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Gold/Mining/Energy : A to Z Junior Mining Research Site -- Ignore unavailable to you. Want to Upgrade?

To: 4figureau who wrote (3825)	3/28/2003 9:28:48 AM
From: 4figureau	Read Replies (1) \| Respond to of 5423

Newmont Profit Up on Higher Gold Prices Fri March 28, 2003 08:10 AM ET NEW YORK (Reuters) - Newmont Mining Corp. NEM.N NMC.TO , the world's largest gold miner, on Friday said its fourth-quarter earnings shot up four-fold, thanks to higher gold sales and prices. Newmont, which has been under investigation by U.S. securities regulators for how it accounted for recent acquisitions, also said it was restating its earnings for 2001 and 2002 to reflect the results of a reaudit by its accounting firm. Newmont, based in Denver, earned $75.1 million, or 19 cents a share in the fourth quarter, compared with $18.4 million, or 10 cents a share, in the year-ago quarter. Analysts expected the company to earn, excluding items, between 14 cents a share and 22 cents a share, with a mean estimate of 18 cents a share, according to research firm Thomson First Call. Newmont's gold output in the fourth quarter was 7.6 million ounces at a cash cost of $189 an ounce. Looking ahead, Newmont forecast 2003 gold output of between 7 million ounces to 7.2 million ounces. Fourth-quarter revenue rose to $815.1 million from $454.7 million a year earlier. The company had delayed releasing its fourth-quarter results while the U.S. Securities and exchange Commission reviewed its accounting for recent acquisitions. Newmont leapfrogged its way to the top of the gold industry last year after an acquisition spree that included buying Australia's Normandy Mining Ltd. and Canada's Franco-Nevada Mining Corp. For the quarter, Newmont took a non-cash loss on derivatives, mostly those acquired with Normandy's gold hedge books. The loss was $25.4 million, or 6 cents per share, before tax. The hedge book includes gold sold forward to protect it from future price declines and options positions. The company's Australian hedge book was reduced by 434,000 committed ounces and 105,000 uncommitted ounces during the fourth quarter. At year-end 2002, the Australian gold hedge books stood at 5.15 million committed ounces and 1.5 million uncommitted ounces. The mark-to-market value of the hedge book showed a loss of $433 million. About 67 percent of this loss relates to the hedge book of the Yandal mine in Australia, the company said. Shares of Newmont closed Thursday at $24.56 on the New York Stock Exchange. During the quarter, they climbed nearly 6 percent. asia.reuters.com

To: 4figureau who wrote (3825)	3/28/2003 10:00:51 AM
From: Jim Willie CB	Read Replies (2) \| Respond to of 5423

this recession will be much much more dangerous than past this recession will join and accelerate the debt collapse process it will contribute to the USDollar Decline Vicious Circle (all very expected by the Jackass) it will lead to widespread rounds of job layoffs this will crimp consumer spending it will severely hamper consumer spending traffic at the US Temples of Consumption (shopping malls) will be sharply reduced lastly, it will deliver the required DEATH BLOW to the real estate market, sending its prices down and cutting down its purchase & sale activity (I dont mean kill RE, but rather send its momentum downward) by the way, crude oil prices are back over $30/barrel the energy tax now resumes notice how little gasoline prices came down for me, premium went from $1.85 down to $1.79 in PA oil companies are not stupid they wont bring down their prices unless crude comes down and stays down for a sustained period of time said it before, will say it again recession by Q2 and Q3 2ndHalf Recovery mantra has become utterly laughable it remains the mantra chant of Wall Street Whores / jim