Newmont Mining Profit Soars As Sales Jump

Thurs Gold Prices rose more than $ 1,200 an ounce in December and have remained above the benchmark $ 1,000 level since October. While prices have been aiding the industry, Newmont, the world's second-biggest miner after Barrick Gold Corp. has also been cutting costs.

The company reported a profit of $ 558 million, or $ 1.13 a share, up from $ 4 million, or a penny a share, a year earlier. Excluding items such as year-earlier write-Downs of marketable securities, earnings climbed to $ 1.14 from 26 cents as revenue soared 90% to $ 2.52 billion.

Analysts polled by Thomson Reuters had most recently forecast earnings of 79 cents to $ 2.06 billion in revenue.

Net gold sales rose 55%, while copper sales were more than 10 times higher-from $ 47 million to $ 533 million.

The company also said its gold reserves rose by 8% last year while they climbed 17% for copper.Read More Story,http://online.wsj.com/article/SB10001424052748704479404575087110136830000.html?mod=googlenews_wsj

Newmont Mining Profit Soars As Sales Jump