TORONTO (miningweekly.com) – NYSE-listed Newmont Mining on Thursday reported a narrower adjusted net profit, mainly owing to fewer ounces sold at lower prices, for the three months ended December 31.

The Denver, Colorado-based company reported net income excluding special items for the period under review of $86-million, or $0.17 a share, compared with $143-million, or $0.28 a share, for the comparable period a year earlier.

Analysts had on average expected adjusted earnings of $0.10 a share from Newmont, the world’s third largest gold producer by company valuation.

The largest adjustments to net income in the quarter included a loss from discontinued operations, as well as asset sales and tax valuation allowances mainly related to the sale of Newmont’s stake in the Penmont joint venture, which was completed on October 7.

Net income attributable to shareholders from continuing operations was $39-million, or $0.08 a share, compared with a net loss of $1.2-billion, or $2.39 a share, for the comparable quarter, when the company wrote off the value of 11% of its gold reserves owing to the lower gold price.

Revenue in the fourth quarter was $2-billion, compared with $2.2-billion, down mainly on the back of lower gold and copper prices and divestments.

Gold sales declined 7% year-over-year to 1.43-million ounces, at an average realised price of $1 194/oz, down from $1 267/oz in the comparable quarter of 2013.

Newmont also recorded sales of 123-million pounds of copper at an average realised price of $2.55/lb, down from $2.96/lb in the previous year.

The company reported attributable output of 1.26-million ounces of gold in the fourth quarter compared with 1.45-million ounces in the prior-year quarter, mainly owing to the impact of divestments.

Attributable copper output was 28 700 t in the fourth quarter, compared with 21 600 t in the same quarter of 2013, and 86 500 t for the full year, up from 81 400 t in 2013. Copper output increased 6% year-on-year owing to a full year of production from the Phoenix copper leach project, in Nevada, and slightly higher copper output at Boddington, in Australia, offsetting lower-than-planned output at Batu Hijau, in Indonesia, resulting from a four-month shutdown as a result of export permit issues.

Newmont reported an all-in sustaining cost (AISC) metric of $927/oz of gold in the quarter, down from $1 043/oz in the comparable quarter. For copper, the AISC was $2.39/lb in the period, down from $4.74.

The company noted an improved outlook for the year, expecting attributable gold output of between 4.6-million and 4.9-million ounces in 2015, compared with 4.85-million ounces of gold for 2014, at costs applicable to sales of between $660/oz and $710/oz, and AISC of between $960/oz and $1 020/oz in 2015.