Newmont beat analysts’ estimate for fourth-quarter profit on Thursday, as the world’s biggest gold miner benefited from a rally in bullion prices and higher production.
Average price of gold has been rising over the past few quarters and hit multiple all-time highs during the October to December period, as uncertainties surrounding the US presidential election and the Middle East tensions fueled demand for the safe-haven asset.
Newmont’s quarterly gold production increased 9.2% over the year earlier to 1.90 million ounces, while price was up 31.9% at $2,643 per ounce.
All-in-sustaining-costs for gold, an industry metric reflecting total expenses, were down 1.5% at $1,463 per ounce, also aiding the company’s earnings.
Newmont now expects gold production of about 5.9 million ounces in the current year, above Wall Street estimate of 5.87 million ounces.
After buying Australia-based…
