Bad news for Newmont Mining Corp. The company “posted a fourth-quarter loss on Thursday, hurt by lower gold prices and impairment charges, and said its capital expenditure in 2014 would be 25 percent lower than last year,” reports Reuters.
“Newmont said it had reduced its gold reserves by 11 percent to 88.4 million ounces for 2013 due to reductions in gold pricing. The company also reported a 15 percent fall in copper reserves.”
“The company said it expects gold output of 4.8 million to 5.2 million attributable ounces in 2015 and 2016.”
“Its fourth-quarter net loss from continuing operations totaled $1.26 billion, or $2.34 per share, compared with a profit of $669 million, or $1.30 per share, in the same period a year ago.”
“Revenue fell about 12 percent to $2.2 billion.”
In metal price news for precious metals…
The day’s biggest mover broke away from a static phase with a 2.6 percent jump on Thursday, February 20. After three changeless days, the price of Japanese palladium bar closed. The price of Chinese palladium bar fell 0.6 percent on Thursday after three straight days with no change. Following two days of downward movement, the price of US palladium bar held steady.
Japanese platinum bar finished the day down 0.8 percent. US platinum bar prices saw a 0.7 percent decline. After three straight days of no change, the price of Chinese platinum bar decreased by 0.7 percent.
Indian gold bullion ended the day after the 0.9 percent drop yesterday. The price of Chinese gold bullion fell 0.7 percent. The price of Japanese gold bullion changed direction with a 0.5 percent drop. After two days of improving prices, the metal finished. US gold bullion fell 0.3 percent on Thursday.
The price of Japanese silver finished the market day up 2.0 percent per 10 grams. Indian silver finished the day up 1.5 percent. The price of US silver declined 0.9 percent after two days of improvement. Chinese silver saw its price rise 0.1 percent.