Rising Price of Gold Brings Miner Newmont’s Earnings in Right on Target
published 30.07.2020 16:17
Newmont eked out a second-quarter earnings beat on Thursday, but shares of the miner were down in early trading, along with rival Barrick Gold and the price of the metal itself.
That sent both the price of gold to record highs, and shares of gold miners such as Newmont soaring.
Newmont said it produced 1.26 million attributable ounces of gold, and reported gold costs applicable to sales of $748 an ounce.
The average realized price for gold rose $407 an ounce from the second quarter of 2019 to $1,724.
“The ongoing favorable gold price environment amplifies our free cash flow generation yet our discipline around capital allocation will not change as we continue to invest in profitable projects and provide shareholders industry-leading returns while maintaining a strong balance sheet,” he said.