Newmont beats quarterly profit estimates on higher gold prices, Cadia recovery - BNN Bloomberg
Original article ↗Key figures
Gold prices averaged US$4,204.59 per ounce during the quarter, up about 17.6 per cent from a year earlier, as investors sought safe-haven assets despite a stronger dollar and inflation concerns tied to higher oil prices during the U.S.
Quarterly revenue rose 15 per cent to US$6.36 billion, while copper production jumped 35 per cent from the previous quarter to 23,000 tonnes as Cadia recovered from a prior-quarter disruption.
Shares of the company were up 1.5 per cent in extended trading.
The project is expected to produce about 3 million ounces of gold and more than 850,000 tonnes of copper over an initial 13-year cave life.
The miner, which owns 70 per cent of Red Chris, estimated development capital at US$4.2 billion to US$4.8 billion, net of an anticipated $500 million (US$356.99 million) contribution from the Canadian government.
Quoted verbatim from the article — not summarised.
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Excerpt from BNN Bloomberg
Newmont beat analysts’ third-quarter profit estimates on Thursday, as elevated gold prices and a recovery in copper production at its Cadia mine in Australia boosted earnings.
Gold prices averaged US$4,204.59 per ounce during the quarter, up about 17.6 per cent from a year earlier, as investors sought safe-haven assets despite a stronger dollar and inflation concerns tied to higher oil prices during the U.S. war on Iran.…
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