Newmont tops profit estimates on higher gold prices, sees steady output

Bloomberg07-24 19:53

Newmont, the world’s biggest gold miner, beat second-quarter profit estimates on Thursday after a rally in bullion prices outweighed the impact of lower output, while it forecast steady production in ...

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Operations at Cadia returned to normal levels as of mid-June.NovaGold CEO touts US$4.2B merger as firm set to be redomiciled to the U.S.Newmont said unit costs are expected to increase in the third quarter, mainly due to higher sustaining capital spend, and could also be affected by higher oil prices, while remaining sensitive to royalties tied to gold prices.The miner expects to invest US$1.4 billion of development capital in 2026.Newmont posted an adjusted profit of US$2.10 per share for the quarter ended June 30, compared with analysts’ average estimate of US$1.99, according to data compiled by LSEG.(Reporting by Varun Sahay in Bengaluru and Divya Rajagopal in Toronto; Editing by Shilpi Majumdar)Related StoriesNewmont’s Red Chris mine gets key approval for block cave transitionBarrick names key executives for North American unit post IPO‘We were expecting better from Barrick,’ analyst says after Newmont calls to fix Nevada Gold Mines","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.46.0","shortVersion":"4.46.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2653082070","isCrawlerRequest":true}