US-listed gold miner Newmont Goldcorp reported a higher-than-expected quarterly profit on Thursday, as a boost in gold production and lower costs countered lagging gold prices.
Gold production rose nearly 2%to 1.23-million ounces in the quarter, but the average realised gold price fell by $26 to $1 300/oz.
All-in sustaining costs to produce an ounce of gold fell to $907 from $943.
Newmont closed its $10-billion acquisition of Goldcorp last week, creating the world's biggest gold producer with assets across the Americas, Africa and Australia.
Adjusted net income fell to $176-million, or 33c a share, for the quarter ended March 31 from net income of $185-million, or 35c a share in the same period last year. Analysts' on average had estimated profit of 27c a share on revenue of $1.83-billion, according to IBES data from Refinitiv.
Total sales fell to $1.80-billion from $1.81-billion.