Thursday, 20th April 2006 (3625 views)

Gold miner Newmont Mining has revealed that first-quarter profits have more than doubled since a year ago.

First-quarter income from continuing operations rose from $85 million over the first quarter of 2005 to $213 million for 2006. This equated to an increase from $0.19 to $0.48 per share.

Other highlights from Newmont's results include consolidated gold sales of 1.8 million ounces based at an average realised price of $555 per ounce.

Company chairman and chief executive Wayne W Murdy said: "Our first-quarter's results reflect strong margin and earnings per share growth from a higher realised gold price of $555 per ounce and our continued focus on cost containment."

He added that the current gold price meant that shareholders could expect expanding gold margins.

The company expects to sell between 7.7 million and 7.9 million consolidated ounces of gold this year at costs applicable to sales of between $280 and $295 per ounce.

 

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