Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  Newmont Mining Corp    NEM

News SummaryMost relevantAll newsSector news 

Newmont Mining Corp : Newmont Mining Swings to 4th-Quarter Profit After Year-Ago Write-Down

02/21/2013 | 06:28pm US/Eastern
   By Nathalie Tadena 

Newmont Mining Corp. (NEM) swung to a fourth-quarter profit as a large write-down weighed on the gold-mining company's year-ago results.

Shares were up 2.3% to $41.50 after hours as adjusted earnings topped analyst expectations.

Newmont, the world's second-biggest gold producer after Barrick Gold Corp. (ABX, ABX.T), had posted weaker bottom-line results in recent quarters, hurt by lower production and higher costs, as well as write-downs and other one-time charges.

The latest period included a $58 million write-down of property, plant and mine development, compared with a $2.08 billion write-down a year earlier.

The company backed its full-year gold and copper production targets. Gold production this year is expected to remain roughly flat, while copper production is expected to grow from last year.

The company, which serves as the project manager for the troubled $5 billion Minas Conga copper-and-gold project in northern Peru, is up against antimining activists who are demanding the government shut down the project, saying it threatens water supplies.

Newmont reported a fourth-quarter profit $673 million, compared with a year-earlier loss of $1.03 billion. Excluding write-downs and other adjustments, per-share earnings fell to $1.11 from $1.14. Revenue slipped 10% to $2.48 billion.

Analysts polled by Thomson Reuters had expected earnings of 97 cents a share and revenue of $2.67 billion.

Attributable gold production slipped 1.3% to 1.3 million ounces, while attributable copper output slipped 22% to 35 million pounds. The average realized price for gold was $1,700 an ounce, while the average realized price for copper was $3.22 a pound.

The stock is off 14% over the past three months.

Write to Nathalie Tadena at nathalie.tadena@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

React to this article
11/20 NEWMONT MINING : Weather, safety issues could cause temporary closures at overlo..
11/06 NEWMONT MINING : Ventures Acquires Remaining Stake in La Miel Joint Venture from..
11/05 NEWMONT MINING : Adds Profitable Gold Production Through Expansion of Tanami in ..
11/04 NEWMONT MINING : Eurasian Minerals Sells Haiti Joint Venture Interests for US $4..
11/03 NEWMONT MINING : buys Canadian mining company's interests in Haiti
11/02 NEWMONT MINING : buys Canadian mining company's interests in Haiti
11/02 OCEANAGOLD : Reports third quarter 2015 operational and financial results
10/30 NEWMONT MINING : to expand Tanami mine operations in Australia
10/29 NEWMONT MINING : Completes Sale of Waihi Operations in New Zealand
10/29 Goldcorp stock slumps on loss driven by writedown, prices
News chart
Full-screen chart
Income Statement Evolution
More Financials