Skip to Content
Global News Select

Newmont Profit Almost Doubles in 2Q as Gold Production Rises

By Adriano Marchese

 

Newmont Corp. said Thursday that profit nearly doubled in the second quarter, benefiting from higher or resumed production from mines that were previously working at reduced capacity or temporarily shut down due to the Covid-19 pandemic.

The gold miner said earnings per share were 81 cents, up from 43 cents in the comparable quarter a year ago.

Net income was $650 million, compared with $344 million a year ago.

In the quarter, the company said attributable gold production rose to 1.45 million ounces from 1.26 million ounces, at an all-in sustaining cost of $1,035 an ounce, down from $1,097.

The company credits the increase to higher production from sites that were placed into care and maintenance or that had reduced operations due to the pandemic.

Adjusted earnings were 83 cents a share, beating analyst consensus expectations of 79 cents a share, polled on FactSet.

Sales rose to $3.07 billion from $2.37 billion.

The board declared a quarterly dividend of 55 cents a share.

 

Write to Adriano Marchese at adriano.marchese@wsj.com

 

(END) Dow Jones Newswires

July 22, 2021 07:39 ET (11:39 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.