Newmont shares buoyed by Q2 production, prices uplift
Make us a preferred source
Make us a preferred source on Google
More news: Newmont shares lifted on the ASX after the world's largest gold miner reaffirmed its full year production guidance as it posted higher Q2 production volumes and prices.
Shares were up 1.8% to $72.66 by midday AEST and over the last 12 months has surged 22.08%.
Newmont lifts Q2 gold production, reaffirms guidance
The news: Newmont has reaffirmed its full year production guidance after lifting second quarter profit on the back of improved production and higher prices.
The numbers: The world’s biggest gold miner reported net income of USD834 million ($1.27 billion) for the June quarter, with attributable gold production rising to 1.61 million ounces from 1.24 million ounces a year earlier.
It realised an average gold price of USD2,347 per ounce in the quarter, up from USD1,965 per ounce a year earlier.
The context: Newmont reaffirmed its full-year gold production target of 6.9 million ounces despite announcing it would sell its deferred payment rights linked to the Batu Hijau mine in Indonesia for USD153 million.
The miner has previously announced the sale of the Fruta del Norte gold mine in Ecuador to Lundin Gold, and outlined plans to achieve at least USD2 billion through divestment of non-core assets.
Newmont acquired Australia’s top gold miner Newcrest in a $26 billion deal late last year to cement its place as the world’s top producer of the precious metal.
The source: ASX announcement
