Newmont posts 19% drop in Q1 output but reiterates guidance
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The news: Gold miner Newmont Corporation has reported a 19% slide in quarterly production due to lower contributions from its non-core operations.
The numbers: Newmont produced 1.54 million ounces of gold in the March quarter, down from 1.9 million in the previous quarter.
Net income increased $488 million quarter over quarter to $1.9 billion, driven by a gain on the sale of assets.
The context: Newmont said it remained on track to meet its full-year guidance, with its first-quarter results in line with expectations provided in February.
It noted that the reduction in production during the quarter was partly due to lower output at its Nevada Gold Mines joint venture, ongoing safety improvements at Cerro Negro in Argentina and planned mine sequencing at Boddington and Tanami in Australia.
The source: ASX
