The world’s second largest gold miner Newmont Mining (NYSE:NEM) gave same cheer to investors in the sector on Thursday delivering better than expected Q4 earnings and revenues despite declining gold production.

The Denver-based company reported net income attributable to shareholders from continuing operations of $39 million or $0.08 per share for the fourth quarter and $548 million or $1.10 per share for the full year and generated cash flow from continuing operations of $562 million in the fourth quarter and $1.5 billion for 2014.

Revenue totalled $2.0 billion in the fourth quarter compared to $2.2 billion in the prior year quarter, and $7.3 billion in 2014 compared to $8.4 billion in 2013, due primarily to lower gold and copper prices and divestments.

Newmont’s gold production totalled 1.26 million ounces during the fourth quarter, 13% below the previous year while full year production of was down from 5.07 million ounces in 2013 to 4.85 million as a result of asset sales.

Newmont reduced all-in sustaining costs to $927/oz in Q4, the second consecutive quarter below the $1,000 level. Full-year all-in sustaining costs were $1,002, a 10% or roughly $500 million decline compared to 2013.

Newmont forecasts 2015 gold production roughly in line with last year at 4.6 million to 4.9 million ounces, with all-in sustaining costs of $960 – $1,020/oz. By 2017 output could top 5 million ounces as the Turf Vent Shaft in Nevada achieves production in late 2015 and the Merian project in Suriname come on stream late next year.

Q4 copper production rose by almost a third to 28,700 tonnes and 6% for the year to 86,500 tonnes.

Copper production is forecast to jump in 2015 to 130,000 – 160 tonnes before levelling out to 115,000 – 135,000 tonnes in 2016 and 2017.

Newmont, the only gold company that forms part of the S&P500 index and which has been publicly traded since 1940, is having a great 2015 so far, with just under 30% gains in market value this year.

The company also declared a fourth quarter dividend of $0.025 per share on Thursday.

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