WASHINGTON (dpa-AFX) - Newmont Mining Corporation (NEM) reported second quarter GAAP net income attributable to shareholders from continuing operations of $63 million, or $0.13 per share, compared to $182 million or $0.37 per share in the prior year quarter. Adjusted net income was $131 million, or $0.26 per share, for the quarter.
The company noted that its adjusted net income was up 30% from the prior year quarter primarily due to higher copper production and better cost performance.
On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.26 for the quarter. Analysts' estimates typically exclude special items.
Revenue totaled $1.91 billion compared to $1.77 billion in the second quarter of 2014 primarily due to higher copper production and sales at Batu Hijau that helped offset lower metal prices and asset sales. Analysts expected revenue of $1.97 billion for the quarter.
Attributable gold production totaled 1.24 million ounces, compared to 1.22 million ounces in the second quarter of 2014. The company delivered 41,000 tonnes of copper compared to 20,000 tonnes, prior year quarter.
Newmont has updated its gold production and cost outlook to include the impact of Long Canyon Phase 1, the pending acquisition of CC&V, and pending sale of Waihi. Attributable gold production is expected to increase from between 4.7 and 5.1 million ounces in 2015 to between 5.2 and 5.5 million ounces by 2017.
In 2015, expected attributable gold production is up 3% from prior guidance primarily due to the inclusion of CC&V as well as improved productivity and mill utilization at Tanami and higher production at Batu Hijau. Attributable copper production outlook for 2015 is also up roughly 10% from prior guidance due to improved grade and face position at Batu Hijau.
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