Newmont Corp quarterly profit more than doubles as gold prices rise
- Gold prices touched record highs during the quarter as a slowdown in economic activities and surging coronavirus cases sent investors to the precious metal.
- Net income from continuing operations fell to $611 million, or 76 cents per share, from $2.3 billion, or $2.71 per share.
Newmont Corp said on Thursday its quarterly adjusted profit more than doubled, as the world's largest gold miner benefited from a rise in bullion prices after investors sought refuge in safe-haven assets due to the COVID-19 pandemic.
Gold prices touched record highs during the quarter as a slowdown in economic activities and surging coronavirus cases sent investors to the precious metal, long seen as a hedging instrument against inflation and currency debasement.
The miner said its averaged realized gold price jumped 30% to $1,913 per ounce in the third quarter, while attributable gold production fell 6% to 1.54 million ounces.
Excluding items, the Colorado-based company earned 86 cents per share, in the quarter ended Sept. 30, up from 36 cents per share a year ago.
Net income from continuing operations fell to $611 million, or 76 cents per share, from $2.3 billion, or $2.71 per share, in the year-ago quarter that included a $2.4 billion gain on the formation of Nevada Gold Mines.
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