Gold sales of 1,587,900 oz. were reported by Newmont Gold (NYSE) for 1992, compared with 1,576,900 oz. in 1991.
Sales revenues (from gold) last year totalled US$546.4 million, compared with US$572.8 million in 1991. The average price received for gold during 1992 was US$344 per oz., down from US$363 the previous year. The Denver-based company’s cash operating cost in 1992 averaged US$207 per oz., up from US$203 in 1991.
Preliminary and unaudited net income last year was US$81 million, compared with US$125.9 million in 1991. The company says the major factors in the decline were lower gold prices and higher costs, as well as an effective tax rate in 1992 of 21% compared with a 14% effective rate in 1991. Net income in 1992 was also reduced because of an accounting change.
Newmont reported fourth-quarter net income of US$16.9 million, compared with US$33.4 million in the fourth quarter of 1991.
Newmont Gold, the largest gold producer from North American operations, is 90.1% owned by Newmont Mining (NYSE).
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