Posted in | Gold | Copper | Earnings

Newmont Mining Announces Increased Copper and Gold Output

For Newmont Mining the preliminary results for output of gold and copper production in 2010 are higher than in 2009. The compnay produced 5.4 million ounces of gold and 327 million pounds of copper in 2010. While the gold produced was marginally more there was a 45% hike in the production of copper when compared to 2009 figures.

Naturally profits are also bound to be higher specially keeping in mind the rising cost of both metals. The average realized price of gold was $1,222 per ounce and that was 25 % higher than the price in 2009. While copper was $ 3.45 per pound and this was 32 % higher than its price in 2009.

Chief Executive Officer Richard O'Brien said in a statement that their gold operating margin also increased from $566 per ounce in 2009 to $ 737 per ounce in 2010. This highlighted the attractiveness of gold price leverage in the rising metals market.

The last year saw people investing heavily in gold as a hedge against inflation and copper prices also rose amongst other commodities as China’s demand for raw materials drew prices higher. The shares of the Colorado based company rose 14 cents to end at $55.63 after the preliminary reports were released.

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