(Reporting by Ankit Kumar; Editing by Shilpi Majumdar)
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April 27 (Reuters) - Newmont Corp beat Wall
Street expectations for first-quarter profit on Thursday, as the
world's largest gold miner benefited from higher prices of the
yellow metal.
Average prices of gold, considered as a safe-haven asset,
rose 7.8% and peaked over the $2,000-mark during the reported
quarter on fears over the stability of the financial system
after a banking crisis and a potential recession.
Newmont's average realized gold prices stood at $1,906 per
ounce, higher than $1,892 per ounce a year earlier.
Gold's all-in sustaining costs (AISC), a key industry metric
that reflects total expenses associated with production, rose to
$1,376 per ounce from $1,156 per ounce.
Denver, Colorado-based Newmont, however, said attributable
gold production for the first quarter fell to 1.27 million
ounces from 1.34 million ounces a year earlier.
On an adjusted basis, the company posted a net income of 40
cents per share for the quarter ended March 31, compared with
analysts' average estimate of 33 cents per share, according to
Refinitiv data.
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