Gold mining giant
Newmont Mining Corporation
) has declared its preliminary gold and copper production for the
first quarter of 2013. The company has also reaffirmed its
outlook for 2013.
Newmont's attributable gold production for first-quarter 2013
amounted to 1.165 million ounces compared with 1.307 million
ounces registered in first- quarter 2012 and 1.251 million ounces
in fourth-quarter 2012. Attributable copper production for
first-quarter 2013 was 38 million pounds compared with 35 million
pounds in first-quarter 2012 and fourth-quarter 2012,
Production for the first quarter was impacted by lower mill
availability due to persisting cold weather in Nevada and
lower-than-planned ore grades at Twin Creeks and Carlin in
Attributable gold sales were 1.142 million ounces for
first-quarter 2013 compared with 1.290 million ounces in
first-quarter 2012 and 1.230 million ounces in fourth-quarter
2012. Attributable copper sales were 31 million pounds for
first-quarter 2013 compared with 37 million pounds for
first-quarter 2012 and 43 million pounds for fourth-quarter 2012.
Sales for the first quarter were negatively impacted by shipping
delays reflecting lower concentrate sales for the quarter.
Average realized gold and copper price for the quarter was
approximately $1,631 per ounce and $3.13 per pound, respectively.
Average gold price of the London PM Fix for the first quarter
amounted to $1,632 per ounce.
Newmont, which is among the prominent gold-mining companies
Agnico-Eagle Mines Ltd.
Kinross Gold Corporation
), also backed its outlook for 2013 and anticipates attributable
gold and copper production to be roughly 4.8 million to 5.1
million ounces and 150 million to 170 million pounds,
Production is anticipated to increase in the second half of
2013 due to greater mill throughput in Nevada and the ramp up of
production at Akyem in Ghana. However, adverse weather conditions
and shipping delays that affected first quarter productions and
sales are not expected to impact results in the second half of
AGNICO EAGLE (AEM): Free Stock Analysis
GOLDCORP INC (GG): Free Stock Analysis Report
KINROSS GOLD (KGC): Free Stock Analysis
NEWMONT MINING (NEM): Free Stock Analysis
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Newmont is focused on reviewing the potential opportunities to
improve its cash flow and preserve financial flexibility under
the dominant volatile metal price environment. It is slated to
release its first-quarter 2013 results after the market closes on
Newmont currently carries a short-term Zacks Rank #3 (Hold).