Newmont stock leads gold miners’ gains as profit tops estimates
me-metals: Newmont Corp.’s stock rose Thursday to lead gains of major gold producers after the US mining company posted quarterly earnings that beat Wall Street’s expectations.
According to me-metals cited from mining.com, Newmont rose as much as 4.2% to $55.40 in New York, outperforming its industry peers as well as gains in spot gold. The stock has risen more than 47% this year, outpacing gold’s 27% gain since the end of December.
The Denver-based producer posted first-quarter earnings Wednesday that topped analyst expectations on a number of measures, including adjusted profit, revenue and production. Newmont churned out 1.54 million ounces in attributable gold production in the quarter, while recording a 25% revenue jump from the year-earlier period to top $5 billion. The company said it had a record first quarter cash flow of $1.2 billion.
Top precious metals producers have been benefiting from soaring gold prices, which has hit successive record highs in recent months as global demand for safe haven asset soars amid geopolitical tensions and the uncertainty from US President Donald Trump’s trade restrictions. The bullion rally has also prompted Newmont and smaller rivals including Barrick Gold Corp. to cash in on the renewed interest in the metal by selling off mines and projects to other firms.
Still, Newmont posted its highest quarterly costs for producing gold in at least nine years due in part to work at its Cadia mine in Australia, which it acquired from its 2023 takeover of Newcrest Mining Ltd. The spending, which the company noted in its full-year report for 2024, is associated with “remediation and construction of tailings capacity,” chief executive officer Tom Palmer said in a Wednesday interview.
Newmont’s all-in sustaining costs, while high, were lower than analysts expected for the quarter.
source: mining.com
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