Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Unlike the other two gold majors Newmont had a quarter to trumpet with a second quarter coming in at $144 million or 26 cents per diluted share.
Newmont Mining (NYSE:NEM) was up 2.14% to $38.27 per share. Analysts expected 24 cents a share.
Yesterday Barrick reported a net loss of US$94 million or 8 cents per share in its 2Q, and Goldcorp also reported a net loss of $131 million or 15 cents per share.
Newmont reported an all-in sustaining cost of $1,024 per ounce of gold. The company generated $545 million in adjusted EBITDA, down 22 percent from the prior year quarter.
The company maintained corporate-level production, unit cost and capital outlook for 2018.
Newmont also announced a partnership with Teck to develop NOVAGOLD’s Galore Creek in British Colombia.
Written with material from Newmont Mining news release. Creative Commons image of elevator courtesy of ymvf.
