(Adds details, shares)
Feb 21 Gold and copper miner Newmont Mining Corp
reported a smaller-than-expected quarterly profit on
Tuesday, as costs and expenses jumped more than 51 percent.
Newmont, the world's second-biggest gold producer by market
value, said gold production rose 17 percent to 1.3 million
ounces during the fourth quarter.
The company produced 4.9 million ounces of gold in 2016, up
7 percent from a year earlier.
Newmont's all-in sustaining costs (AISC), the gold industry
cost benchmark, fell to $918 an ounce in the three months ended
Dec. 31, from $1,036 an ounce a year earlier.
Net loss attributable to stockholders from continuing
operations widened to $391 million, or 73 cents per share, from
$276 million, or 54 cents per share, a year earlier.
The company recorded a $970 million impairment charge
related to a mine closure in Peru, which it had warned of in
Newmont reported adjusted earnings of 25 cents per share.
Analysts on average had expected the company to earn 33
cents per share, according to Thomson Reuters I/B/E/S.
Newmont's costs and expenses jumped 51.3 percent to $2.58
billion in the fourth quarter.
Total sales rose 23.2 percent to $1.79 billion.
Shares of the company, which had gained 47.6 percent in the
past 12 months, were down 1.6 percent at $36.84 in after-market
(Reporting by Ahmed Farhatha in Bengaluru and Nicole Mordant in
Vancouver; Editing by Sriraj Kalluvila)