Newmont 4Q Profit Leaps on Higher Gold Prices

Bloomberg reports that Newmont Mining Corp. (NYSE:NEM) said its fourth-quarter earnings jumped 45 percent on the rising price of gold and increased production, although the company warned that production will later drop because of problems at mines in Australia and Indonesia.

The market news is quoted as saying:

Denver-based Newmont earned $812 million, or $1.61 per share, compared with $558 million, or $1.13 per share, in the fourth quarter of 2009. Excluding one-time items, earnings would have totaled $1.16 per share in the latest period.

Revenue rose to $2.55 billion from $2.52 billion a year ago.

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