Two of the world’s largest gold-mining companies reported robust fourth-quarter earnings yesterday because of higher selling prices but said that production will slow in the year ahead because of rising operating costs.
The production forecast will probably translate into higher gold prices in the year ahead for Newmont Mining Corp. and Barrick Gold Corp., said analyst Patrick Chidley, with Barnard Jacobs Mellet.
He said that higher production costs have been a major factor for the industry as a whole.
Newmont said that net income rose more than threefold in the fourth quarter, results that helped raise its stock by nearly 2 percent in afternoon trading.
For the quarter ending Dec. 31, Newmont reported net income of $223 million, or 49 cents a share, compared with $62 million, or 14 cents a share, in the same quarter a year ago. Revenue rose to $1.46 billion from $1.29 billion a year ago.
source news : journalnow.com
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