Newmont Mining Profit Surges in Q2

2010-07-30 12:55:00 (GMT) ( - News Providers News)

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Company reports $377 million in net income for the quarter

July 28, 2010 — Although the number came in just shy of analysts estimates, Newmont Mining Corporation, the world’s No. 2 gold mining company, reported a healthy Q2 adjusted net income of $377 million ($0.77 per share), up $166 million from Q2 2009. Net income attributable to Newmont stockholders was $382 million ($0.78 per share) compared to $162 million ($0.33 per share) in Q2 2009.

Newmont announced that its Board approved an increase in quarterly dividend from $0.10 per share of common stock to $0.15 per share. The company maintained its 2010 outlook for production, operating costs and capital expenditures.

“Today’s announcement of a 50% increase of our regular quarterly dividend reflects the confidence we have in our ability to fully fund our project pipeline and exploration programs, keep the door open to value-creating acquisition opportunities and return capital to shareholders, which we feel positions us uniquely in the gold equity market and versus the ETF,” said Richard O’Brien, Newmont President and CEO.

The company anticipates improving operating costs during the remainder of the year, with higher ore grades and lower stripping at Batu Hijau, as well as higher processing plant availability now that regularly scheduled second quarter mill maintenance at a key processing facility in Nevada is complete.

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