cents per share, a year earlier.
Adjusted to remove one-time items, the loss was $50 million,
or 10 cents per share, missing analysts expectations of a profit
of 42 cents per share, according to Thomson Reuters I/B/E/S.
Revenue fell 11 percent to $1.99 billion.
Newmont, which pays a quarterly dividend that varies with
the price of gold, declared a payout of 25 cents a share
compared with 35 cents in the previous quarter.
Gold prices have fallen sharply so far this year, hitting a
near 3-year low around $1,180 an ounce in late June and
prompting gold producers to slash capital spending and other
Denver-based Newmont said in June that it would reduce its
workforce in Colorado by at least 33 percent, in an effort to
streamline operations and create more value for shareholders.