UPDATE 1-Newmont profits rise on oil sands sale; capex cut
Oct 31 (Reuters) - Newmont Mining Corp reported a 7 percent rise in third-quarter profit on Thursday, benefiting from the sale of its investment in Canadian Oil Sands Ltd and higher output at its Australian, New Zealand and Nevada operations.
Net income rose to $429 million, or 86 cents a share, from $400 million, or 81 cents, in the same period a year ago.
Adjusted net earnings fell to $227 million, or 46 cents a share, from $426 million, or 86 cents a share. Analysts on average had expected earnings of 32 cents a share, according to Thomson Reuters I/B/E/S.
Newmont said its outlook for 2013 consolidated capital expenditures was reduced by another $200 million during the third quarter. On top of a $200 million cut earlier this year, Newmont now expects consolidated capital expenditures of between $2.0 to $2.2 billion in 2013.
Sales fell to $1.98 billion from $2.48 billion, compared with the consensus estimate of $2.0 billion.
All-in sustaining costs were $993 an ounce in the quarter, down 16 percent from the prior year quarter. All-in sustaining costs are a new measurement that includes the cost of sustaining capital and other general and corporate expenses not included in traditional cash costs.
Earlier this month, Newmont cut its forecast for full-year copper production, blaming lower-than-expected throughput at its Boddington mine in Australia and lower-than-expected ore grade processed at its Batu Hijua operation in Indonesia.
The Denver, Colorado-based gold and copper miner said it expects to produce 135 million-145 million lbs of copper this year, down from a previous forecast of 150 million-170 million lbs. It left unchanged its full year gold production forecast at 4.8 million-5.1 million ounces.
Newmont, releasing preliminary quarterly operating results On Oct. 10, also said it produced 1.283 million ounces of gold and 34 million lbs of copper during the third quarter.
© Thomson Reuters 2017 All rights reserved.