TORONTO (Reuters) – Colorado-based Newmont Mining Corp (NEM.N) reported lower third-quarter profit and revenue on Thursday, as a drop in bullion and copper prices hurt the gold miner’s results.
Newmont had been jockeying for the title of world’s largest gold producer this year, until Barrick Gold (ABX.TO) announced its $6.1 billion deal to buy Randgold Resources (RRS.L) in September.
Newmont would rather focus on improving margins for existing production than pursuing mergers and acquisitions for growth, Chief Executive Gary Goldberg said last month at an annual gold industry gathering in Denver.
In the quarter ended Sept. 30, Newmont earned adjusted profit of $175 million, or 33 cents per share, compared with $184 million, or 34 cents a share, a year earlier.
That beat the 19 cent per share adjusted profit that analysts, on average, had expected, according to Refinitiv data.
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