Newmont Mining 4Q Net Jumps 46% As Gold Prices Soar

Fox Business reports that Newmont Mining Corp.’s (NEM) fourth-quarter profit jumped 46%, capping a year of record-setting revenue as gold prices climbed to historic highs.

The news item is quoted as saying:

The world’s second-biggest producer of gold after Barrick Gold Corp. (ABX) saw prices for the gold it sells jump 24% to a company record $1,366 an ounce as fears about financial turmoil and European sovereign debt boosted the metal as a safe-haven investment.

The higher gold prices sent company earnings higher even though costs also rose during the quarter, and production declined.

“It’s really taking high gold prices for their profitability to be moving in the right direction,” Morningstar analyst Elizabeth Collins said.

To read the whole article click here.