LONDON Shares in Newmont
Mining Corp. rose 2.5 percent Feb. 22 after the miner announced
2012 net income of nearly $1.81 billion, up fivefold from $366
million the previous year.
Despite rising production costs,
lower output volumes and a 4.7-percent decline in sales to
$9.87 billion, Newmont avoided making further large-scale
write-downs following a $2.1-million charge against its assets
Newmonts copper production
totaled 143 million pounds last year, down 27 percent from
2011, and gold production fell 4 percent to 5 million ounces as
lower output in Africa and the Asia-Pacific region offset
higher production in North America.
Newmont, echoing other major
mining companies in recent weeks, stressed its commitment to
capital allocation discipline in response to rising costs.
Gary Goldberg, who will become
Newmonts president and chief executive officer March 1,
will treat capital allocation and cost control as an immediate
priority, the Greenwood Village, Colo.-based company said.
Newmont also announced that
executive vice president and chief financial officer Russell
Ball will step down later in the year once a replacement is
A version of this article was first published by AMM sister
publication Metal Bulletin.