Mining industry

Gold Prices Rise Amid Strong Earnings and Production Numbers

Strategic Insights

Jul 27, 2005 — 1 min read

Denver-based Newmont Mining Corp. continues to see a significant increase in gold production and revenue, with a 35% rise in second-quarter net income. This rise in earnings is attributed to higher gold sales, a testament to the resurgence of the gold market. Despite this, Newmont has lowered its gold and copper sales forecasts for the full year. Meanwhile, AngloGold Ashanti Ltd. has reported improved results for the second quarter, with a 19% increase in headline earnings.

Key Takeaways:

Newmont Mining Corp.'s second-quarter net income rose 35%, boosted by higher gold sales.
AngloGold Ashanti Ltd. reported improved results for the second quarter, with a 19% increase in headline earnings and a 74m increase in profit attributable to equity shareholders.
Lihir Gold Ltd.'s second quarter production rose to 129,870 ounces, in line with forecasts.
Anglo Platinum Ltd. increased net profit by 49% to 2.14 billion rand in the first half to June 30 from ZAR1.44 billion in the previous first half.
Anglo Platinum Ltd. holds the best hand in the South African platinum game, but has yet to fully capitalize on its riches.
Gold production at Southern Cross will now extend beyond November 2005, following the Company's decision to proceed with open pit mining of Hercules.
Gold futures settled higher Wednesday on the Comex division of the New York Mercantile Exchange as an ease in the dollar gave the yellow metal some bounce.

Statistics:

Newmont Mining Corp.'s second-quarter net income rose 35%, to $ (amount not specified).
AngloGold Ashanti Ltd.'s headline earnings increased by 19% to $92m.
Lihir Gold Ltd.'s second quarter production rose to 129,870 ounces.
Anglo Platinum Ltd.'s net profit increased by 49% to 2.14 billion rand.
Gold futures settled higher on the Comex division of the New York Mercantile Exchange.

Sources:

Dow Jones Commodities News via Comtex
Newmont Mining Corp.
AngloGold Ashanti Ltd.
Lihir Gold Ltd.
Anglo Platinum Ltd.
Comtex SmarTrend(SM) Alert
Comtex News Network, Inc.
Dow Jones Newswires.

The End of American Hypergrowth

For two centuries, the US economy grew by adding workers. That's over.

Healthcare's $5.3 Trillion Drag

How Medical Spending Became America's Biggest Productivity Tax

Breakthrough in Nanotechnology: Electromagnetic Shock Treatment Shows Promise

Researchers at the Wuhan University of Technology in China have made significant progress in the field of nanotechnology, specifically in the area of nanoindentation. A novel electromagnetic shock treatment (EST) method has been developed to enhance the microscale mechanical properties of a titanium alloy, with promising results obtained through array-based

Gut Microbiota Plays Crucial Role in Immunotherapy Success for Colon Cancer Patients

Research investigators at the Zhengzhou Central Hospital Affiliated to Zhengzhou University have made groundbreaking discoveries on the role of gut microbiota in determining the efficacy of immunotherapy for colon cancer patients. The study, which was recently published in Biochimica et Biophysica Acta, reveals that specific bacterial species and microbial metabolites

Read more

The End of American Hypergrowth

Healthcare's $5.3 Trillion Drag

Breakthrough in Nanotechnology: Electromagnetic Shock Treatment Shows Promise

Gut Microbiota Plays Crucial Role in Immunotherapy Success for Colon Cancer Patients