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Newmont Mining posts surprise loss on lower gold, copper prices
July 26, 2013 / 6:05 AM / 4 years ago

Newmont Mining posts surprise loss on lower gold, copper prices

July 26 (Reuters) - 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 its dividend.

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 costs.

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.

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