Posted in | Gold | Copper | Earnings

Newmont Earnings Increase 79%, Quarterly Dividend up 50%

Newmont Mining Corporation (NYSE: NEM), one of the world’s largest gold producers, has announced second quarter adjusted net incomeof $377 million ($0.77 per share) compared to $211 million ($0.43 per share) in the prior year quarter.

Net income attributable to Newmont stockholders was $382 million ($0.78 per share) compared to $162 million ($0.33 per share) in the second quarter of 2009.

In addition, Newmont announced that its Board of Directors approved an increase in the Company's regular quarterly dividend from $0.10 per share of common stock to $0.15 per share of common stock, payable on September 29, 2010 to holders of record at the close of business on September 8, 2010.

Highlights:

  • Equity gold and copper production of 1.3 million ounces and 80 million pounds, respectively;
  • Average realized gold and copper price of $1,200 per ounce and $2.33 per pound, respectively;
  • Costs applicable to sales for gold and copper of $492 per ounce on a co-product basis ($362 on a by-product basis ) and $0.77 per pound, respectively;
  • Net cash provided from continuing operations of $753 million, up 49% from the second quarter of 2009;
  • Adjusted net income1 of $377 million ($0.77 per share), up 79% from the second quarter of 2009; and
  • Essentially maintaining 2010 outlook for production, operating costs and capital expenditures.

"Today's announcement of a 50% increase of our regular quarterly dividend reflects the confidence we have in our ability to fully fund our project pipeline and exploration programs, keep the door open to value-creating acquisition opportunities and return capital to shareholders, which we feel positions us uniquely in the gold equity market and versus the ETF," said Richard O'Brien, President and Chief Executive Officer. "Our portfolio continues to deliver despite operating costs being higher than expected during our ramp-up at Boddington, where we are experiencing lower gold grades than modeled. As a result, we are maintaining our previously announced 2010 outlook for equity gold production of 5.3 to 5.5 million ounces at a slightly narrower range of costs applicable to sales of between $460 and $480 per ounce on a co-product basis."

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