Summary Box: Newmont Mining says 1Q profit more than doubles on higher prices, production
By APTuesday, April 27, 2010
Summary Box: A look at Newmont Mining’s 1Q results
PRICE SURGE: Newmont Mining Corp. said its first-quarter profit more than doubled on higher prices. Gold prices rose to $1,106 an ounce from $906 an ounce. Copper jumped to $3.33 a pound from $1.69 a pound a year ago.
GOLD MARKET: Newmont says the market is improving because of greater investor interest and growing demand from jewelry makers in China and India.
YEAR AHEAD: Newmont maintained its 2010 forecast for gold production between 5.3 million ounces and 5.5 million ounces. It predicts a 15 percent decline in capital spending.
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