OR: qtr profit drops on lower copper prices, costs related to gold mine purchase
NEW YORK (AP) — Newmont Mining Corp. says its second-quarter profit sank 40 percent, reflecting lower copper prices and costs related to its purchase of the remaining stake in an Australian gold mine.
The Denver-based company reported Thursday a profit of $162 million, or 33 cents per share, compared with $271 million, or 59 cents per share, a year ago. Revenue grew 7 percent, to $1.6 billion from $1.5 billion.
Results include items such as a $42 million charge related to the purchase of the remaining stake in Australia's largest gold mine, the Boddington open-pit project. Excluding those items, Newmont posted a profit 43 cents per share.
Thomson Reuters says analysts estimated a profit of 47 cents per share on revenue of $1.64 billion. Analysts typically exclude one-time items.
