TORONTO (miningweekly.com) – US gold producer Newmont Mining earned $558-million in the fourth quarter, compared with just $4-million a year earlier, thanks to higher gold prices and increased sales.

Excluding some items, adjusted net income amounted to $561-million, an increase of 379% from the fourth quarter of 2008, Newmont said on Thursday morning.

Revenue rose 90% year-on-year, to $2,5-billion.

The company, which achieved commercial production at its big new Boddington mine in Australia during the fourth quarter, sold 1,46-million ounces of gold and 72-million pounds of copper during the period.

A year earlier, the group reported sales of 1,35-million gold ounces and 40-million pounds of copper.

Gold sales in the last three months of 2009 were higher than expected in Nevada, at Yanacocha in Peru and at Ahafo in Ghana, offset by lower than expected sales from Boddington in Australia, Newmont said.

Costs applicable to sales were in line with expectations, at $413/oz of gold, 7% lower than the same period a year ago, and copper costs also eased slightly, to $0,64/lb.

Newmont realised an average gold price of $1 102/oz in the fourth quarter.

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