Newmont Reports Q1 Operating Results; Issues 2016 Guidance - Quick Facts

(RTTNews) - Newmont Mining Corp. (NEM) reported that its first-quarter attributable production totaled 1.23 million ounces, compared to 1.19 million ounces in the first quarter of 2015. During the quarter, higher production at Batu Hijau and Kalgoorlie and inclusion of CC&V more than offset declining production at Yanacocha and the sale of Waihi. Attributable copper production totaled 38,000 tonnes compared to 37,000 tonnes in the year ago period as Batu Hijau continued to mine higher grade ore.

Revenue totaled $2.0 billion in the quarter, in line with $2.0 billion in the first quarter of 2015 as higher volumes offset lower gold and copper pricing. GAAP net income attributable to shareholders from continuing operations was $78 million, or $0.15 per share, down from $175 million or $0.35 per share a year ago. Adjusted net income was $182 million, or $0.34 per share, compared to $229 or $0.46 per share in the prior year quarter.

The company said its attributable gold production is expected to increase from between 4.8 and 5.3 million ounces in 2016 to between 5.2 and 5.7 million ounces in 2017, and remain stable at between 4.5 and 5.0 million ounces through 2020. Attributable copper production is expected to be between 120,000 and 160,000 tonnes in 2016 and 2017 before decreasing to between 70,000 and 110,000 tonnes by 2018.