DENVER, July 29, 2011 /CNW/ --
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This release should be read in conjunction with Newmont's Second Quarter
2011 Form 10-Q filed with the Securities and Exchange Commission on July
29, 2011 (available at www.newmont.com).
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Newmont Mining Corporation (NYSE: NEM) ('Newmont' or the 'Company') today announced that its second quarter 2011 attributable net income from continuing operations increased 37% to $523 million ($1.06 per share)(1) compared to $382 million ($0.78 per share) in the second quarter of 2010. Adjusted net income(2) increased 18% to $445 million ($0.90 per share) in the second quarter of 2011, from $377 million ($0.77 per share) in the second quarter of 2010.
As previously announced, based on the Company's average realized gold price of $1,501 per ounce for the second quarter of 2011, Newmont's Board of Directors approved a third quarter 2011 gold price-linked dividend of $0.30 per share(3), an increase of 50% over the $0.20 dividend paid in the second quarter of 2011, and an increase of 100% over the $0.15 dividend paid in the third quarter of 2010.
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Second Quarter Highlights:
-- Consolidated revenue of $2.4 billion, an increase of 11% from the
prior
year quarter;
-- Average realized gold and copper price of $1,501 per ounce and $3.78
per pound, up 25% and 62%, respectively, from the prior year quarter;
-- Attributable gold and copper production of 1.2 million ounces and 44
million pounds, down 5% and 45%, respectively, from the prior year
quarter, impacted by processing lower grade stockpiles at Batu Hijau
and lower grade ore at Nevada;
-- Operating cash flow from continuing operations of $414 million, 45%
lower than the prior year quarter due primarily to approximately $300
million in tax payments in Indonesia related to 2010 earnings;
-- Gold and copper costs applicable to sales ('CAS')of $583 per ounce and
$1.34 per pound, respectively ($588 per ounce and $1.41 per pound,
respectively, on an attributable basis(4));
-- Net attributable CAS(4) for gold of $499 per ounce; and
-- Maintaining 2011 outlook for production, CAS, and capital
expenditures.
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'We were pleased to announce our third dividend increase in the past twelve months. With our average realized gold price increasing by 25% since the second quarter of last year, our dividend has doubled, highlighting our commitment to delivering value to our shareholders,' said Richard O'Brien, President and Chief Executive Officer. 'We were also pleased with our operating performance for the quarter, with gold production consistent with our plans and operating costs trending below expectations. Coupled with the rising gold price, our strong operating performance helped generate a 37% increase in net income from continuing operations for our shareholders.'
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The Company is maintaining its previously announced 2011 outlook for attributable gold production of 5.1 to 5.3 million ounces at CAS of between $560 and $590 per ounce (on a co-product basis) and 2011 attributable copper production of 190 to 220 million pounds at CAS of between $1.25 and $1.50 per pound
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