) quarterly profit fell 30 percent on lower gold and copper
production, and the world's second-largest gold producer narrowed
its full-year production outlook.
Net second-quarter earnings fell to $279 million, or 56 cents
per share, from $387 million, or 78 cents per share, a year
earlier.
Adjusted earnings were 59 cents a share.
Sales fell 6 percent to $2.2 billion, said the Denver-based
company, which operates mines in Indonesia, Ghana, Peru, Australia
and Nevada.
"Second-quarter gold production was impacted by annual planned
mill maintenance in Nevada and lower gold and copper production
from Batu Hijau in Indonesia, as we continue with the planned
stripping of Phase 6," Chief Executive Officer Richard O'Brien
said.
Newmont's shares were down over 4.5 percent at $44 in extended
trading on Thursday. They closed at $46.09 on the New York Stock
Exchange. (Reporting By Thyagaraju Adinarayan in Bangalore; Editing
by Sriraj Kalluvila)
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nemmont had bad report, down 1.62 in after hrs
GDX Renko
Posted by 8899 on 26th of Jul 2012 at 06:54 pm
Gold miner Newmont's profit slumps
— 6:12 PM ET 07/26/2012
(Corrects paragraph 2 to clarify that the company reported second-quarter results and not first quarter)
July 26 (Reuters) - Newmont Mining Corp's ( NEM
Net second-quarter earnings fell to $279 million, or 56 cents per share, from $387 million, or 78 cents per share, a year earlier.
Adjusted earnings were 59 cents a share.
Sales fell 6 percent to $2.2 billion, said the Denver-based company, which operates mines in Indonesia, Ghana, Peru, Australia and Nevada.
"Second-quarter gold production was impacted by annual planned mill maintenance in Nevada and lower gold and copper production from Batu Hijau in Indonesia, as we continue with the planned stripping of Phase 6," Chief Executive Officer Richard O'Brien said.
Newmont's shares were down over 4.5 percent at $44 in extended trading on Thursday. They closed at $46.09 on the New York Stock Exchange. (Reporting By Thyagaraju Adinarayan in Bangalore; Editing by Sriraj Kalluvila)