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.