Feb 19 (Reuters) - Newmont (NEM.N), opens new tab on Thursday beat Wall Street estimates for fourth-quarter profit as a record rally lifted gold prices and offset lower production and said it would invest $1.4 billion to develop assets acquired through its takeover of Newcrest.
Shares of the world's largest gold miner rose 2% to $127.96 in after-market trading.
Gold prices hit multiple record highs in recent months, driven by expectations of U.S. interest-rate cuts, heightened geopolitical tensions and economic uncertainty.
Prices of the yellow metal averaged $4,135 per ounce in the last three months of 2025, up 56% from a year earlier.
The average realized price was $4,216 per ounce, up nearly 60% from a year earlier, while production fell nearly 24% to 1.45 million ounces, the miner said.
Newmont said production was hit due to planned mine sequencing at Peñasquito, Ahafo South, Yanacocha, Brucejack and Cadia.
The company will spend $1.4 billion to progress near-term development projects including the Cadia Panel Caves, Tanami Expansion 2 and the feasibility study at Red Chris.
The two projects in Australia and Red Chris in Canada were added through its $17 billion takeover of Newcrest in 2023.
All-in-sustaining costs for gold, an industry metric reflecting total expenses, were at $1,620 per ounce in the October-December period, up nearly 11% from a year earlier.
Newmont also forecast lower 2026 gold production at 5.3 million ounces, compared with production of 5.89 million ounces last year.
On an adjusted basis, the company earned $2.52 per share, compared with analysts' average estimate of $2.00, according to data compiled by LSEG.
Reporting by Tanay Dhumal in Bengaluru; Editing by Sriraj Kalluvila
