Newmont Gold: second-quarter profit slightly exceeded expectations as gold rose

Published: Jul 31, 2020 14:23

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SMM7, March 31 / PRNewswire-FirstCall-Asianet /-- Newmont said adjusted net income for the second quarter rose to $261 million, or 32 cents a share, from $92 million a year earlier, slightly higher than analysts' expectations of 31 cents. The total cost of producing gold rose 8 per cent in the second quarter to $1097 an ounce. Gold prices rose sharply as the novel coronavirus epidemic and rising tensions between China and the United States led to demand for safe-haven assets.

The average price of gold in Newmont rose about 31 per cent to $1724 an ounce in the quarter ended June 30. However, gold production fell 21% to 1.26 million ounces in the quarter, as some mines were temporarily closed due to blockades related to the novel coronavirus epidemic.

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