Newmont trades up on earnings beat

Unlike the other two gold majors Newmont had a quarter to trumpet with a second quarter coming in at $144 million or 26 cents per diluted share.

Newmont Mining (NYSE:NEM) was up 2.14% to $38.27 per share. Analysts expected 24 cents a share.

Yesterday Barrick reported a net loss of US$94 million or 8 cents per share in its 2Q, and Goldcorp also reported a net loss of $131 million or 15 cents per share.

Newmont reported an all-in sustaining cost of $1,024 per ounce of gold. The company generated $545 million in adjusted EBITDA, down 22 percent from the prior year quarter.

The company maintained corporate-level production, unit cost and capital outlook for 2018.

Newmont also announced a partnership with Teck to develop NOVAGOLD’s Galore Creek in British Colombia.

Written with material from Newmont Mining news release. Creative Commons image of elevator courtesy of ymvf.