The Denver-based company is the first major gold producer to post results in an earnings season where investors have been anticipating bumper profits from bullion producers. Gold is among the best-performing metals this year, surging more than 30% since the start of January and setting repeated record highs.
“The street expectations were too high,” said Carey MacRury, a mining analyst at Canaccord Genuity. “It was negative, no doubt, but I don’t think it’s as negative as what the market’s telling us today.”
Despite the missed expectations, Newmont posted its highest quarterly profits in five years — raking in $922 million in net income attributable to shareholders for the quarter.
Gold miners have struggled with higher labor and energy costs over the past few years. Newmont said its capital expenses rose 10% due to expansion projects in Australia and Argentina. But some of the company’s…
