newmont mining corp (NEM) Snapshot

Newmont Mining Corporation announced unaudited consolidated earnings results for the first quarter ended march 31, 2013. For the quarter, the company's sales were $2.18 million compared to $2.68 million a year ago. Income before income and mining tax and other items was $0.54 million compared to $1.04 million a year ago. Income from continuing operations was $0.36 million compared to $0.67 million a year ago. Net income was $0.36 million compared to $0.67 million a year ago. Net income attributable to the company stockholders was $0.32 million or $0.63 per diluted share compared to $0.49 million or $0.97 per diluted share a year ago. As previously reported, results for the first quarter of 2013 compared to the first quarter of 2012 were influenced by lower grade and recovery at Carlin and lower grade at Twin Creeks in Nevada, and shipping delays resulting in lower concentrate sales. Adjusted net income was $354 million, or $0.71 per basic share, compared with $578 million, or $1.17 per basic share, for the prior year quarter. Net income attributable to the company stockholders from continuing operations was $0.32 million or $0.63 per diluted share compared to $0.56 million or $1.11 per diluted share a year ago. Net cash provided from operations was $0.43 million compared to $0.61 million a year ago. Additions to property, plant and mine development was $0.51 million compared to $0.7 million a year ago. Consolidated spending down $217 million, or 13% versus prior year quarter. Capital spending has been down about 31% compared to the first quarter of 2012. This reduction's attributable really to 3 things: The completion of the immigrant pit in Nevada. The second is the deferral of Tanami in Australia until the project economics improvement. And the third is reducing spend on Conga as progress Water First program The company is lowering its 2013 attributable and consolidated capital expenditure outlook by $100 million to $2.0 to $2.2 billion, and to $2.3 to $2.5 billion, respectively. The company expects interest expense to be in the range of $200 million to $250 million and tax rate to be in the range of 30% to 32%.

Newmont Mining Corporation announced its Board of Directors declared a quarterly dividend of $0.35 per share of common stock, payable on June 27, 2013, to holders of record at the close of business on June 12, 2013. The second quarter 2013 dividend of $0.35 per share was based on the average London P.M. Fix of $1,632 per ounce for the first quarter 2013.

Newmont Mining Corporation announced preliminary production results for the first quarter of 2013. the company reported preliminary first quarter attributable gold and copper production of 1.165 million ounces and 38 million pounds, respectively. Preliminary attributable gold and copper sales were 1.142 million ounces and 31 million pounds, respectively, at average realized prices of approximately $1,631 per ounce of gold and $3.13 per pound of copper. The London PM Fix average gold price for the quarter was $1,632 per ounce. The company currently continues to expect full year 2013 attributable gold and copper production of 4.8 million ounces to 5.1 million ounces and 150 million pounds to 170 million pounds, respectively. Planned production currently is expected to increase in the second half of the year primarily as a result of greater mill throughput in Nevada and the ramp up of first production at Akyem in Ghana. First quarter production was impacted by lower mill availability due to record cold weather in Nevada as well as lower than planned ore grades at Twin Creeks and Carlin in Nevada. First quarter sales were impacted by shipping delays, which resulted in lower concentrate sales for the quarter. The cold weather in Nevada and the shipping delays incurred in the first quarter are not expected to impact production or sales in the second half of the year. In light of the prevailing volatile metal price environment, the company is continuing to review potential opportunities to improve cash flow and preserve financial flexibility.