Gold miner Newmont Mining reported third-quarter results today after the markets closed, showing that it posted revenues of $1.98 million, a dizzying 20% drop from the same period in the previous year, and just shy of the $2 billion Capital IQ consensus estimate.

While adjusted net income came in at $227 million, or $0.46 per share, nearly cut in half from $426 million, or $0.86 per share, in the same period in 2012, it was $0.11-per-share better than the CapIQ estimates of $0.35 per share. It also said all-in sustaining costs of $993 per ounce could be expected, though they would be down 16% from the year-ago period.

Newmont says that, while production was better in Nevada as well as Down Under, gold and copper were hurt by declines running as high as 20% and 13%, respectively. The miner now expects to be at the low end of its previously announced guidance for gold of $750 and $825 per ounce, including stockpile writedowns.


The gold miner previously said it was maintaining attributable gold production outlook of 4.8 to 5.1 million ounces, but its attributable copper production has been revised to 135 to 145 million pounds.  

Newmont's board of directors also approved a fourth-quarter dividend of $0.20 per share based upon the average London P.M. Fix of $1,326 per ounce for the third quarter, as laid out in the gold miner's  gold price-linked dividend policy of $0.20 per share .

The article Newmont Mining Beats Big on Bottom Line originally appeared on Fool.com.

Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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