https://www.miningweekly.com
Gold|Operations
Gold|Operations
gold|operations

Newmont Corp quarterly profit more than doubles as gold prices rise

29th October 2020

By: Reuters

  

Font size: - +

Newmont Corp said on Thursday its quarterly adjusted profit more than doubled, as the world's largest gold miner benefited from a rise in bullion prices after investors sought refuge in safe-haven assets due to the Covid-19 pandemic.

Gold prices touched record highs during the quarter as a slowdown in economic activity and surging coronavirus cases sent investors to the precious metal, long seen as a hedge against inflation and currency debasement.

The miner said its average realized gold price jumped 30% to $1,913 per ounce in the third quarter, while attributable gold production fell 6% to 1.54-million ounces.

Excluding items, the Colorado-based company earned 86 cents per share in the quarter, up from 36 cents per share a year ago.

Net income from continuing operations fell to $611-million, or 76 cents per share, from $2.3-billion, or $2.71 per share, in the year-ago quarter that included a $2.4-billion gain on the formation of Nevada Gold Mines.

Third quarter revenue of $3.17-billion missed an estimate of $3.29-billion, according to Refinitiv IBES data, while non-GAAP earnings per share of 87 cents beat an average of 85 cents.

Newmont on Wednesday increased its quarterly dividend 60% to 40 cents per share. 

Edited by Reuters

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (15/03/2024)
15th March 2024 By: Martin Creamer
Gold, hydrogen, mining boost make headlines
Gold, hydrogen, mining boost make headlines
15th March 2024
Magazine round up | 15 March 2024
Magazine round up | 15 March 2024
15th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.097 0.13s - 90pq - 2rq
Subscribe Now