Newmont's First Quarter Net Income of $117 Million, $0.29 Per Share Wednesday May 7, 6:01 am ET
DENVER, May 7 /PRNewswire-FirstCall/ -- Newmont Mining Corporation (NYSE: NEM - News) today announced first quarter net income of $117.3 million ($0.29 per share), compared to a net loss of $8.7 million ($0.03 per share) for the first quarter of 2002. Net income before the cumulative effect of a change in accounting principle totaled $151.8 million ($0.38 per share). First quarter highlights included: * Equity gold sales(1) of 1.78 million ounces at total cash costs of $201 per ounce;(2)
* Net cash provided by operating activities of $186.1 million, before settlement of derivatives of $50.1 million;
* Consideration of $180 million received from the sale of the TVX Newmont Americas joint venture interest;
* Exchange of the Company's 45.7% interest in Echo Bay for a 13.8% interest in Kinross Gold, which had a market value of $266.4 million at the end of the first quarter;
* Debt reduction of $156.7 million; and
* Reduction of committed hedged ounces by a further 1.44 million ounces.
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