Newmont Mining 1Q profit tumbles 48 percent

[April 30, 2009]  DENVER (AP) -- Newmont Mining, one of the world's largest gold producers, says its first-quarter profit tumbled 48 percent, primarily driven by lower realized gold and copper prices.

The Denver-based company reported quarterly earnings of $189 million, or 40 cents per share, compared with $365 million, or 80 cents per share, during the same period last year.

Revenue fell 20 percent to $1.55 billion from $1.94 billion during the prior-year period.

Analysts surveyed by Thomson Reuters have predicted, on average, earnings of 42 cents a share on revenue of $1.4 billion.

The company says it maintains its estimated 2009 equity gold sales outlook between 5.2 million and 5.5 million ounces and adjusted income of $208 million, or 44 cents per share.

[Associated Press]

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