Newmont Beats Quarterly Profit Estimates on Higher Production

Reuters04-25

April 25 (Reuters) - Newmont Corp beat Wall Street estimates for first-quarter profit on Thursday, as the world's largest gold miner benefited from strong production. The shares gained 3.8% in premarket trading.

On an adjusted basis, the company posted a net income of 55 cents per share for the quarter ended March 31, compared with the average analyst estimate of 36 cents per share, according to LSEG data.

The Denver, Colorado-based Newmont's quarterly attributable gold production rose to 1.7 million ounces from 1.27 million ounces a year earlier, boosted through sites acquired following its acquisition of Australia's Newcrest A$26.2 billion ($17.09 billion) in November.

Newmont also saw higher average gold price at $2,090 per ounce in the January-March quarter from $1,906 a year earlier, as prices of the precious metal have increased by about 8.2%.

All-in-sustaining cost for gold, an industry metric that reflects total expenses associated with production, rose to $1,439 per ounce of gold from $1,376 a year earlier.

($1 = 1.5328 Australian dollars)

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