Newmont Corporation (NYSE:NEM, TSX:NGT, ASX:NEM, ETR:NMM) shares surged more than 10% after the miner reported better-than-expected profits and gold production for the first quarter.
Adjusted profits nearly doubled from $320 million in the same period last year to $630 million.
Adjusted earnings per share were $0.55, up from $0.40 in the year-ago quarter ahead of the consensus estimate of $0.36.
Gold production was 1.67 million ounces, up from 1.27 million ounces in the year-ago quarter, boosted by its acquisitions of Newcrest Mining Limited (ASX:NCM)‘s assets in November.
This marked a 4% decrease from the previous quarter due to a planned mill shutdown and seasonal rainfall impacts at Tanami and the ongoing stripping campaigns at Boddington and Akyem.
Analysts at Jefferies highlighted that quarterly gold production was above their estimate of 1.6 million ounces driven by strong performance at Lihir, Cadia, Yanacocha, and…
