DENVER—Newmont Mining Corp., one of the world’s largest gold producers, said Wednesday its third-quarter earnings doubled on one-time gains from a joint venture settlement and a tax credit.
However, the company narrowed its gold sale expectations for the year, citing mining costs.
The company earned $397 million, or 88 cents per share in the third quarter, compared with $198 million, or 44 cents per share, in the year-ago quarter.
Revenue rose 49 percent to $1.65 billion.
Analysts were expecting a profit of 25 cents per share on revenue of $1.4 billion, according to a poll by Thomson Financial. Analysts’ estimates typically exclude one-time items.
The company said the quarter was boosted by $84 million related to foreign tax credits, and $54 million related to a settlement related to the Zarafshan-Newmont joint venture.
Newmont now expects equity gold sales of between 5.2 and 5.4 million ounces, at costs applicable to sales of between $400 and $430 per ounce for 2007.
Previously, it projected equity gold sales of 5.2 million to 5.6 million equity ounces with costs at $375 to $400 per ounce. The company had warned late last month that production costs might run higher than expected in 2007, while reserves are depleting.
