Newmont 3Q Profit, Sales Fall on Lower Gold Production

By Dave Sebastian

Newmont Corp. said its profit and sales fell for the third quarter as its attributable gold production decreased.

The gold miner on Thursday posted net income attributable to shareholders of $3 million, compared with $839 million in the prior year. Earnings per share were flat, compared with $1.04 in the year-ago period.

Adjusted earnings were 60 cents a share. Analysts polled by FactSet were expecting 76 cents a share.

Sales fell to $2.9 billion from $3.17 billion. Analysts were looking for $3.14 billion.

Attributable gold production fell 6% to 1.45 million ounces from the prior-year quarter due to lower throughput at Nevada Gold Mines as a result of a mechanical failure in May. That led to a partial shutdown of its Goldstrike mill until it was fully repaired in September. It also saw lower leach production, mill recovery and ore grade milled at CC&V, lower throughput, grade milled and recovery at Boddington and lower throughput at Tanami, as the mine was placed under maintenance in July.

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(END) Dow Jones Newswires

October 28, 2021 07:33 ET (11:33 GMT)

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