nem Newmont Mining posts surprise 2Q loss
The Associated Press
The Associated Press
DENVER -- Newmont Mining Corp. reported a $2.02 billion loss for its second quarter, stung by large charge mostly tied to lower gold and copper prices. Its shares slipped in premarket trading.
For the three months ended June 30, the Denver company lost $4.06 per share. That compares with net income of $279 million, or 56 cents per share, a year ago.
The current quarter included a $1.5 billion charge mostly related to lower gold and copper prices on long-term assets at the Boddington and Tanami mines in Australia. The period was also weighed down by stockpiles and ore on leach pads.
Taking out the charge and other items, Newmont lost 10 cents per share. Analysts polled by FactSet expected earnings of 42 cents per share.
Revenue declined 11 percent to $1.99 billion from $2.23 billion, missing Wall Street's estimate of $2.08 billion.
Gold production fell 1 percent, while copper production dropped 11 percent.
President and CEO Gary Goldberg said in a statement on Friday that Newmont has cut its year-to-date spending by $362 million and is on pace with previously announced plans to lower its corporate workforce by one-third.
Its shares fell 23 cents to $29.70 in premarket trading.
Read more here: https://www.miamiherald.com/2013/07/26/3522922/newmont-mining-posts-surprise.html#storylink=cpy