CORRECTED-UPDATE 1-Gold miner Newmont first-quarter earnings beat market estimates

Wed Apr 20, 2016 4:53pm EDT
 
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(Corrects paragraph 2 to say Newmont is the second-biggest gold miner by market value, not the third)

April 20 (Reuters) - Newmont Mining Corp reported lower first-quarter earnings on Wednesday on the back of weaker gold and copper prices, although the earnings beat analyst estimates with help from higher production and lower costs.

U.S.-based Newmont, the world's second-biggest gold miner by market value, said its net income from continuing operations was $78 million, or 15 cents a share, in the quarter ended March 31. That compares with $175 million, or 35 cents a share, in the same period a year ago.

Adjusted net income was $182 million, or 34 cents a share. Although down from $229 million or 46 cents a share in the year-ago period, it was well ahead of the 20 cents a share, on average, that analysts were expecting, according to Thomson Reuters I/B/E/S estimates.

In the first quarter, attributable gold production from Newmont mines in the Americas, Australia, Asia and Africa rose to 1.23 million ounces of gold and 38,000 tonnes of copper. That compares with 1.19 million ounces of gold and 37,000 tonnes of copper in the same quarter a year ago.

All-in sustaining costs to produce one ounce of gold improved to $828 an ounce in the first quarter from $849 in the same quarter a year ago.

Earlier on Wednesday Newmont said vice-chair Noreen Doyle has been appointed to succeed Vincent Calarco as board chair. Calarco will remain as a director. (Reporting by Nicole Mordant in Vancouver; Editing by Chris Reese)