Newmont (NEM) Records Highest Net Income in its History

Miners had an extraordinary last quarter, with companies like Vale (NYSE:VALE and Goldcorp (NYSE:GG) generating amazing results, and that was the same for Newmont Mining (NYSE:NEM) as well.

The company reported that adjusted net income rose 39% to a record $1.9 billion or $3.85 per share in 2010, compared to $1.4 billion or $2.79/sh in 2009. Net income increased 76% to $2.3 billion or $4.63 per share in 2010, compared to $1.3 billion or $2.26/sh in 2009.

Adjusted net income for the fourth-quarter 2010 was reported at $574 million or $1.16 per share, up slightly from $561 million or $1.14 per share reported during the same quarter of 2009. Net income for the fourth-quarter 2010 was reported at $812 million or $1.65 per share, up from $588 million or $1.14/sh reported during the fourth-quarter 2009.

Newmont has budgeted for $2.1 billion to $2.5 billion in capital expenditures this year, up from $1.4 billion in 2010. Approximately 40% of the capex is expected to be related to major project initiates including further development of Akyem in Ghana, the Conga Project in Peru, Hope Bay in Canada, and the Nevada project portfolio.







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