Newmont Corp. is starting to reap the benefits of cost-cutting measures, with the world’s largest gold miner delivering stronger-than-expected quarterly earnings.
After seeing its gold-mining costs hit an all-time high earlier this year, Newmont defied analyst estimates by bringing down its third-quarter expenses slightly, the Denver-based company said in a statement after the close of trading Thursday.
Outgoing chief executive officer Tom Palmer is getting some return from streamlining efforts after a $15 billion purchase of Newcrest Mining Ltd. expanded the company’s portfolio to about 20 mines. It also expanded into copper mining. Labor cuts — as reported by Bloomberg in August — are a big part of the cost-cutting efforts as Palmer strives to bring Newmont more in line with its lowest-cost peers.
Lower general and administrative expenses “is the direct result of our deliberate efforts to…
