Last Updated :
06 May 2009 at 11:50 IST
NEM earnings rise on acquisition
Commodity Online Denver based Newmont Mining Corp. (NYSE:NEM) has announced its net earnings have exceeded analysts assumptions with 44 cents/share against estimated 41 cents/share on a recent write-down of its securities.
Newmont Mining Corporation is primarily a gold producer with significant assets or operations in the United States, Australia, Peru, Indonesia and Ghana.
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Thomson Reuters reported that Newmont’s revenue fell 20% to US$ 1.55 billion and Net earnings fell by 40 cents/share to US$189 million in comparison to US$365 million a year ago.
A fall in global copper prices has shifted Newmont’s quarterly profit down by 48%. Copper is currently traded at US$4,300/tonne on London Metals Exchange.
According to company press release Newmont has recently declared its regular quarterly dividend of $0.10/share of common stock payable on 26 June 2009. Analysts estimate an average target price of 46 and recommend to ‘Hold’ the stock.
NEM share gained 5.73% at New York Stock Exchange on Monday and touched a 52-week high of 53.77 and low of 21.17. It was last traded at 40.95.
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