Bengaluru — Newmont Mining handily beat profit estimates on Tuesday as production improved, offsetting losses from lower realised gold prices, sending its shares up as much as 6.2%. The world’s second-biggest gold producer by market value also raised the bottom end of its full-year production forecast on better yield from its mines in North America and Africa. Newmont now expects to produce 5-million to 5.4-million ounces of gold this year, up from its previous forecast of 4.9-million to 5.4-million ounces in the preceding quarter. The production forecast was better than what analysts were expecting, RBC Capital Markets analyst Stephen Walker said, adding that the company’s cost performance was also better than expected. Newmont’s all-in sustaining costs, a key benchmark, fell to $884 per ounce in the second quarter ended June 30 from $913 per ounce in the same period last year. Sid Subramani, an analyst with Veritas Investment Research, said he expected those costs to increase in t...
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