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UPDATE 1-Newmont earnings beat market expectations, cuts cost outlook

Published 2015-10-28, 05:16 p/m
© Reuters. UPDATE 1-Newmont earnings beat market expectations, cuts cost outlook
NEM
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(Recasts with comparison to analyst forecast, cost outlook,
other metrics)
Oct 28 (Reuters) - Newmont Mining Corp (N:NEM) NEM.N , the biggest
U.S.-based gold miner, reported lower earnings on Wednesday but
the results were better than the market expected on the back
higher gold production and lower cost.
Denver-based Newmont also improved its cost outlook for the
year and announced it would expand its Tanami gold mine in
Australia. urn:newsml:reuters.com:*:nL1N12S34N
Newmont said its net income from continuing operations was
$202 million, or 38 cents a share, in the quarter ended
September 30, from $210 million, or a 42 cents a share, in the
same period a year ago.
Adjusted net income was $126 million, or 23 cents a share,
ahead of analysts expectations of 17 cents, on average,
according to Thomson Reuters I/B/E/S.
Newmont lowered its forecast for all-in sustaining costs
this year to between $880 and $940 an ounce. Its previous
forecast was for costs of between $920 and $980 in 2015.
It left its 2015 production forecast of 4.7 million ounces
to 5.1 million ounces unchanged.
In the third quarter, attributable gold production from
Newmont mines in the Americas, Australia, Asia and Africa rose
to 1.34 million ounces of gold and 48,000 tonnes of copper in
the quarter. That compares with 1.15 million ounces of gold and
13,000 tonnes of copper in the third quarter of 2014.
All-in sustaining costs to produce one ounce of gold
improved to $835 an ounce in the third quarter from $995 in the
same quarter a year ago.
Newmont's stock is down 0.7 percent this year, one of the
best-performing among large gold miners this year and slightly
ahead of the S&P/TSX Global Gold Index .SPTTGD , which is down
1.3 percent since January.

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