U.S. REPORT Record Carlin gold output boosts Newmont Mng. results

Colorado-based Newmont Mining (NYSE) has reported a big increase in third-quarter earnings after selling off interests in its Australian gold affiliate and U.S. coal company Peabody Holdings. A record 1.3 million oz., produced so far this year by 90.1% owned Newmont Gold (NYSE), also factored into the Newmont Mining earnings picture.

Net income for the three months ended Sept. 30 was US$284.4 million or US$3.66 per share, compared to US$25.8 million or 38 cents a share during the same period last year.

Third-quarter revenues, however, dropped slightly to US$170 million from US$172.8 million in the equivalent 1989 period.

According to Newmont, quarterly income included a non-recurring after-tax gain of US$149.7 million or US$2.21 a share, from the sale of a 54.97% stake in Peabody. Third-quarter earnings also included a gain of US$67.2 million or 99 cents a share from the sale of 19.9% of Newmont Australia.

Newmont has been selling off assets since it was the victim of an unsuccessful, but ultimately expensive, takeover bid by Texas oilman T. Boone Pickens in 1988. The recent asset sale was also reflected in Newmont’s 9-month earnings which climbed to US$337.5 million or US$4.98 a share from US$42.3 million or 63 cents a share in the 1989 period. Nine-month revenues increased to US$520.2 million from US$435.5 million in the equivalent period last year.

Now that the Australian affiliate has been sold, Newmont’s only gold-producing asset is Newmont Gold. Production from the company’s Carlin, Nev., operations dropped slightly during the quarter to 417,400 oz. from 426,900 oz. in the third quarter of 1989.

However, production for the first nine months of this year was a record 1.3 million oz. That represents a 19% increase from the 1.07 million oz. produced in the same period last year.

Newmont Gold’s third-quarter net income was US$36.7 million or 35 cents a share compared to US$33.5 million or 32 cents a share a year earlier. Revenues during the 3-month period were US$160.9 million compared with US$157.1 million in the first three months of 1989.

While Newmont Gold is producing the yellow metal at an average cost of US$207 an oz., down from US$210 last year, the average price received for its product was US$385 an oz. compared with US$368 an oz. in the 1989 quarter.

In the first nine months of this year, Newmont Gold reported net income of US$116.3 million or US$1.11 a share on revenues of US$490.5 million compared with US$77.8 million or 74 cents a share on revenues of US$404.5 million in the equivalent 1989 period.006 0600,0206,0300,0008 Newmont Mining (NYSE)* 3 months ended Sept. 30 1990 1989 Revenue $170,066 $172,863 Net earnings 284.449 25,752

per share 3.66 0.38 9 months ended Sept. 30 1990 1989 Revenue $520,244 $435,454 Net earnings 337,450 42,317

per share 4.98 0.63004 Newmont Gold (NYSE)* 3 months ended Sept. 30 1990 1989 Revenue $160,889 $157,081 Net earnings 36,662 33,489

per share 0.35 0.32 9 months ended Sept. 30 1990 1989 Revenue $490,453 $404,527 Net earnings 116,323 77,845

per share 1.11 0.74004