Newmont Goldcorp net profit Q2 plummeted due to joint venture and other factors

SMM7, 26 March -: Newmont Goldcorp yesterday released its second quarter results, showing that the company's gold production rose 37 per cent to 1.59 million ounces in the second quarter from a year earlier, mainly due to production growth brought about by the company's new acquisitions, as well as high-grade gold output from the Merian and Tanami projects.

Revenue rose to $225.7 million in the second quarter from a year earlier, but the company's net operating profit allocated to shareholders fell to $1 million from $274 million a year earlier.

The company said that despite the rise in global gold prices in the second quarter, net profit fell due to fixed costs from projects that were not yet in production, as well as a joint venture with Nevada.

With regard to the annual gold production target, the company expects annual gold production of 6.5 million ounces this year. "Company Q2 earnings report

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